Overview
Carbon loans is the heart and soul of it’s banking services. The goal of this project is to redesign the product to reward loyal customers, improve the user experience and increase the profit margin of the business. Credit runs the economy and this helps people and businesses to afford their needs with little stress.
This project was a redesign of the old experience and involved I (Senior UX designer), a team of two designers, one product manager, six developers, one QA tester and one scrum master.
My contribution
UX Design
Stakeholders Meeting/Interview
Problem Statement
Interaction Design
User Research (Interviews)
User Testing
QA Testing
UI Design
Sketches
Wireframe
High fidelity Prototype
Interaction design
The team
2 × product manager
2 × product designer
6 × engineers
1 × QA Tester
Year
2023
Process
Understanding the problem
The app had a lot of issues/challenges. This includes a few key ones;
1. Poor UX for the Loan application journey
2. Poor error Handling.
3. Confusing decline/rejection messages
4. Poor UX writing which often leads to drop-offs and churns
Project goals/Success Metrics
Improve the UX of the Loan application Journey
Reduce churn-rate and drop-offs by 10%
Reduce NTUs(Non taken up loans)
Increase loan applications by 15%
Research
Interviews
Surveys
Key takeaway from the research
Revisit interest rates on the app and compare it with other competitors.
Make loan tenures flexible and show tenors according to the loan offer given. (i.e. 2000 Naira shouldn’t have a loan tenor of 3 months)
Enable loan top-up for users that hasn’t exhausted their credit limit
We need a way to track good borrowers which gives them increased offers and possibly reduced interest rates.
Users need incentives like cash back when they pay back early.
Outcome
Loan Dashboard
We worked on building out a loan dashboard to make it easy for customers to have quick access to the loan application and also view their loan history.
This helped reduce the time taken for a customer to start and complete a loan application, Thereby increasing loan application
• It also displays the loan history at a glance
• It explains better a customers credit record to inform their decision
• It shows their on time repayment score and record with the Credit Bureau.Loan Application and Offer
A redesigned was made having in mind the feedback gotten from the research and this help in simplifying the screen and improving the experience. The benefits include;
• Easy understanding of the loan offer which improves the chances of them accepting or rejecting the offer.
• Option to chose other loan offers.
• Loan offer decline reasons (Help the decisioning team in working on the criteria for loan offers.Loan Repayment
Loan repayment is very important , if not the most important screen for the business in the loan flow. This was designed to be;
• Clear and understandable
• Easy to repay and fund wallet
• Added a pay as your get option