🔬 Behavioral Science CRO
Multipl Onboarding
Audit & Growth Recommendations
~27%
Current est. completion rate
~54%
Target completion rate
2→1
OTPs (email OTP removed)
8
Experiments proposed
1
Behavioral Audit
Screen-by-screen analysis using COM-B, Fogg, Loss Aversion & Social Proof frameworks
COM-B Model
Decision Lab: Moka Financial Inclusion
Present Bias + Avoidance
Decision Lab: Wellness for Wallet
Social Proof
Cialdini — descriptive vs. injunctive
Fogg Behavior Model
M × A × T — Stanford Fogg Lab
Loss Aversion / Status Quo
Kahneman & Tversky
Cognitive Load Reduction
Sweller / Miller's Law
Screen 1 — Value Prop Hero · Node 1:423
Value Prop Hero Mostly good
"Show me how it beats my bank" — conversational, curiosity-driven, low commitment. Keep verbatim.
"5 Lakh+ customers" — strong descriptive social proof. Keep verbatim.
"5 Lakh+ customers" — strong descriptive social proof. Keep verbatim.
Headline gap: "Higher Yield Spending Account" is abstract. Users must do mental work to translate "higher yield" into personal benefit. No loss framing — the status quo cost is invisible.
Fix: Rewrite headline to activate user benefit directly. CTA and social proof stay unchanged. See Copy Deck, Screen 1.
Screen 2 — Yield Comparison · Node 1:769
Yield Comparison Needs work
2.5% vs 7% visual anchoring is strong. Abstract yield comparison still works as an anchor.
No personalization: Abstract yield % doesn't override present bias. "₹3,500 more this year at your balance" is 10× more motivating than "earn 7%."
CTA "Start spending smartly" is weak — vague, no concrete benefit signal, doesn't tell user what happens next.
CTA "Start spending smartly" is weak — vague, no concrete benefit signal, doesn't tell user what happens next.
India-specific context: "Mutual Funds Sahi Hai"
The original recommendation to replace "mutual funds" with "government-regulated funds" was wrong. AMFI's multi-year national campaign — endorsed by top sports figures, saturation TV/OOH/digital — has pre-loaded strong positive trust for "mutual funds" in exactly this TG. Hiding the term wastes a free credibility transfer and risks reading as evasive.
The real objection is liquidity, not the term. Fix: own "mutual funds" explicitly and resolve the liquidity concern in the same line.
The original recommendation to replace "mutual funds" with "government-regulated funds" was wrong. AMFI's multi-year national campaign — endorsed by top sports figures, saturation TV/OOH/digital — has pre-loaded strong positive trust for "mutual funds" in exactly this TG. Hiding the term wastes a free credibility transfer and risks reading as evasive.
The real objection is liquidity, not the term. Fix: own "mutual funds" explicitly and resolve the liquidity concern in the same line.
Fixes: (1) "Powered by SEBI-regulated mutual funds — withdraw anytime." (2) Add one-input calculator. (3) CTA: "Show me my potential earnings."
Screen 3 — Phone Entry · Node 1:886
Phone Entry Critical structural fix
Phone-first auth is correct for India. Single field, minimal cognitive load.
Trust has not appeared yet. Skeptical users who need reassurance before sharing their phone number have never seen the trust screen — it's at position 6, after phone OTP. This is the most structurally wrong element in the current flow.
KYC consent language ("I authorise Multipl to fetch my bank and KYC details") creates COM-B capability barrier — users can't make an informed decision because the language is opaque.
KYC consent language ("I authorise Multipl to fetch my bank and KYC details") creates COM-B capability barrier — users can't make an informed decision because the language is opaque.
Critical fix: Move trust screen to before phone entry (position 5). Convert KYC consent to inline reassurance copy.
Screen 6 — Trust Screen · Node 1:1968
Trust Screen Wrong position + wrong headline
Placement: Appears AFTER phone OTP — the skeptics who needed this screen dropped at S3–4 and never saw it.
Headline "Why trust us?" plants the seed of doubt. Users who weren't actively questioning trust are now prompted to do so. Defensive framing triggers suspicion, not confidence.
CTA "Start spendvesting" uses a brand neologism the user hasn't internalized. Creates micro-friction on a trust screen.
Headline "Why trust us?" plants the seed of doubt. Users who weren't actively questioning trust are now prompted to do so. Defensive framing triggers suspicion, not confidence.
