Open Banking journey
Everyday loans uses the Open Banking service to verify customer’s financial information for making informed
lending decision for their customers. We at Everything Financial facilitate the journey for them.
UX/UI Case study
Problem statement
The traffic that Everyday Loans gets from the introducer sources are some re-directs while others are from the offer wall on the introducer’s site. For customers coming from a re-direct the journey could be ambiguous or confusing as to why they have landed on the Everyday Loans
page, who is Everyday Loans and what happens next. For customer who clicked on the offer, landing on the Everyday Loans page raises the question, what happens next.
Solution
To make this process easier to interpret, there is a hypothesis that having a more tailored landing page for each introducer sources, one or the re-directs and another for the offer wall, can make it easier for customers to understand the journey.
Goal
Make the transition from the introducer’s site to Everyday Loans Open Banking journey smoother for customers and to encourage them to complete the journey which in return increases the completion rate for Everyday Loans.
Tool used
01. Discover
User survey and feedback
Our customer support team have been encountering customer queries and concerns through calls and emails. It is observed that;
- Customers to not know who Everyday Loans are
- Customers are confused why they have landed here
- Customers are unsure what to do next
- Customers don’t know what happened with their loan application
- Customers are not happy with the loan offer
Analysing the data and reports
In order to understand the traffic sources we studied the reports based on each introducer sources. The data gave an elaborate understanding on the maximum Open Banking completion rate, failed re-direct rate, approved rate, decline rate, booked rate and so on.
Data comparison
Through a brainstorming session, this report was further used to construct a graphs for a better comparison and to focus on areas of improvement.
02. Define
Focused introducer sources
With a more in-depth analysis of the graphs, it helped us focus on the introducers that are much higher on the completion rate.
User research
We have seen a concerning drop off by customers on the Everyday Loans landing page. Also a lot of them leave the journey when they are unsure of the process or the purpose of this Open Banking journey. My hypothesis is that with a clear and transparent information on the landing page itself could resolve customer insecurities and encourage them to complete the Open Banking journey. In order to do so, we need to identify the introducers sourcing type i.e. Offer wall or Re-direct.
User Scenarios
I used scenarios to describe the stories and context behind why a specific user comes to the website and what goals they achieved through this journey. This also helps in noting the problem areas or pain points.
User pain points
- What happened to my application
- When will I get my loan
- What more do I have to do
- I do not understand Open Banking
User pain points
- Why am I on this page?
- Who is Everyday Loans?
- I don’t know what to do next
- How can I trust Everyday Loans?
- What will happen now?
- What happened to my application?
- When will I get my loan?
- I do not understand Open Banking
03. Ideate
User flow
Creating user flows clarified the steps a user takes to the final point and helped in mapping out the bespoke journey for each of the user scenarios addressing the user pain points.
04. Design
Creating wireframes
By creating wireframes I could gather together and confine ideas into a cohesive flow of pages with a clear, well executed focus which creates clarity of purpose and a well defined way to communicate with the customers.
High-Fidelity Design
On the basis of all the user research and data analysis, I created the final hi-fidelity Ul design ensuring that a consistent design language is applied across all the pages and also maintaining consistency in visual elements.
Offer wall – Tailored Landing Page For customers who have chosen an Everyday Loans offer from a known introducer’s offer wall
Offer wall - Tailored Landing Page
For customers who have chosen an Everyday Loans offer from a known introducer’s offer wall
Offer wall - Generic Landing Page
For customers who have chosen an Everyday Loans offer from a known introducer’s offer wall
Generic Landing Page
For customers who are re-directed to Everyday Loans from an unknown introducer
Re-direct - Tailored Landing Page
For customers who are re-directed to Everyday Loans from a known introducer
05. Monitor
Performance monitoring
Once this version of the Everyday Loans journey was Live, we set up Power BI, Trevor and Google analytics reporting to study the user response through the percentage of completion rate. We will also be able to get user feedback if there are less customer queries about the Open Banking journey through emails and text messages.
Future steps
Upon receiving a positive outcome and increase in completion rate from this version, the next improvements would be
- Display the offer in detail for offer wall traffic
- Improve on UI design to make it more friendly and secure for customers
- Focus on introducers with lower completion rate
- Addressing future customer concerns and queries
