We were seeing an 89% abandonment on the entry point for thousands of people struggling with debt and seeking help. I saw an opportunity to understand why, create a solution that addresses a pain point for our users, and meet a key business goal of increasing enrollment.
Solution
By solving for a key reason that people abandon the application process, this solution is projected to bring in an additional $20 M in annual revenue for our company.
Provide rates up front
By providing a ballpark of ranges and offers before asking for PII, we meet a key consumer need that no one else in the marketplace is meeting.
Trust through transparency
Conversation, not interrogation. Consumers are asked simple financial questions and see a direct correlation between information provided and rates refined.
LIKE Kayak for loans
By providing a familiar shopping experience that allows the ability to filter and compare options, we empower consumers to find solutions that meet their financial goals.
MY ROLE: Lead designer and researcher
PROJECT TIMELINE: Three months
COMPANY: Achieve
Background
The current loan shopping experience is less than ideal for consumers. They are required to fill out a barrage of questions and provide sensitive personal information before seeing any information about what we are offering. Because a primary KPI was to increase enrollment, I saw an opportunity to address this pain point while meeting a key business goal.
Challenge
Help loan shoppers know asap if applying for an offer is worth their time. Create an experience that empowers consumers to make an informed decision while building trust in Achieve as a loan provider.
RESEARCH + DISCOVERY
KEY INSIGHT
Consumers are frustrated by how much information they are asked to provide upfront just to get a sense of available rates.
Why consumers abandon the process
“You go through as much as you can to get an understanding of what it is you are really signing up for but you stop short of actually clicking submit.”
SYNTHESIS + DEFINING
Uncovering Insights + Identifying Needs
Defining the design challenge
PROTOTYPE + TEST
Concept testing
My teammate and I developed design concepts, including my idea for a loan shopping tool that shows rate ranges upfront without requiring PII, allowing users to refine results by providing only the information they were comfortable with.
Clear winner
7 out of 8 target audience participants ranked the loan shopping tool as the most valuable concept to them.
Usability + A/B testing
Confident in the loan tool concept, we refined the design based on feedback and conducted A/B testing to test the hypothesis that would be preferred to the current experience.
key takeaways
90% of participants preferred the redesigned experience
The concept was intuitive and participants preferred the simplicity of the design
Participants valued the ability to have a side-by-side comparison of offers
Participants valued the ability to filter and sort
The accuracy percentage was a bit confusing and unnecessary
THE SOLUTION
90% of participants preferred the redesigned experience
KEY REASONS
Easier to explore options
Felt more trustworthy
Felt friendlier
More inclined to provide PII because they understand the value in doing so
Rates up front
Unlike the standard application process in which someone has to provide a LOT of PII before seeing rates, a range of rates (based on current market data) are shown right away. A user can then refine rates by providing financial information.
simplify the search for users
Familiar online shopping tools of filtering, sorting, and comparing options empower users to explore and learn.
conversation, not interrogation
By demonstrating that providing information personalizes their offers, we are building trust through a friendlier, more transparent experience.
Next steps
Once launched, we’ll track analytics to see how the design is affecting key metrics of application start rate and completion rate. And, of course, iterate based on what is learned.