CTA "Start spendvesting" uses a brand neologism the user hasn't internalized. Creates micro-friction on a trust screen.
Content is right: SEBI-regulated, "No lock-in. Withdraw anytime," "Multipl never holds your money" — these are the three highest-trust statements in the flow.
Fixes: Move to position 5. Rename headline: "Your money is always in your control." CTA: "I'm in — let's go." Promote "Multipl never holds your money" to primary callout.
Screen 9 — Email OTP · Node 1:2566
Email OTP Remove from flow
Double OTP catastrophe. Two separate 6-digit verifications in a single session. Each OTP = ~10–15% drop-off. Combined: estimated 20–30% additional completion loss. Decision Lab / Moka case: friction compounds multiplicatively — it doesn't add.
Screen 7 says "One Final Step" immediately before this screen. When users realize the email OTP follows, trust is damaged by the broken promise.
Screen 7 says "One Final Step" immediately before this screen. When users realize the email OTP follows, trust is damaged by the broken promise.
Fix: Remove from onboarding entirely. Send email verification link async post-signup. Phone OTP is sufficient KYC anchor. Standard fintech practice.
Screen 10 — Brand Showcase · Node 1:2738
Brand Showcase Move to position 2
"Spend as usual, Save extra automatically" — the strongest behavior-change copy in the flow. Zero-friction framing. Brand logos (Flipkart, Zomato, Amazon) = instant familiarity.
Buried at position 10 — after all friction. The users who needed this motivational push to get through phone entry never saw it.
Fix: Move to position 2. Change CTA to "I want this — sign me up." Keep all copy verbatim.
4 Structural Root Causes
Screens 3, 4, 6
Trust signals come after friction
Skeptics drop before ever seeing SEBI credential, no-lock-in, or "Multipl never holds your money." High drop-off at phone entry.
Screens 4, 9
Double OTP in one session
Phone OTP + email OTP back-to-back. Estimated 20–30% additional completion loss vs. single-OTP flows.
Screens 7, 9
Broken "Final Step" promise
"One Final Step: Connect Your Email" is immediately followed by an email OTP screen. Trust damage + abandonment spike.
Screen 10 → should be 2
Best value copy buried post-auth
The most compelling motivation ("Spend as usual, Save extra") only reaches users who already completed sign-up. Missed opportunity.
What's Working — Do Not Change
| "Show me how it beats my bank" (S1) KEEP VERBATIM |
Curiosity-driven, conversational, no commitment. Perfect CTA. |
| "5 Lakh+ customers" (S1) KEEP |
Strong descriptive social proof (Cialdini). |
| "Spend as usual, Save extra automatically" (S10) KEEP VERBATIM — move earlier |
Zero-change-required framing. Strongest behavior copy in the flow. |
| "No lock-in. Withdraw anytime." (S6) KEEP — surface earlier |
Directly resolves #1 user barrier. |
| "Multipl never holds your money" (S6) PROMOTE to primary callout |
Highest-trust statement in the flow. Currently under-emphasized. |
| 2.5% vs 7% yield chart (S2) KEEP — add calculator |
Strong visual anchoring. |
| Phone-first auth (S3) KEEP |
Right choice for India. |
2
Revised Copy Deck
Current → Recommended, with behavioral rationale
Screen 1 — Value Prop Hero
| Element | Current | Recommended | Rationale |
|---|---|---|---|
| Headline | "Higher Yield Spending Account" | "Your spending money, working harder for you" | Shifts from product descriptor to user benefit. "Working harder for you" activates agency — the money does the work. |
| CTA | "Show me how it beats my bank" | KEEP VERBATIM | Perfect. Conversational, curiosity-driven, low commitment, competitive frame. |
| Social proof | "5 Lakh+ customers" | KEEP VERBATIM | Strong descriptive norm. |
Screen 2 — Brand Showcase (moved from S10) Moved
| Element | Current (at S10) | Recommended (at S2) | Rationale |
|---|---|---|---|
| Headline | — | "Spend at your favourite places. Earn while you do." | Establishes zero-friction value: no behaviour change required. |
| Subheadline | "Spend as usual, Save extra automatically" | KEEP VERBATIM | Strongest behavior-change copy in the flow. |
| CTA | "Create my spending account" | "I want this — sign me up" | First-person phrasing builds commitment via Cialdini consistency. |
