Increasing digital adoption by 50%
Bajaj Finserv
Year
2024
Duration
7 Months
This project examined how Bajaj Finserv could leverage Account Aggregator technology to improve the personal loan experience within their app. I analyzed market trends and user challenges to propose an AA integration solution guided by UX principles. My approach aimed to streamline the loan application process for users in need of financial help.
Contributors
Why this project?
Our mission began with a thorough analysis of the Term Loan Businesses data. The business is segmented into Urban and Rural areas, leading to the formation of two distinct teams
Both the Urban and Rural teams, integral parts of this collaborative effort, meticulously scrutinized journeys, click-rates, and drop-offs, creating tailored funnels to pinpoint areas of improvement
An analysis of loan application funnels from the past months revealed a significant drop-off between viewing offers and completing KYC Verification. This presented a challenge as KYC verification, requiring proof of identity and address, only occurs after offer generation based on income verification. This suggested users might have been abandoning the process before even seeing the details of their potential loan offer.
What the users think?
Interview was conducted with multiple customers picked up from the data base at random. The interview results were then converted into cleaner sentences and translated to english for wider internal consumption
After carefully combining results from our primary and secondary research the following was the conclusion:
30%
Users have difficulty navigating through the app intuitively
57%
Customers are not well versed with lending terminology
20%
Rural customers usually prefer informal loan borrowing
70%
Users often struggle to grasp online loan rejection reasons
What are the competitors doing?
This analysis compared three leading contenders: Paytm, Amazon Pay and Google Pay.
Key Insights
This analysis highlighted the importance of considering user preferences and interface design when choosing a mobile wallet solution. Paytm offers a wealth of features, Amazon Pay caters to the Amazon ecosystem, and Google Pay prioritizes simplicity and user experience. Businesses leveraged this knowledge to select the platform that best aligned with our target audience and desired functionalities.
From pain points to progress
Armed with a comprehensive understanding, the cross-functional team of designers, product managers, and business heads entered the ideation phase. Brainstorming sessions were conducted to generate a myriad of ideas, distinguishing between the promising and less favorable concepts.
Coming to the solution
Armed with a comprehensive understanding, the cross-functional team of designers, product managers, and business heads entered the ideation phase. Brainstorming sessions were conducted to generate a myriad of ideas, distinguishing between the promising and less favorable concepts
Simplified form submission
UI clarity and accessibility
End-to-end loan application journey
Prioritizing ethical UX & data privacy
The Impact
In collaboration with the DCX team, we successfully transitioned the redesigned loan application journey into a user testing phase. Their expertise in user evaluation played a crucial role in gathering valuable data and feedback. The testing yielded positive results, confirming the effectiveness of the UX improvements implemented throughout the design process. For data-driven optimization of the loan application funnel, we've launched the redesigned user experience to a controlled group of 25% of users
After carefully combining results from our primary and secondary research the following was the conclusion:
