FREELANCE UX WRITER

Overview

Most likely you've encountered online banking at least once in your life. It's when you pay for a service with your bank account.

Online banking has been used in the United States for decades. However, its use by services outside of utilities, cell phone companies, and financial apps is minimal.

Allowing new Netflix users to pay for their subscriptions using their bank would be uncharted territory for the industry.

Hypothesis

By allowing people to pay directly with their bank account for Netflix, we will reduce the churn that comes from stale debit card information, all the while doing so for an incredibly reduced cost per transaction.

Estimated Benefit

We assumed that, if we can get 5% of sign-ups to select online banking, this could reduce annual involuntary churn. To measure success, we looked at new realized revenue and the share of sign-ups choosing online banking.

Implementation

We used a service called Plaid to implement online banking within the Netflix platform. Plaid acts as an intermediary between Netflix and a user’s bank account.

Below you can see an example of the online banking experience.

Results

Annual involuntary churn decreased by 36%, with 29% of sign-ups choosing online banking