Reducing complexity in loan applications

B2B, FinTech, Mobile

Overview

Redesigned a bank loan application to be mobile-first and less complicated

TL;DR

Small business owners often felt uncertain and anxious during the loan application process, which discouraged them from starting or completing the application. QuickBooks introduced a pre-approved loan application with instant decisions to ease these concerns, but many customers still abandoned the application.

To address this, I transformed the application into a streamlined mobile experience, reducing friction points and cutting completion time by 60%. I also crafted user-centered content to simplify complex financial information, boosting customer confidence throughout the process.

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

Took hundreds of documents to complete an application

We offered an easier loan application, but customers were dropping off

QuickBooks introduced a pre-approved loan application with instant decisions to address these customer pain points. However, many customers still abandoned their applications before completion, 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, I 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, our team prioritized designing a mobile-friendly version of the bank loan application.

Explorations

I explored ways to solve the main friction points using strategic design and targeted content

The two main friction points and most technical screens in the application were the onboarding and loan request pages. For onboarding, I prioritized clear communication of value propositions, included a competitor comparison, and simplified information for mobile screens.

On the loan request page, I explored various interaction options, such as sliders, buttons, and number pads, to make selecting a loan amount easier for users, reducing hesitation and building confidence.

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.

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 prototype

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.