Easy Loans
CASE STUDY 2018
A mobile application for availing easy loans - with options ranging from discovering offers provided by different financial institutions to comparing multiple offers and finally to the loan application process.
*To comply with my confidentiality agreement I have omitted and appropriated confidential information.
The ios application launched on February 22, 2019.
THE BACKGROUND
This project involved developing an existing platform by identifying its capabilities and fixing components that didn’t contribute to the fundamental idea. The beta version of the application was designed considering the universality of its end-use. The application was targeted at low and moderate-income users. In order to broaden the viability of the application to a broader section of users, the following facets were incorporated – multi-language support, level of familiarity with loans, time & price sensitivity, and mobility issues.
THE CHALLENGE
The goal of the application was to create an accessible and easy-to-use tool for everyone, everywhere. The application features a simple workflow for various stages of obtaining a loan -verifying eligibility for different types of loans across different financial institutions, comparing offers and support in completing loan application forms online. The challenge involved making this process quick and painless by checking eligibility swiftly and filling out a loan form in a matter of minutes.
THE APPROACH
A defined visual workflow was created, based on the existing beta version of the app. This workflow was built upon and refined, looking for opportunity areas and filling in gaps in the system. Simultaneously, we designed and built an application that is easy to use and visually effective. The process was sped up by parallelizing the process of design and incorporating user feedback creating an app that truly spoke to user’s needs.
MY RESPONSIBILITY
My responsibilities included refining the user flow and designing the app’s visual features for both iOS and Android platforms. I contributed to incorporating unique visual facets, delivering the final application base and style guide for the application. Designing the icons and working with the developer to visualize micro-interactions and animations were other areas where I contributed to the development of the application. I had the opportunity to collaborate with a range of team members with a range of skills from data scientist to content creator.
KICKOFF
Picking up the pieces
This project began as an open-ended process to allow me to understand the applicability of user experience design for the financial industry. The broader goal was to streamline the process of obtaining a loan and to bridge any gaps in the user flow to build a detailed visual experience for the user. Without any pre-existing insights, I first outlined a preliminary user flow based on the beta version of the application and then got together with the team to brainstorm on areas of improvement and opportunities in this workflow.
The beta version of the Easy Loans application.
LOGIN
The onboarding process
The onboarding process is a user's first impression of your app, and when designed correctly, increases the likelihood of successful adoption. When a user launches your app for the first time, the onboarding process reinforces your app's value and provides instructions that highlight key benefits and features.
In a time with most login pages seeming daunting and endless, we hoped to make the login process simple, fast and effective. The application needed to inform the user in ways that are understandable and actionable. Show them what they can do with our app instead of showcasing what our app can do.
Having made the onboarding easy and quick, an additional goal was to incorporate multi-language support to be accessible to a broader section of the audience.
SMART OPTIONS
As soon as the app launches, the user is queried on the loan they are interested in so that the users have a direct next step to take. Getting users immediately involved in our app by providing a ‘smart’ option helps to engage and excite them about our app. The ‘smart’ form or QEC (Quick Eligibility Check) is useful in giving users a quick idea of whether they are eligible for a loan and an estimate of the loan amount.
SMART CHAT & SMART FORM
As soon as the app launches, we provide the user with a Quick Eligibility Check quiz which is a simplified form of the loan application. The smart chat and smart form options are effective ways of engaging and saving the users time, by making form filling quick and intuitive and convert them into customers by showcasing what the app can do for them.
We knew that the design and the usability of the form will have a great impact on our conversion rate. So we gamified and simplified the form as much as possible by revealing information in small segments making it easier for the brain to process more information. We included a progress indicator, to help users locate themselves and create a sense of accomplishment. We also use inline validation to catch any errors quickly.
DASHBOARD
Since this was the screen where users could see what they are eligible for, it was necessary to keep the aesthetic clean. This would allow the user to quickly identify their preferred loan and start the process of filling out the form.
The idea was to show the user an overview of their options to persuade them to fill out the forms. It presents the user with a series of cards that display nothing but the type of loan, amount they are eligible for and progress of the loan form. The user can then display more information about each loan form, such as personal details, loan specific, by tapping a card.
LOAN FORM
The loan form was divided into four subcategories to make the form filling process straightforward and avoid user fatigue. We improved readability by converting long lists of options to cards. That is, instead of having a vertical list of text, we used cards with text and symbols that users can tap on.
We grouped these cards in a way that looks like they form a grid. Breaking up questions into smaller segments on cards in this way guides a user’s eyes more easily and helps a user fill it more quickly and accurately. Any information that was already provided by the user previously was auto-filled to reduce user interactions. We also provide the user the option to upload the necessary documents through the application. This would reduce both duplication and confusion - allowing another dimension of interaction with the app.
A loan form usually consists of almost 40 individual forms, which is a lot of information to be packed into a screen. Hence we used hierarchy to the data with font size, font-weight, color, etc. We also added a micro-interaction, once a card is filled out, it moves from the Current tab to the Completed tab to add a touch of accomplishment for the user.
SCHEDULE APPOINTMENT
Filling out a full loan application on an app can be tricky. Guiding a user through the initial learning curve can be even trickier. Multiple users expressed anxiety in filling out forms by themselves and didn’t actively complete forms as they were used to bank officials doing it for them.
So how do we get the balance right? The trick seemed to be doing it at the right time and giving the user the option to schedule an appointment with a financial advisor to help them fill out the form. When a user isn’t sure how to fill out the loan form or abandons a loan form midway for a certain period of time, Easy Loans will prompt the user to provide help through a Loan Mitra.
LOAN OFFERS
Once the user fills out a loan form, Easy loans identifies personalized loan offers from various banks for users based on their needs within 24 hours. The loan offers page presents the user with a series of coupons that display nothing but the bank name, EMI and loan amount. The user can then display more information about each offer, such as tenure, interest rate, by tapping a card.
Another nice touch is that users can filter and compare the loan offers by the lender, interest rate, EMI. The user continues to retain the final word on which loan is the right choice for them and they have complete control over which loan offer they want to choose.
MICRO-INTERACTIONS
When interacting with a financial product and confirming operations, it is very important to give the user feedback. Micro-interactions was our way to help inform the user about the result of the action they have just performed and add some life into the app.
We designed some icons, buttons, and relevant GIF animations that give a clear and understandable image of the interaction while also helping bring the app closer to the user.
LAUNCH
The application launched on February 22, 2019 on the iOS app Store.
In the 6 months after my involvement in the project, the team continued to evolve the final functional details of the app as it was being built. Although I was not part of this process, it was encouraging and very satisfying to see my work being brought to life.
UX Design, UI Design, Iconography
Client: D2K Technologies Pvt. Ltd.
Industry: Finance
Year: 2018
Team: Researcher, Content Writer, Software Developers, Product Manager