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Bankrate

Bankrate is a one-stop shop for personal financial information. They are no new kid on the block in the FinTech space with 40+ years of experience providing personal financial news, advice and product comparison. Their continued success has made recent news in Red Ventures acquiring Bankrate for 1.4 billion dollars.

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Challenge

Bankrate labored under a dated UI and was losing ground to millennial-focused finance start-ups. Defining the customer was a critical starting point.

Also, Bankrate's goal is to get users to leave their site, not stay. A user clicking from a financial calculator or rate table to a financial partner triggers referral revenue. A clear understanding of their revenue model throughout each feature was necessary for optimization.

Outcome

During a year-long engagement, DesignMap defined Bankrate’s target audience, completed a visual redesign of their site, including the site’s finance calculators, and created an in-depth style guide to direct future development and maintain consistency.

This resulted in a 33% increase in revenue from the desktop auto loan calculator, a 75% increase from the mobile version, and doubled ad impressions per session via a redesigned article template

DesignMap played a critical role in helping us rebuild our website from the ground up — they worked shoulder to shoulder with our internal design team to deliver a visual design system that transformed our site from a reliable pickup truck to a Tesla. Partnering with DesignMap was a wonderful experience that the Bankrate team would gladly repeat.

Scott Kim CEO, Bankrate

Insight

We conducted 20 user interviews and discovered Bankrate’s primary users are not millennials. Rather, they are ~35-year-old family men maxing out their 401k’s to save for retirement. They’re practical with money and focused on security, a worldview that guided design decisions through our engagement. 
 
Visualizing Bankrate’s revenue channels highlighted traffic versus revenue for each of the site’s modules. The site’s personal finance calculators drew a lot of traffic but produced little revenue. 

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Solution

We created a visual system to support a unified Bankrate brand experience and delivered a style guide to support a consistent visual language across all page types. 
 
Additionally, we re-designed the calculators using insights from our site map visualization. This delivered immediate results upon implementation: RPV from the auto-loan calculator via desktop increased 33%. 

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