UX design — Case study for loans — part 1
On the mobile app there was already a loans flow before I came onboard and there were stats with high drop off rates and low task success — uptake of the loan.
So I helped our UX researcher to understand why users were dropping off and I mapped it out:
Motivations
We understood the motivations for taking a loan was either to grow or manage their business for buying stock and equipment to expand (roughly 85%) and 15% for cashflow to meet current everyday needs of the business.
We also understood their motivations for choosing our loan over traditional banks because of pain points such as complexity and delays in accessing funds, amount of paperwork ‘hoops’ and high interest rate charged.
Unfortunately, the value propositions of our loan model was not clear to our users — they didn’t understand how our loan worked, they though there was more forms to be filled and calls to be made and they were unaware that they get their funds pretty much instantly after applying on the app.
From the first two screens, there was high conversion rates of 90% and 91% of users continuing on, but after user testing we realised that users were skipping these pages and not engaging with them as they all wanted to see the calculator page to see the interest rate.
Any value propositions and explaining how our loan works was not picked up from these two screens.
Calculator & loan summary
Also users were confused with calculator screen — only one user understood they can edit the loan amount and the relationship between the three fields. If they changed the eftpos % fields, the duration and fee would also change.
We also had insight to what their decision making process and asked what they would prioritise in importance — the eftpos %, fee and duration.
On the loan summary screen, users were still unsure about the ‘one-flat fee’ and found it ‘annoying’ that the terms and conditions took them out of the app journey onto a website.
After completing the flow, they thought they can get the funds ‘shortly’ — a week or so. Our value proposition that you get the funds instantly after applying wasn’t clear.
Armed with this knowledge we can formulate our customer problem and collect assumptions from the team on what we would like to test in our first concept prototype.
