Long and complicated application due to strict financial regulations.

As a B2B platform, our credit card application needs to accommodate providers journeys and gather extensive financial data, such as income and liabilities, to assess users' financial eligibility. However, this cumbersome process poses a significant barrier to user engagement and conversion. Therefore, simplifying the application journey is crucial for enhancing user experience and boosting conversion rates.

 

The current design system, tailored for utility applications, faced challenges in accommodating financial products.

For instance, components such as application form cards presented all information simultaneously, leading to cognitive overload and prolonged processing times due to multiple dropdown selections.

 

 

Opportunity: Optimising for mobile.

After conducting an initial survey, I found that 70% users access Credit Card services via mobile devices. With this insight, I prioritised mobile optimisation and minimising cognitive load to improve user satisfaction and streamline the application process.

 

 

People valued security and cost effectiveness over speed and convenience.

Various methods are explored for collecting financial details, such as uploading bank statements, manual form filling, and bank login integration.

However, user testing revealed a preference for manual form completion despite its length, due to security concerns about sharing bank login information. Considering production costs and a phased launch strategy with initial providers, we opted to prioritise improvements to the manual form before rolling out additional features.

 

 

Enhancing mobile form interaction for faster completion.

• By converting dropdowns into tabs, selections are readily visible, reducing the number of clicks required for navigation.
• Redundant typeaheads are eliminated and sheet forms are explored for mandatory dropdowns, auto-complete functionalities to improve mobile usability and touchpoints.

 

 

Breaking down the financial details into bite-size information.

• To alleviate cognitive overload, I've organised extensive financial data into logical and relevant sections.
• This bite-size approach, coupled with clear progress indicators, offers users visibility and small victories throughout the form completion process, minimising choices and expediting decision-making. Therefore, users can navigate the form more efficiently.

 

 

Supported documents are collected at the end of the journey to minimise drop-off.

While offering users the option to upload bank statements earlier, I noticed that some users lacked prepared documents, resulting in premature exits. To address this, I strategically collected supporting documents towards the journey's conclusion, minimising drop-offs and ensuring a smoother user experience.

 

 

Successfully launched as the 5th vertical, marking CIMET's expansion into the financial sector.

Through rigorous iterations and testing, following a successful launch with our initial providers, we observed remarkable improvements. Completion time is reduced from 10 minutes to 6 minutes, the length of financial forms is condensed by an impressive 50%, signalling enhanced user engagement and satisfaction. 

 

 

Embracing feedback and balancing business realities.

In the complex landscape of product development, striking a delicate balance between business imperatives and user-centric design emerged as a pivotal challenge. While enticed by the prospects of open banking solutions, strategic considerations and early feedback guided us towards a phased approach, ensuring alignment with both organisational goals and user needs.