The Problem
CUSTOMER PAIN
Form Frustration
New customers frequently faced confusion when completing the online loan application, leading to high abandonment rates and error-ridden submissions that delayed approvals. Meanwhile, returning customers lacked a straightforward path to revisit or update their previous applications, complicating their experience.
EMPLOYEE CHALLENGE
Overwhelming Call Volumes
Loan advocates faced an overwhelming volume of support calls from applicants struggling to navigate the loan application process. Common issues included confusion over critical eligibility questions, leading to frequent errors that necessitated manual review and delayed the provision of urgent financial assistance.
BUSINESS IMPACT
Reduced Productivity
The primary objective was to increase the conversion rate of loan applications to boost funding rates. However, the prevalence of errors in applications necessitated extensive manual reviews, significantly hampering productivity and slowing down the loan decision process.
How might we...
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streamline navigation, increase clarity, and enhance transparency throughout the online loan application journey, improving customer engagement and simplifying the overall lending experience?
Dynamic, Mobile-First Application Flow to Engage and Guide Customers
OppLoans is renown for outstanding customer service, primarily delivered through its call center. By extending this commitment to service into the digital realm, we introduced a guided, transparent, and streamlined loan application process that improved efficiency and customer satisfaction.​
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New Loan Application
First-time customers often struggle with the complexity of providing personal, income, and banking details. To address this, we implemented a single-question-per-page format, adopted a conversational tone for queries, and introduced interactive form fields. This approach not only engages users more effectively but also ensures greater accuracy in responses.
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Refinance Application
For existing customers eligible for refinancing, the application process has been optimized to present fewer, pre-populated fields based on their previous submissions, allowing for easy updates of any changed information. This method simplifies the refinance process, reducing time and effort for returning users.
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Reloan Application
Returning customers reapplying for a loan encounter a fully pre-populated form. Key fields are highlighted to prompt review and update, facilitating a quicker and smoother application process with minimal friction.
Guided
Experience
Conversational Language
Dynamic
Questions
Pre-Populated
Fields
OppLoans
Dynamic Loan Application
Making Online Lending Accessible
The original online loan application for OppLoans, a one-size-fits-all solution, didn't effectively address the varying needs of new, existing, and returning customers. I led a cross-functional initiative to revamp this experience into a mobile-first, dynamic, and transparent process, uniquely tailored to each customer type.
I conducted a comprehensive review of the existing application process, identifying key pain points through benchmark analysis, usability testing, and journey mapping. My research provided actionable insights, guiding the redesign efforts. In collaboration with stakeholders across multiple departments, I navigated business and technical constraints to refine the application experience, prioritizing clarity and simplicity to better serve our financially vulnerable users.
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The redesigned application resulted in a guided, intuitive user experience that boosted customer trust, increased conversions by 12%, and reduced support calls by 30%, significantly enhancing operational efficiency.
Capturing Insights through Research
Primary Research
I spent upwards of 60 hours shadowing loan advocated and listening to customer calls, capturing common concerns and points of confusion through the application journey. Hearing customers describe their struggles and frustration in real-time provided me with invaluable insights to the discrepancy between the business' intention with application questions and customers' perception.
User-Friendly Designs
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Mobile-optimized layouts, streamlined forms, and user guidance across platforms enhance ease of use and efficiency.​
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Security and Instruction
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Secure handling of sensitive data and clear instructions, including validation and contract reviews, ensure user comfort and accuracy.
Funnel Design Challenges
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Extended, widely-spaced funnels and scroll-intensive forms slow down the process and increase potential for errors.​
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Technical and Functional Issues
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Inconsistencies and inaccuracies in progress bars and frequent disruptions, like reloads and Captcha problems, impair user experience.
Secondary Research
Through the mystery shopper approach, I audited several online form experiences across direct and indirect competitors of OppLoans, even learning from adjacent industries such as credit, insurance, and government services. I identified gaps in experience and areas for improvement to envision an ideal application flow.
Original Loan Application Flow
Key Learnings
An in-depth analysis of our initial application process revealed several areas for improvement to enhance user experience and efficiency. Here are the crucial insights that guided our redesign:
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High mobile users
82% of customers applied for loans via mobile devices, underscoring the need for a mobile-first design.
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Input Errors
The predominant cause of mistakes on applications was 'fat-fingering', highlighting the need for optimized mobile interfaces and error-prevention mechanisms.
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Complex Language
Customers struggled to understand the complex financial terminology, indicating a need for simpler language and clearer descriptions within the UI.
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Inflexible Fields
Rigid input fields required customers to answer irrelevant questions, suggesting a need for more adaptive and context-sensitive form fields.
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Repetitive Tasks
Existing and returning customers had to re-enter information as if they were new applicants, pointing to the necessity of a differentiated application process for different user segments.
Tailoring to Customer Segments
Understanding the unique backgrounds and needs of our customers has allowed us to create distinct application experiences tailored to each segment. Below are the profiles of our three main customer types, each with customized features to optimize their application process.
New Customer
Applying for a loan for the first time and has no account history with OppLoans.
Application Type:
New Loan
Characteristics:
All fields are editable
To comprehensively capture user info
User Needs:
Extensive guidance
New customers need closer support due to unfamiliarity with the application process. Interactive tooltips and step-by-step guidance are designed to assist them through the detailed application.
Existing Customer
Holds an active loan with OppLoans and has interacted with their account recently.
Application Type:
Refinance
Characteristics:
Not all fields are editable
To streamline the application
User Needs:
Minimal guidance
The process leverages data from their ongoing loan to minimize effort and maximize efficiency, making the application refreshingly familiar yet faster to complete.
Returning Customer
Has a prior account history with OppLoans, having been denied a loan or successfully completed loan repayment.
Application Type:
Reloan
Characteristics:
Not all fields are editable
To ensure ease of re-entry