Screen 3 — Yield Comparison + Calculator
| Element | Current | Recommended | Rationale |
|---|---|---|---|
| Yield chart | 2.5% vs 7% | KEEP the visual chart | Strong anchoring. |
| "Powered by" label | "Powered by liquid mutual funds" | "Powered by SEBI-regulated mutual funds — withdraw anytime" | Own the term. "Mutual Funds Sahi Hai" (AMFI's national campaign) has pre-loaded trust for this TG. Hiding "mutual funds" wastes that credibility transfer. The real objection is liquidity — resolve it immediately in the same line. |
| Calculator (NEW) | — | "I keep about ₹___ for monthly expenses → You'd earn ₹XXX more this year with Multipl" | Present bias override: concrete, personal, near-term. Seeing "₹3,500 more this year" acts faster than "earn 7%." |
| CTA | "Start spending smartly" | "Show me my potential earnings" | Connects to calculator output. Action-oriented, benefit-specific. |
Screen 4 — Loss Framing Slide New screen
| Element | Recommended | Rationale |
|---|---|---|
| Headline | "Your savings account is working against you" | Loss aversion: losses are ~2× more motivating than equivalent gains. The status quo now costs them something. |
| Body | "At ₹50,000, you're giving ₹2,250/year back to your bank. At ₹1L, that's ₹4,500 a year." | Specific amounts personalize the loss. Frame: the bank takes from you. |
| Amount slider | "My spending balance is approx ₹___" → auto-calculates "You're leaving ₹XXX/year behind" | Dynamic loss figure is more compelling than static example. |
| CTA | "Stop leaving money behind" | Loss-framed CTA. Motivates action to end the loss. |
| Fine print | Based on 2.5% savings rate vs 7% p.a. on Multipl. Returns not guaranteed. | Required disclosure. Keep small. |
Screen 5 — Trust Screen (moved from S6)
| Element | Current | Recommended | Rationale |
|---|---|---|---|
| Headline | "Before you begin... Why trust us?" | "Your money is always in your control" | Eliminates defensive framing. "Why trust us?" plants doubt. This headline resolves anxiety before it forms. |
| Subheadline | — | "Built on India's most regulated financial infrastructure" | Authority signal without jargon. |
| "Multipl never holds your money" | Present (secondary) | PROMOTE to primary callout, larger type | The single most trust-building statement in the flow. |
| CTA | "Start spendvesting" | "I'm in — let's go" | "Spendvesting" is a neologism the user hasn't internalized. Creates micro-friction. Introduce in-app post-onboarding. |
Screen 9 — Email Entry
| Element | Current | Recommended | Rationale |
|---|---|---|---|
| Headline | "One Final Step: Connect Your Email" | "Almost there — add your email" | Removes the broken promise. "Almost there" is accurate without over-promising. |
| Subheadline | — | "We'll send your monthly returns summary here." | Reframes email collection as a user benefit. |
| CTA | "Verify Email" | "Continue" | "Verify" primes users to expect another OTP. "Continue" is neutral. |
Screen 10 — Account Created
| Element | Current | Recommended | Rationale |
|---|---|---|---|
| Headline | — | "Your spending account is ready." | Clear confirmation. Present tense, done. |
| Earnings callout (NEW) | — | "At your balance, you're on track to earn ₹X more this year." | Echoes the calculator from S3. Creates continuity. |
| T+1 expectation | Absent or small | "Your money works from tomorrow. Add ₹5,000 today to start earning." | T+1 unit allotment must be set explicitly. Users who see ₹0 earning "today" abandon without this. |
| CTA | "Add Money" | "Add money — start earning tomorrow" | Incorporates T+1 into the CTA. Prevents post-deposit confusion. |
Quick Reference — All CTA Changes
| Screen | Current CTA | Recommended |
|---|---|---|
| S1 | "Show me how it beats my bank" | KEEP VERBATIM |
| S2 (new pos) | "Create my spending account" | "I want this — sign me up" |
| S3 | "Start spending smartly" | "Show me my potential earnings" |
| S4 (new) | — | "Stop leaving money behind" |
| S5 | "Start spendvesting" | "I'm in — let's go" |
| S6–S8 | Standard | Keep |
| S9 | "Verify Email" | "Continue" |
| S10 | "Add Money" | "Add money — start earning tomorrow" |
3
Flow Redesign
Current vs. Recommended — 10 screens, 2 OTPs → 10 screens, 1 OTP
