Outcomes: Senior Product Designer working on the UX and UI, exploration and usability customer research, printable PDF FIF Report, help content creation, website landing page and measuring success.
What is a Foreign Investment Fund (FIF)?
Like our users, the tax discovery team had to learn all of the nitty-gritty rules about tax obligations when buying shares in overseas companies (what you can buy through Hatch). The FIF tax rules only apply if you have over $50,000 NZD invested, or if you have earned more than $200 in dividends this tax year. If FIF rules apply you must fill out an IR3 form.
If you have over $50,000NZD invested the maths is a little more tricky, so people will either pay an account to do the work, or they're a maths wizz and will figure it out themselves.
Previous Tax Solutions
The previous year Hatch published a helpful article about tax time that showed how to fill out an IR3 form. Additionally, Hatch offered a FIF (Foreign Investment Fund) Report service to all of its users. By paying $50, users received an excel document with two final numbers that they could use to file their tax return.
We conducted 1-on-1 interviews with customers who purchased a FIF report the previous year to understand their experience and identify areas for improvement.
Our Deliverables
From our findings in our exploration research as part of a team of Product Designers, we designed the new in-product flow for Tax Time, this included educational content on the "Discover" page linking to a Tax Quiz, and the updated "Current Tax Year" page that would inform our customers if the FIF rules applied to them. Additionally, we split the content creation tasks for our help centre (in Intercom) and learn articles (on our website) among the team.
I was the sole designer responsible for creating the printable FIF Report PDF, which was very important to Hatch as our competitors don't currently offer it. Our customers were willing to pay $50 for this report, and our goal was to develop an informative PDF that would exceed their expectations. When we conducted our preliminary research, some customers expressed interest in purchasing the report to learn about the FIF Rules, even though they did not apply to them yet. They wanted to be prepared for when the FIF Rules would apply.
After completing the first round of in-product UX & UI design, we conducted a second round of interviews to validate our solutions. This resulted in some tweaks and changes to the flow and design.
I was the sole product designer on the campaign landing page hatchinvest.nz/tax, collaborating with the Creative Director we ensured that the language and images used on the page were tailored to the motivations and needs of our target audience. To achieve this, we utilised our Progressive and Planner Money Mindsets. I also designed the communication strategy for our customers, which included managing our active Facebook Group, targeted Intercom messages, and a series of customer emails.
After Go Live
After going live, we noticed a significant increase in the number of customers who chose to purchase a FIF Report.
For easy analysis come next tax season, we incorporated tracking into everything we built, this will help us identify areas to improve for the next time we focus on making tax time stress-free.
Work completed whilst at Hatch