Monzo · Metrics · Mid · 45 to 60 minutes

Raise Monzo US signup completion

Monzo is a mobile-first bank that offers checking and other personal finance services through its app. Answer this product management case and get it graded line by line against a weighted rubric.

funnel analysis
prioritization
experimentation
ux judgment
risk management

The situation

Monzo's US leadership has asked you, the PM for onboarding, to recommend how to improve account signup completion in the mobile app. Interest at the top of the funnel looks healthy, but only 9 percent of people who download the app complete signup and open an account. A recent walkthrough of the current experience suggests the flow is much longer and more effortful than expected, with 39 screens and about 210 taps from first launch to completion. Why this matters now: the team wants to grow in the US, but leadership does not want to spend harder on acquisition while so many users fall out before finishing. At the same time, this is a regulated banking flow, so identity checks, legal disclosures, and fraud controls cannot simply be removed. The hard part is deciding where the biggest friction likely sits, what changes should come first, and how to prove that any proposed changes improve the funnel without increasing risk or breaking trust.

What to produce

Write a 1 to 2 page product memo.

Your answer must

Define the primary success metric and 2 to 4 supporting metrics you would use for this signup funnel, including both conversion and time-based measures.
Diagnose the most likely causes of drop-off and effort in the current flow, using the facts provided and clearly stated assumptions where needed.
Propose a prioritized plan for improving signup over the next 1 to 2 quarters, with rationale, expected impact, trade-offs, and dependencies for the highest priority items.
Explain how you would validate your plan before broad rollout, including what instrumentation, user research, and experiments you would run.
Identify the main risks and guardrails, especially around compliance, fraud, support burden, and user trust.

Constraints

You must preserve required KYC, AML, identity verification, and legal disclosure needs.
Focus on product changes within the signup experience, not pricing, rewards, or paid marketing.
Assume the team can make moderate app and backend changes this quarter, but cannot replace core compliance vendors.

Format

Use clear section headers and bullets. A simple funnel breakdown or ranked action list is enough.

How Monzo actually played it

Monzo's US team found only 9 percent of app downloaders finished signup, so they audited the funnel and counted 39 screens and about 210 taps. Autofill of basic details and a larger bet on the flow lifted conversion from 9 to 40 percent and cut signup time from 17 to 9 minutes overall, or 4 for the fastest users. A concrete funnel-fixing case with before and after numbers.

Walk through every screen and tap of the funnel to find waste.
Remove effort that the phone can already fill in.
Pair quick fixes with one larger bet to change conversion materially.
Report both conversion and time-to-complete.

Built from How we cut time to sign up for Monzo US from 17 minutes to 4 minutes by Monzo.