Helena Jaramillo, Product Designer
Design work from Helena Jaramillo
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Designing transparent pricing at TransferWise

TransferWise is a financial service that lets people send, receive and spend money abroad at a low and sustainable cost. It prides itself on pricing fairly and being transparent about it, as opposed to many of its' banker competitors.

How does the product prioritise transparent pricing while remaining easy to understand?

Problem

Problem

The "calculator" component is the primary way customers interact with TransferWise transfers. However, only 60% of customers could tell us how much their transfer truly cost. As a service that prides itself on transparency we wanted to increase this as much as possible.

Process

Process

To begin with, I split out what the questions were related to cost. It wasn't only about our fees but also about how much they were sending in total, and how much was being received at the other end. Using those three questions, I sent out surveys with variations, conducted in person user interviews, and usability tests on usertesting.com 

Solution

Solution

After various rounds of surveys, and usability sessions using usertesting.com  - we settled on a calculator that kept similar inputs but presented fees and rates differently. The rates and fees are nestled between the two inputs and appears as a a math equation. This way we can show more detailed information for customers who need it, and less information for those that do not. 

Solutions beyond the calculator

Solutions beyond the calculator

While the calculator is an important place to understand our cost  - customers aren't ready to pay full attention to cost until they're ready to pay for it. That's why, I've also redesigned the payment step so that customers can review what they will pay again and be able to compare payment methods easily. 

Results

Results

The calculator change saw a 20% drop in new Customer Contacts. During user testing we saw that 9/10 customers understood that our fees were deducted, and  10/10 could tell us how much they were paying in fees. The flow layout and the payment step are still being tested. 

Learnings

Learnings

Overall, I learned that more transparency doesn't necessarily mean happier customers. Existing customers, for example, had to have a uncomfortable moment where they realised what they thought was true about our pricing was inaccurate. For new customers, we had to be careful to present too much information up front, and instead pace it out.