● Current Flow (10 screens, 2 OTPs)
1
Value Prop Hero
"Show me how it beats my bank"
↓
2
Yield Comparison
"Start spending smartly"
↓
3
Phone Entry + KYC consent
↓
4
Phone OTP ①
↓
5
Profile: Name + Invite Code
↓
6
Trust Screen
"Why trust us?" → "Start spendvesting"
↓
7
Email Entry
"One Final Step" ← broken promise
↓
8
Email Entry (filled state)
↓
9
Email OTP ② ← major drop-off
↓
10
Brand Showcase
"Create my spending account"
● Recommended Flow (10 screens, 1 OTP)
1
Value Prop Hero
"Show me how it beats my bank" ← keep
↓
2
Brand Showcase + Logos moved from S10
"I want this — sign me up"
↓
3
Yield Comparison + Calculator
"Show me my potential earnings"
↓
4
Loss Framing Slide new
"Stop leaving money behind"
↓
5
Trust Screen moved from S6
"Your money is always in your control" → "I'm in"
↓
6
Phone Entry (inline KYC copy)
"Get OTP"
↓
7
Phone OTP ①
↓
8
Profile (Name only — invite code removed)
↓
9
Email Entry
"Almost there — add your email" → "Continue"
↓
10
Account Created + Projected Earnings + T+1
"Add money — start earning tomorrow"
✓ Email verified async via link — no OTP step
Net Changes Summary
| Change | Type | Impact |
|---|---|---|
| Screen 10 (Brand Showcase) → Position 2 | Move | Best value copy reaches users before any friction |
| New Loss Framing slide | Add | Loss aversion activation before auth |
| Trust screen → Position 5 (before phone entry) | Move | Skeptics see trust signals before data request |
| Email OTP removed | Remove | ~15–20% completion lift; email verified async |
| Invite code field removed from main flow | Remove | Eliminates "outsider" signal for organic users |
| KYC consent copy reframed | Change | Reduces data anxiety at phone entry |
| 5-step progress bar added globally | Add | Accurate effort estimation reduces mid-funnel abandonment |
| Calculator widget on S3 | Add | Present bias override via personalized ₹ figures |
Screens: 10 → 10 (1 removed, 1 added, 2 moved)
OTPs: 2 → 1
Net cognitive load: Significantly lower
Progress Indicator Design
✓
Value
✓
Trust
3
Phone
4
Profile
5
Done
Phase labels (not screen numbers) keep the indicator human. Never label "Final Step" unless it is definitively the last action. Gold fill = active; grey = upcoming; checkmark = completed.
4-Phase Behavioral Arc
Phase 1 · Screens 1–4
Value & Motivation
Hero → Brand Logos → Calculator → Loss Frame
User wants this product for their specific benefit. Personalized gain + loss aversion activated.
User thinks: "This is for me"
Phase 2 · Screen 5
Trust
Trust Screen (moved)
User is confident enough to share phone number. SEBI credential, no lock-in, "Multipl never holds your money."
User thinks: "This is safe"
Phase 3 · Screens 6–9
Auth
Phone → OTP → Name → Email
Minimum viable identity capture. One OTP, honest progress bar, every field justified with a user benefit.
User thinks: "Almost done"
Phase 4 · Screen 10
Activation
Account Created
User adds ₹5,000 immediately (Day-0 activation). Projected earnings + T+1 explained + clear next action.
User thinks: "I'm earning already"
Funnel Impact Model (Estimated)
Current Flow
App Open
S1 → S2
S2 → Phone Entry
→ Phone OTP
→ Profile
→ Email OTP
Est. Completion
Recommended Flow
App Open
S1 → S2
Value → Trust
Trust → Phone
→ OTP → Profile
→ Email → Done
Est. Completion
Modelled estimates based on Decision Lab benchmarks and Moka case data. Actual lifts require A/B measurement. See experiment backlog.
4
Experiment Backlog
8 prioritized A/B experiments — sign-up completion as primary metric
EXP-01
Remove Email OTP from Onboarding
"Removing email OTP and replacing with async email verification link post-signup will increase sign-up completion by 15–25%, because users no longer face a second 6-digit code in the same session."
Control
Current: phone OTP + email OTP (double verification)Variant
Phone OTP only. Email link sent post-signup. Email marked "unverified" internally until clicked.EXP-02
Move Trust Screen Before Phone Entry
"Moving the trust screen to position 5 — before phone entry — will increase phone entry completion by 10–20%, because skeptical users will have seen SEBI credential, no lock-in, and 'Multipl never holds your money' before being asked to share personal data."
