Borrowell is a customer facing platform that provides free credit scores, credit education, credit building products and financial product recommendations. Their mission is to make financial prosperity possible for everyone; making them feel in control and optimistic about their financial future.
Borrowell Credit Builder is a financial product that helps members build their payment history, credit history and credit mix.
My role involved: Scriptwriting Illustration Animation Art & creative direction Project management
Teams I worked with: Design, Product, Marketing, Email Engagement
Credit Builder is a product that is reported as an installment loan, but just requires monthly payments rather than providing money, unlike a conventional loan. Part of that money goes towards fees and the other part towards building savings.
Despite extensive A/B testing on the product education screen copy, no significant improvement in results was observed. This is compounded by the personal difficulty in comprehending the product, raising concerns about potential member confusion and hindering the seamless adoption of the Credit Builder product.
16%
revenue growth
I proposed an explainer video, to address the confusion of the Credit Builder product. This was a self-initiated project that I built a case for its inclusion in the product launch marketing strategy.
Credit Builder education screen in the Borrowell app. The explainer video was placed in the hero section of the page.
If changing the text doesn’t produce results, is there another way to explain the product?
The Help Centre's second most popular article on Credit Builder was "What is Credit Builder and how does it work?", suggesting that the education screen within the Borrowell app may not be effectively conveying the information.
Given the popularity of videos, as evidenced by the success of platforms such as YouTube and TikTok, it was worth considering this medium to simplify explanations of complex topics.
Having pinpointed issues in marketing Credit Builder in product, I produced a compelling pitch deck for stakeholder buy-in. This strategic presentation not only highlights problems with the product education screen, but also proposes an impactful solution through an explainer video. Supported by research, it emphasizes the positive impact on member comprehension and adoption. The deck outlines diverse target audiences and versatile marketing platforms for video repurposing. This presentation seeks to secure stakeholder support by offering an additional option for A/B testing.
Research conducted on the powerful impact of videos to validate my idea:
People have short attention spans: Average of 8 seconds. (source)
“Search engine optimization (SEO) benefits: Between Google and YouTube being the first and second–largest search engines in the world, video marketing is a core tactic for SEO. Increasing website traffic and dwell time with videos can signal your website’s value to Google, which may help increase rankings.” (source)
Graph demonstrating that learning by watching a video is preferred by the majority of people (source).
Members |
Current and future users of the product. |
|---|---|
Member Experience team |
Reduce the number of inquiries they receive about the product. Have another resource to send out about Credit Builder |
Marketing team |
Have content to use on social, PR, presentations, share with partners. |
Engagement team |
Create short clip gifs to be used in emails. |
Design & Product teams |
Everything doesn’t have to be explained with just copy on the education screen in app. An explainer video can help support this. |
New employees |
To help them understand the product quickly. |
Education screen in product
FAQ articles in the Help Centre
Social media
Ads
Landing pages
Pitch/partnership decks
Once securing stakeholder approval post-pitch deck presentation, I swiftly advanced to script writing for the explainer video. Upon approval, I seamlessly transitioned to the storyboarding phase, providing art direction to a freelance designer as we illustrated the storyboard collaboratively. As the video materialized, stakeholders grew increasingly enthusiastic.
Credit Builder storyboard.
The Product Manager (PM) hypothesized that an explainer video on the app's education screen would increase the adoption rate of Credit Builder by 5%. However, the actual adoption rate saw a significant increase of 16%, resulting in a corresponding growth in revenue!
Hypothesized adoption rate
5%
Actual adoption rate
16%
Video can make a notable difference in terms of metrics and user comprehension. People like watching videos and they can often help to explain things a lot easier than static graphics.
Design can have a huge impact if given room to solve problems in different ways, rather than being told to design a specific thing/solution.
Once we saw the results that an explainer video could have, it was much easier to get buy-in for another explainer video for an additional credit building product (Rent Advantage) that we had also launched.
© 2024 Amanda Wondergem