Christopher Sim

Today, Arc's deposit experience only offers ACH deposits through bank connections. The lack self-service wire transfer options and mobile check deposit feature has directly contributed to customer churn, and isn't scalable given Arc's exponential growth. Furthermore, the deposit flow still utilizes a legacy design from nearly two years ago, creating an inconsistent user experience compared to other areas of the product. Arc's deposit experience is severely lagging behind our competitors, it is not only subpar but also presents a fragmented image to our customers.

solution

That's why we're launching Deposits 2.0 -- a major update to simplify and expand how users fund their Arc accounts. Users can now deposit checks instantly via mobile upload, complete with real-time verification. They can initiate wire transfers effortlessly with self-service wire details, available for both domestic and international deposits. We've also revamped our ACH flow with the new design language and added the ability to set up recurring scheduled auto-transfers to help users maintain their account balances. Deposits 2.0 brings Arc's funding options up to speed with user expectations and industry standards, making it easier and faster for our customers to manage their money.

70%

Adoption rate of net new features in 3 months

-65%

decrease

In deposit-related support tickets inquiries

28%

Increase

In overall deposit volume and frequency since launch

<2

day average

Improvement in transfer speed on all three deposit rails

Why are deposits so painful today?

Although deposits are a fundamental aspect of financial management for Arc users, the current system for funding accounts is severely limited and outdated. Customers face unnecessary hurdles and delays when trying to move their money into Arc accounts.

Limited Deposit Options

With only ACH deposits available through bank connections, our users are missing out on convenient options like mobile check deposits. This limitation is particularly painful for high-value customers who are used to having multiple ways to move their money quickly and efficiently.

Wire Transfer Bottlenecks

The lack of self-service wire transfers forces customers to rely on Relationship Managers for bank letters, creating delays and inefficiencies. This manual process overwhelms Arc's support team, leading to long wait times for wire-related inquiries and frustrating customers.

Interface that's stuck in the Past

The deposit flow's outdated design stands out negatively. It gives the impression of a neglected feature. It makes the overall deposit process feel clunky and less trustworthy, potentially undermining customer confidence in Arc's ability to handle their money effectively.

Paying Bills is very manual & tedious

Paying bills is a pain. Companies have to verify invoices against PO’s, route for approvals, and update systems post-payment. Optimizing payment schedules and managing multi-currency transactions add complexity. While some solutions may simplify one to two steps, none automate the entire bill-paying process.

Paying Bills is very manual & tedious

All-new check deposit rail

Arc users can now deposit checks instantly by uploading images directly to Arc. Our system verifies and confirms checks in real-time, reducing the processing time and streamlining the deposit process.

Ensure your accounts always stay funded

Users can now easily set up recurring scheduled auto transfers from their linked bank accounts or even liquidate their brokerage positions automatically, ensuring their Arc accounts always stay funded.

Self-service wire deposits

Introducing our new self-service wire deposits for both domestic and international. Generate dynamic wire details instantly, eliminating the need to contact support for bank letters. You can also download bank letters on demand for your records.

Deposit checks on the go, anytime, anywhere

We went beyond adding a new deposit rail. Users can not only upload check images through our web app, but also deposit checks directly from their mobile devices. Whether you're at home or on the go, depositing checks is now as simple as snap, submit, and done.

outcomes

Despite our lean team and lack of a dedicated PM, we successfully delivered the all-new deposit experience ahead of schedule. As the product strategy lead, I guided the project to completion three weeks early, with minimal bugs discovered during our quality assurance process. We launched the revamped deposit experience in March 2024, and it has been met with overwhelmingly positive feedback from our users. Here's what some of our valued customers have to say

So happy that this feature is finally available, we've been asking for check deposits for months. Now we can finally process our international vendor payments.

James Slezak from Swayable

Wow, the mobile check deposit feature is awesome! I guess this is Arc's first step to their mobile app, it's such a convenience to upload checks directly from my phone.

Matt Lommi from Fetii

We absolutely love the ease of setting up a recurring deposit. This way we will always have the ability to keep our Arc accounts funded all the time.

Max Greenwald from warmly

Credits

Massive thanks to Andrew Rosen on driving this project on the engineering front and a huge shoutout to the our key collaborators from Stripe for helping us navigate the new check deposit rail.

Christopher Sim

Design Lead

Andrew Rosen

Engineering Lead