TLDR Summary

I designed a loan pre-qualification form for E-Finance & Development Limited to streamline their loan application process, improve operational efficiency, and enhance customer satisfaction. The project resulted in a 35% increase in online submissions, a 20% reduction in manual processing time, and a 40% increase in user satisfaction.

Company: E-Finance & Development
Industry: Automotive Finance
Project Duration: April 29th to May 10th
My Role: Product Designer
Deliverables: Product Strategy, Research, Interaction Design, Visual Design
Objective: To create a user-friendly, efficient, and engaging online loan pre-qualification form for automotive finance.

20% reduction in manual processing time

35% increase in online pre-qualification submissions

40% increase in user satisfaction

Problem Statement

"E-Finance & Development's existing online pre-qualification form was static, with basic instructions and lacked engagement techniques. Additionally, it failed to capture all required information, resulting in additional manual processing. This led to a poor user experience, decreased customer satisfaction, and left customers feeling misled when their process remained incomplete, necessitating a physical office visit for completion. The objective was to streamline the process, minimize manual effort, and improve the overall customer experience, ultimately aiming to increase engagement and loan approvals”

Desired Outcome: Develop a dynamic and engaging online pre-qualification form that effectively captures all required information, reduces manual processing, and enhances the overall user experience. This will ensure a seamless process, improve customer satisfaction, and increase engagement and loan approvals.

‍Justification: Implementing a more interactive and comprehensive pre-qualification form will streamline the process, reduce the need for manual intervention, and provide a smoother user experience. This will not only improve customer satisfaction and engagement but also increase the efficiency of loan approvals, ultimately benefiting E-Finance & Development by boosting operational effectiveness and customer retention.

My Process...

Assessing the Current Process

Analyzed the existing pre-qualification form to identify areas for improvement and opportunities to increase engagement.

Stakeholder Consultation

Conducted interviews with stakeholders to understand the internal pre-qualification process and requirements.

Hypothesis

“Creating a more dynamic and interactive form with all the necessary information to submit a complete application will improve user engagement, reduce manual processing time, and increase loan approvals.”

USER FLOWS

Mapped the ideal user journey.

Design Rationale

1. Design Solution: Streamlined Process

Designed an engaging step-by-step form that guides users through the pre-qualification process by breaking it into manageable parts:

Step 1: Customer initiation
Step 2: Gathering customer employment, financial, and personal details
Step 3: Allowing users to envision their dream vehicle and building excitement with a celebratory message, informing them they are one step closer to driving their dream car.

2. Design Solution: Operational Efficiency

Included actual loan calculations visible to customers, providing transparency and reducing manual interventions. Loan officers received detailed, pre-populated submissions via email, requiring only verification of the customer's information.

3. Design Solution: Customer Satisfaction

Considered common language and phrases used by loan officers, providing a familiar experience for customers.
Users were kept informed of their progress with numbered steps and a visual progress bar.
Step 2, which required extensive information, was subdivided into: Employment Information, Financial Information Personal Information, and Document Upload
Built customer confidence by allowing them to go back or cancel the process at any time.

4. Outcome: Higher Conversion Rates

The interactive form significantly increased user engagement. Allowing users to select their desired vehicle helped them visualize possibilities, acting as a reward for their progress. Celebratory messages and micro-interactions upon completion further boosted excitement and engagement.

Wireframes

Created medium and high-fidelity wireframes.

Initial Feedback and Iterations

Shared the design internally for initial UX feedback. Iterated on the color palette based on feedback to improve the user experience.

Handoff to Development

Conducted meetings with the development team to ensure understanding of the design, functionality, and project goals.

Post-Development Review

The pre-qualification form went live with stakeholder approval and achieved significant positive results. Key metrics recorded post-implementation included a 35% increase in online submissions, a 20% reduction in manual processing time, and a 40% increase in user satisfaction.

Project Impact

The online pre-qualification application form significantly improved user engagement and operational efficiency. This led to:

35% increase in online pre-qualification application submissions
20% reduction in manual processing time
40% increase in user satisfaction

Reflection and Lessons Learned

User-Centric Design: Emphasized the importance of understanding user needs through personas and user flows.
Iterative Process: Highlighted the value of feedback loops and iterative design for refining user experience.
Collaboration: Reinforced the need for close collaboration with stakeholders and development teams to ensure project success.

Next Steps

User Testing and Feedback: Conduct further user testing to gather insights for future iterations.
Feature Enhancements: Explore additional features to further improve user engagement and lead generation.
Continuous Improvement: Maintain a feedback loop with users and stakeholders to continuously enhance the website.

POTENTIAL Product Opportunities

Dynamic Form Customization

OpportunityMake the online form more dynamic so customers are only shown the vehicles they qualify for.

BenefitThis targeted approach can save customers time and make the process feel more personalized and efficient.

Customer Login Access

OpportunityAllow customers to log in and access a more immersive experience by seeing the status of their application.

Example Status Updates:

Application submitted and awaiting approval
Application being reviewed by [Loan Officer Name]
Client successfully verified and pre-approved to move onto the next step
Next Steps Process: Include functionalities like signing online contracts, accepting payments, etc.

BenefitThis feature provides transparency and keeps customers informed, increasing their satisfaction and engagement with the process.

By focusing on these opportunities, E-Finance & Development can further enhance user experience, streamline operations, and increase customer satisfaction and retention.

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Online Loan Pre-Qualification Application Form

Overview...