Reducing complexity in bank loans
B2B, FinTech, Mobile
Overview
Redesigned a bank loan application to be mobile-first and less complicated
TL;DR
Small business owners often face uncertainty and insecurity when applying for bank loans, which can deter them from securing the funding needed for growth. To address this, we introduced a loan application with instant decisions for pre-approved customers. However, many customers were abandoning the process.
I streamlined the application into an intuitive mobile experience, reducing friction points and reducing application time by 60%. Additionally, I crafted a user-centered narrative to simplify complex financial information, boosting customer confidence.
I streamlined the application into an intuitive mobile experience, reducing friction points and reducing application time by 60%. Additionally, I crafted a user-centered narrative to simplify complex financial information, boosting customer confidence.
Role
Product Design & Content Design Intern
Team
Content Designers, Product Designers, & UX Researchers
Timeline
4 months, May to August 2022
Problem
Business owners struggled to sustain and grow their businesses
Small business owners needed extra funds to keep their businesses up and running. But the long and difficult bank loan process made it hard for them to get the support they needed.
What it was like to apply for bank loans:
Anxiety-inducing
Scared of financial risks and the psychological toll of rejection
Overwhelming
Can take hundreds of documents to complete an application
We offered an easier loan application, but customers were dropping off
After recognizing these customer pain points, we introduced a loan application with instant decisions for pre-approved customers. However, many still abandoned their applications before completing them, missing out on the service.
Research showed the highest drop-off rate on screens with technical info
To better understand the issue, I teamed up with a UX researcher to analyze survey data from those who abandoned their applications. We discovered that first-time customers felt overwhelmed and unprepared when they reached technical screens, leading them to drop off.
“I’m not ready to take a loan yet.”
The #1 most common response when abandoning the application.
Goal
Make the process so simple that first-time customers felt confident
By making the process faster and easier to complete, we aimed to encourage more users to submit their applications and accept their loans, providing small business owners with the funding they needed.
Noticing that most customers accessed the platform on their phones, even though we only offered a web version, I prioritized designing a mobile-friendly version of the bank loan application.
Noticing that most customers accessed the platform on their phones, even though we only offered a web version, I prioritized designing a mobile-friendly version of the bank loan application.
Explorations
I focused on solving the two biggest friction points:
Challenges
Legal and financial constraints limited what I could design
Although I explored creative solutions to simplify this screen, there were limitations on what could be changed. For instance, loan amounts had to be in $500 increments and include the maximum loan request amount.
With these constraints and the limited space on a mobile screen, our options were narrow. In the end, I kept the sliding interactions and focused on simplifying the additional content instead.
With these constraints and the limited space on a mobile screen, our options were narrow. In the end, I kept the sliding interactions and focused on simplifying the additional content instead.
Final design
I designed a loan application that championed small business owners
I interviewed customers who had applied for loans to test the usability of the new flow. All of them reported feeling more confident about applying for another loan with QuickBooks after using the optimized application flow.
Although my internship ended, my optimized design is now driving the push for a full mobile bank loan application.
Check out prototypeAlthough my internship ended, my optimized design is now driving the push for a full mobile bank loan application.
Results
My internship came to a close, but my project had promising results
️️⏱️
Simplified application process
Reduced application time by 60% and eliminated 3 unnecessary screens
🚀
Boosted customer confidence
Removed overwhelming information and intimidating language
This experience taught me to be brave with my designs
One piece of advice that stood out from my manager was to "be brave" in my designs. Stretching my creativity and imagination to keep iterating new solutions was challenging but taught me the importance of exploring broadly before narrowing down.
By covering all bases, even if it meant creating numerous subpar designs, I ensured that the final design was the strongest. Each iteration deepened my understanding of the underlying problems and user issues, leading to a more effective solution.
By covering all bases, even if it meant creating numerous subpar designs, I ensured that the final design was the strongest. Each iteration deepened my understanding of the underlying problems and user issues, leading to a more effective solution.
