+57%
bank revenue increase
As high-yield interest became more popular, the banking team saw an opportunity to make Dave's banking features more competitive. Dave was the first neobank to release high-yield interest for both checking and savings accounts when they launched a 4.00% APY in Aug 2023.
My role: Design Lead, Strategy, User Testing, and Prototyping
Dave
High-Yield Interest
Mobile App
Currently, members use Dave primarily to get an ExtraCash advance and disappear until they need another one. This isn't viable for profitability since members aren't loyal to cash advance apps. In user interviews, Dave members have shown that they don't view Dave as a credible banking solution. We needed more competitive banking features to increase engagement.
While conducting competitor research, we noticed that although high-yield savings accounts have grown in popularity, high-yield checking accounts weren't as common. Adding APY to both Dave checking and savings accounts gives us a competitive edge in the market. The high APY incentivizes members to bank with Dave and save.
Members are automatically enrolled to earn interest if they have a Dave checking and/or savings account. There is no minimum balance required, making it easy to earn interest. Interest is paid out on the first of every month. They can keep track of their interest on the account insights page for each account.
Most Dave members don't come from a background where financial literacy was taught so I wanted to educate them about APY and how interest is earned on their accounts. When a member earns interest each month, they receive a notification in-app with a confetti animation. Earning interest is a celebratory moment because they are making better financial decisions.
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On the account insights page, a member can view their interest earnings and available balance for each month on a graph. Although the main goal was to show their interest, I included Round Up and recurring deposit entry points to cross-promote other banking features in a non-intrusive way.
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Members can visually keep track of their progress. Tapping on the bars changes the month's available balance and interest earned.
Info icons open up bottom sheets so members can learn more about financial terms.
Round Up and recurring deposit entry points promote other Dave funding features.
We were able to incentivize members to use Dave Banking more. Each member earned an average of $0.50 interest/month since its release. Although the average interest earned is low, it will continue to increase as we encourage members to make better financial decisions and save more.
+57%
bank revenue increase
+44%
increase in funding for Q4
+65%
increase in spending
