UX/UI Case study
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.
Problem statement
Customers are curious about the Open Banking process and have a lot of questions on the loan approval criteria, while some are just interested to find out how much they can borrow or afford and are just browsing and/or comparing lending options so they do not wish to complete the journey.
Solution
Improve the Open Banking process to create a clear and simple journey for answering customer’s doubts and giving the correct information encouraging them to complete the process and proceed with the loan application. Add trust signals in the journey assuring customers that this is a secure process.
Tool used
01. Discover
Current Open Banking Journey
As per the process a customer lands from the loan introducer site to the Everyday Loans Open Banking journey
either by clicking on an offer or through re-direct. Current Open Banking Journey has a lot of unclear
information that leads to the drop off of customers.
User research
We prepared a set of questions for the customer which
appeared if they did not interact in the Open Banking
journey. The survey gave us insights on questions and
obstacles that customers were going through.
Customer questions/concerns
Who are Everyday Loans?
What are the next steps?
Why do I have to agree to the T&Cs and Privacy policy?
Why do I have to continue?
What is this representative offer? Is this the amount I’m getting?
Why am I conditionally approved?
I do not understand what I need to do?
Where is my bank on this list?
Why are they so many steps?
Why am I being sent to my net banking?
Why do I need to set up an account?
Capturing user behaviour
We also set up MouseFlow tool to record customer behaviour in the Open Banking journey.
- We could identify the interactions customer have in the journey.
- Pages in the journey where they get stuck or unsure what to do.
- Studied the head maps, clicks and mouse movements by each customer
- Spot the areas that needed change in interaction or design
Heatmaps
Hotspots
Gaze Sequence
Understanding the key audience
To understand our customers better we collated data from reports generated from Google Analytics, MouseFlow reports, Power BI, etc
Card sorting
Basis the inputs through the survey and user journey recording, we did card sorting to identify areas of improvement.Basis the inputs through the survey and user journey recording, we did card sorting to identify areas of improvement.
Key recommendations
From the user research, surveys, user recordings we did a card sorting session noting down paint points, obstacles and frustrations, areas where more information was needed to make it more clear and transparent
User goals
Enable customers to complete their banking formalities
digitally so that they need not visit the branch physically.
Explain the loan process and the importance of sharing their information.
Answer customer queries as they go through the journey so
that they can take the next step of their loan application.
Business goals
The more customer complete the Open Banking journey, it
gets easier to get quality leads of eligible customers
This process enables the business to validate customer
information digitally without the manual process of
documenting information
Improve conversion rate of potential customers
Better assessment of customers for credit lending and credit worthiness
Ideate
User flow
Prototype and usability testing
Considering the data collected and feedback received from customers, we prepared a prototype making improvements to
the current Open Banking journey
Moderated user interviews were conducted to check the usability of this journey and the inputs received from the
interviews further helped us to refine the Open Banking journey.
To measure and learn the impact on the improvements we made in the journey, we created a version for each change
made in the interface and run an A/B Test.
Each version was then studied through MIS reports and user recordings. Basis the response, enhancements we made in the next version.
High Fidelity design
Landing page
Account set-up page
Affordability information page
Bank selection page
consent page
confirmation page
Monitor
User response
We are in a continuous process of running A/B Tests, creating enhanced versions from the feedback received
from users through user surveys, performance mapping, reports and analytics.
Future steps
- To address customer feedback on a more granular level we will be setting up Intercom chats, which includes
articles to common questions thatcustomers ask. - We would able to assist customers when they are stuck at any point in the journey. This also help us record
more questions that customers might have in the process. - Keep improving the content and interface for a better experience for users.
