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Siply Chits

A digital chit fund platform powered by Siply.

My Role

  • User Research

  • Content Strategy

  • UX Writing

Worked with

  • Product Managers

  • Product Designers

  • Developers

Tools used

  • Miro

  • Notion

  • Adobe XD

What is a Chit Fund?

A chit fund is like a savings club with friends where you:

Save together, borrow  together

A group contributes money regularly, and each member takes a turn receiving the pot.

Draw auctions to decide who gets the money

A randomised process determines who gets the big sum each time.

Everyone gets their turn one-by-one

This process continues until each member has received their payout.

It's a way to save together and access a lump sum when needed.

Digitalise chit fund

What was the need of Siply Chits?

Siply set out to revolutionise the financial landscape of rural India by digitising the well-established chit fund industry.
Providing a convenient experience

We aimed to understand and navigate existing trust structures to create a digital alternative that feels familiar and reliable.

To address this need, we began with comprehensive user research to understand the unique challenges and opportunities.

What did we find from research?

Trusted tradition

Chit funds are seen as a reliable way to save and borrow, especially in rural areas.

Alternative of banks

Provides access to money, especially for those without formal banking options.

Community aspect

Often run within families, friends, or neighbourhoods.

Saves money
Regular contributions to help people save.

Positive perception for chit funds

Gets a lump sum

Provide access to large amounts for weddings, education, etc.

High potential benefit

Bidding can lead to a "discount" on the pot.

Can be risky
Unregistered funds might be scams.
High implicit interest

Bidding can be expensive.

Negative perception of chit funds

Difficult to manage

Strict contribution schedules can be inflexible.

Building the content strategy

The voice and tone I chose were as follows:

Clear Communication

Users preferred familiar terms from the chit fund industry, as this improved understanding and reduces confusion.

Simple Language

Given the target audience's comfort level with financial jargon, we used clear, concise language.

Building Trust

To build trust and counteract negative perceptions of chit funds, we prioritized clear and honest communication throughout the user experience.

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Result

Increase in acquisition rate by 37.5 % and retention rate by 11%.

Challenges

  • People were hesitant to share their experiences with chit funds.

  • People are often skeptical of online platforms, especially when money is involved.

  • The auction flow could have been gamified but was limited to a one-click entry due to technical constraints.

Learnings

  • Building the user flow and use cases helped me understand the user's mental model, resulting in a simplified UX copy.

  • This project challenged me to create a user's mental model, which ultimately led to a more streamlined UX writing process.

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