How Blank used Fragment to improve conversion rate by 30%

A case study on Blank + Fragment

Feb 1, 2024

Introduction: Blank 🤝 Fragment

Blank is a payment account for small businesses and independent workers. Customers can open a new account in 5 minutes.

Blank was Fragment’s first design partner and customer. In this case study, we will show how they used Fragment to increase their conversion rate at onboarding by 30% while reducing their costs by 20%.

"Fragment’s founders were very reactive and available, it is a pleasure to work with them. Their deep expertise means they always recommend new improvement avenues for our operations."
Quentin Maunier, Head of Operations at Blank

Two KPIs: Conversion Rate and Cost

Blank onboards many new customers every week; converting the majority of them to paying customers is the most important KPI for them. A higher conversion rate simply means increased revenue. The best lever to increase conversion is a faster onboarding. Customers are less likely to drop out of the process if it is clear and fast.

A secondary KPI for Blank is to reduce operating costs of onboarding new customers. Blank has a team of analysts working every day on onboarding tasks: identity verification, fraud detection, answering emails… There are two levers to reduce costs here:

  1. Increasing the efficiency on tasks: how fast tasks are completed

  2. Increasing the occupancy rate: reducing downtime between tasks

Challenges at Blank

Blank uses HubSpot to track conversations and tasks with new users during the onboarding. To improve on their KPIs, the operations team at Blank had several challenges that they couldn’t solve entirely with HubSpot:

  • Analysts had to check backlogs of tasks across many different tools and places.

  • Analysts picked their own tasks in batches. This had a negative impact on responsiveness, as more urgent tasks were not prioritized correctly.

  • Analysts with scarce skills could become a bottleneck for the rest of the team, if they were not assigned properly.

  • The ops team had to track activity from a team of analysts across multiple locations, remotely, or outside of business hours. They needed detailed monitoring and timing on tasks completed by each analyst.

How Blank uses Fragment

To face these challenges, Blank wanted a single way to monitor all the analysts tasks, in a centralized way.

Fragment provided a simple solution, with zero integration costs. Analysts installed the Fragment Chrome extension, and our HubSpot integration allowed us to synchronize with all onboarding tasks and emails, without using any of Blank’s developer time.

Below is a quick video of how the Fragment banner (in blue then red) is injected through our Chrome extension into HubSpot. The analyst uses their existing process in Hubspot, and clicks on “Complete” and “Next” in the Fragment banner when they’re done with their task, which redirects them to the next task. The banner goes from blue to red as a visual clue to indicate a change in the type of task to perform. The color can also be used to visually display the current status of the backlog: red when response times are too high, green when they are ok.

Using Fragment improved the quality of life for analysts in two ways:

  1. Fewer clicks to move from task to task.

  2. No need to think about which task to prioritize next. The next task is automatically picked by Fragment. On the admin panel, operations managers can define dispatch rules to prioritize tasks, and define skills for each analyst to filter out tasks.

"Fragment simplified our analysts' work -- they don't need to think too hard about which task to do next, they just tackle tasks in their Fragment queue."
Quentin Maunier, Head of Operations at Blank

In just a couple hours of integration, analysts could start using Fragment in production. Over time, Fragment covered more and more use cases at Blank, and today almost 100% of tasks are done through Fragment.

Improving Response Time SLAs

Fragment precisely measures the response time for each task. It is defined as the difference (in hours) between the creation of a task and the start time of that task.

In mid November, Blank initiated a big push to improve response time SLAs, empowered by dispatch rules and monitoring on Fragment.

On Fragment, all tasks were mixed together in a single queue with a smart dispatch system, which decreased the response time and increased the analysts’ occupancy rate.

Setting a clear priority (the SLA in red on the graph below), while having live monitoring on Fragment was key to challenge the analysts and ensure the objectives were met, week after week.

The result was very clear: the median response time was almost cut in half and met the SLA target.

Impact on Conversion Rate and Cost

Faster responses mean a higher conversion rate, and we can see an almost direct impact on the conversion rate since mid November. Cutting the response time in half increased the conversion rate by almost 30% relatively to the previous rate. This meant an instant 30% boost in revenue for Blank.

Compared to their previous set up, Blank also reduced their manual cost per onboarding by 19%. Fragment improved the efficiency of analysts by helping them focus on tasks, and reducing idle time. Setting treatment time targets for each type of task, and monitoring them for each analyst was also key to increasing the efficiency.

"We’re moving all our ops processes on Fragment. Fragment allows us to dispatch tasks to our analysts, while measuring and improving efficiency and response times. We managed to reduce our costs by 20% and improve our conversion rate by 30%."
Charles-Henri Alloncle, COO & co-founder at Blank

Summary and Insights

The results achieved by Blank are beyond expectations, but we can’t take credit for all the changes. Fragment is a tool that empowers operations teams to improve their processes.
The key to these achievements was having measurable and achievable targets, while keeping human analysts accountable to meeting them.

If you’re interested in seeing a demo of the product or learning more, please reach out and book a meeting with Olivier!

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