TheTenn | From ACH to direct transfers
TheTenn fintech app aims to revolutionize the banking experience by offering innovative solutions for money management and transactions. One of the key challenges we faced was our reliance solely on ACH transfers, which limited our ability to provide direct transfers and hindered user sign-ups.
Migrated 70% of users to instant transfers within 90 days, reducing fund transfer time from 3–5 days to <1 hour, improving retention and reducing support tickets by 20%.
Problem
Users faced frustrating 3–5 day delays for fund transfers due to legacy ACH limitations, hurting retention and increasing support overhead.
This is what we had before
Objectives and KPIs
1. Usability KPIs
Task Completion Rate – % of users who successfully complete a payment (Target: 90%+)
Drop-off Rate per Step – Identify where users abandon the flow (Goal: Reduce by 20%)
Time to Complete Payment – How fast users send a payment (Target: < 15 sec)
2. Engagement KPIs
Onboarding Completion Rate – % of users who finish onboarding (Target: 85%)
Repeat Usage Rate – % of users making a second transaction within a week (Goal: +25%)
Feature Adoption Rate – % of users saving payment methods (Goal: 50% adoption in 1 month)
3. Business KPIs
Transaction Volume Growth – % increase in transactions (Goal: +25% in 3 months)
Customer Retention Rate – % of users returning for another payment (Goal: +20%)
Support Ticket Reduction – Fewer customer support issues (Goal: -40% related to payment UI)
Collaboration
Worked cross-functionally with PMs, engineers, legal, compliance, and operations to design an instant-transfer solution that balanced technical feasibility, risk management, and optimal user experience.
MVP Scoping
We prioritized high-value, verified users for initial migration to minimize compliance risk and gather early adoption feedback.
Compliance Decision
To ensure regulatory compliance, we integrated ID verification into onboarding, balancing user friction with fraud mitigation.
What didn't go well and solutions
Technical Hurdles: Initial technical challenges delayed the implementation of direct transfers. Solutions included infrastructure review, collaboration with experts, and adopting agile development methodologies.
User Onboarding Confusion: User feedback highlighted confusion during the sign-up process. Solutions involved revamping the onboarding flow with step-by-step guidance and personalized messaging.
Security Concerns: User apprehension regarding fund security prompted enhancements in security protocols and educational campaigns to instill trust in the platform.
Usability Testing
Conducting usability testing with prototypes helped identify pain points and refine the user experience. Iterative testing allowed us to address user concerns and improve the clarity and security of the payment process.
Launch and Testing
We launched the direct transfer feature to a limited group of users (5%) to gauge its effectiveness and gather feedback. Realistic testing scenarios were employed to simulate real-world usage and evaluate performance.
Results
Migrated 70% of users to instant transfers within 90 days.
Reduced transfer time from 3–5 days to under 1 hour.
Reduced customer support tickets by 20%.
Improved user retention and reduced churn due to faster payout experience.
Mitigated compliance risks through targeted onboarding flows.
Business objective results
The implementation of direct transfers accelerated user growth and engagement, positioning TheTenn as a competitive player in the fintech market. Enhanced payment experiences boosted customer retention rates and brand loyalty.
A/B testing and hypotheses
Hypothesis 1
Increasing the sign-up incentive to $20 will result in 25% increase in conversion rates.
Hypothesis 2
Modifying the payment interface color scheme and call-to-action text will improve user engagement by 10%.
Hypothesis 3
Implementing a referral program will lead to a 15% increase in user acquisition.
Key learnings
Designing financial flows requires tight alignment between UX simplicity, backend reliability, and regulatory compliance. Early PM & legal alignment allowed us to deliver both speed and safety without over-complicating the user journey.
