Klarna Balance - Global Launch
In 2021, we launched the Klarna Bank Account in Germany as an MVP. By early 2024, it had evolved into a viable product and was ready for a wider launch across the EU and the US.
What changed? The introduction of cashback as a core product benefit. This meant creating a new value proposition, new messaging, and even the product's name.
Numbers
12 markets launched
1.6 million new users in first 3 months
$2.7 million in cashback earned
Product Naming
In Germany, calling a bank account a bank account works. In other markets, this won't work because the main benefit is no longer its banking features, but earning cashback. A new name was needed.
For months, I created names with product marketing and content design. We narrowed our options to a shortlist and put the names into scenarios to see how they looked. Then, with our recommendation, product management made the naming decision.
Updated messaging
Our original messaging (which I wrote) highlighted the KBA's ease of use and smooth functionality, balanced with its security. For a bank account in Germany it was distinctive and effective.
Now that a Balance was required to collect your Klarna cashback, we had a clear value proposition about earning cashback and earning interest on your money in the account. We had a clear benefit and used it for the updated messaging. Here’s how it came to life on the product landing pages for the core product and the savings accounts.
BEFORE - Klarna Bank Account
AFTER - Klarna Balance
BEFORE - Klarna Locked Savings webpage
AFTER - Klarna Fixed Savings
BEFORE - Pools
AFTER - Klarna Flex Savings
Onboarding screens
All the landing pages lead somewhere, and that’s the onboarding screens in the app. To improve conversion, I stripped down the copy to fit on one screen and the product designer got the content onto one page. And drop-off’s dropped off.
After
Cross-functional Collaborators
Product Marketing
Product Design
B2C Growth Marketing & Brand
Legal & Regulatory Compliance Team