Control
Trust screen at position 6 (after phone OTP) — current flowVariant
Trust screen at position 5 (before phone entry) + headline changed to "Your money is always in your control"EXP-03
Personalized ₹ Calculator + Loss Framing Slide
"Adding a one-input calculator ('I keep ₹___ → earn ₹XXX more') + a loss framing slide ('You're leaving ₹X/year behind') will increase value-to-phone-entry conversion by 10–15%, because personalized, concrete, loss-framed numbers override present bias more effectively than abstract yield percentages."
Control
Current yield comparison screen (abstract 2.5% vs 7%)Variant A
Add calculator to yield screen onlyVariant B
Add loss framing slide only (new screen)Variant C
Both calculator + loss framing slideEXP-04 ↺ Revised
Own "Mutual Funds" + Resolve Liquidity Objection
Why this was revised: The original hypothesis (replace "mutual funds" with "government-regulated funds" to reduce anxiety) missed India-specific context. AMFI's "Mutual Funds Sahi Hai" campaign has built strong positive priming for this exact TG. The real objection is liquidity, not the term. The fix is to own the term confidently and resolve the liquidity concern in the same line.
"Explicitly naming 'mutual funds' with a same-line liquidity resolution will outperform both the current neutral copy and the previously proposed 'government-regulated funds' replacement, because it claims the AMFI trust association while immediately neutralizing the only objection that actually blocks this persona."
Control
"Powered by liquid mutual funds" — neutral, no liquidity reassuranceVariant A ★ Primary
"Powered by SEBI-regulated mutual funds — withdraw anytime"Variant B
"Powered by SEBI-regulated mutual funds. Your money stays liquid."Dropped variant
"Powered by government-regulated funds" — discards the AMFI trust asset. Do not test.EXP-05
Move Brand Showcase to Position 2
"Moving the brand logo carousel to position 2 will increase overall flow completion by 5–10%, because zero-friction framing ('no behaviour change') and brand familiarity (Flipkart, Zomato, Amazon) will motivate more users before they reach the auth friction."
Control
Brand showcase at position 10 (post-auth)Variant
Brand showcase at position 2 (pre-auth) + CTA: "I want this — sign me up"EXP-06
"Why trust us?" → "Your money is always in your control"
"Changing the trust screen headline to 'Your money is always in your control' will increase trust screen → next action completion by 5–10%, because the current defensive framing plants doubt while a control-focused headline resolves anxiety."
Control
"Before you begin... Why trust us?"Variant A
"Your money is always in your control"Variant B
"Built on India's most regulated financial infrastructure"EXP-07
Remove Invite Code Field for Organic Users
"Hiding the invite code field for users who did not arrive via referral deep-link will increase profile completion by 3–5%, because organic users currently experience a pause and a mild 'outsider' feeling when seeing an optional field for a code they don't have."
Control
Invite code field shown to all users (optional)Variant
Field hidden unless user arrived via referral URL parameter. Referral flow unchanged.EXP-08
5-Step Honest Progress Bar Throughout Flow
"Adding an honest 5-phase progress indicator throughout all onboarding screens will reduce mid-funnel abandonment by 3–8%, because users with visible, accurate effort estimation are less likely to abandon — they can see the 'cost' is finite and they're close to done."
Control
Current (no progress indicator or inconsistent indicator)Variant
Persistent 5-phase bar: Value → Trust → Phone → Profile → Done. Gold fill active; grey upcoming; checkmark completed.Experiment Sequencing
Week 1–2
P0 — Ship first
P0 — Ship first
EXP-01 Remove Email OTP 1–2 days engineering
EXP-02 Move Trust Screen 0.5 days
Week 3–4
P1 — After P0 reads
P1 — After P0 reads
EXP-03 Calculator + Loss Framing 2–3 days
EXP-04 "Mutual funds" + liquidity resolve 2–4 hours
Week 5–6
P2 — Supporting lifts
P2 — Supporting lifts
EXP-05 Move Brand Showcase 0.5 days
EXP-06 Trust headline copy 2 hours
Week 7–8
P3 — Polish
P3 — Polish
EXP-07 Remove invite code field 1 day
EXP-08 5-step progress bar 1 day
Sample size: Min 500 completions per variant; run 2 weeks minimum. Significance: p < 0.05 two-tailed; MDE 5% absolute. Qualitative: 5 user interviews per P0 experiment. Target: salaried, 25–35, metro, no prior mutual fund experience.