MoneyLion | Web personal loans flow
Company wanted to expand their partners’ product offering into web experience.
Problem
Current implementation is white-labeled experience and is not controlled/maintained by any team.
The goal
Having end-to-end web experience to help the users get personal loan offers, with a business focus on increasing conversion rates by at least 25-35%.
Current conversion rate is ~42% with a monthly ~$50,000 revenue.
Research
Started an intensive 2-week research sprint
10+ user interviews
Mapped out a competitor analysis
Looked at the insights from our analytics team working on mobile personal loans flow
Key takeaways
Users need privacy for the information they transmit [User interviews]
Users are mostly taking loans for debt consolidation [User interviews]
The common amount users want to borrow is $10,000 [Insights from analytics team]
Users who have received less than 5 offers are more likely to be converted [Insights from analytics team]
The questions order really matters [Competitor analysis]
Design principles
Flow length makes sense
Transparency builds trust
Number of offers
User flow & key solution elements
Not to reject the user, instead show them static/non personalized offers which will help to improve credit score
Grouping offers that come from the same lendor and show the one that has the highest recommendation score
Having sorting in the offers wall which will make the decision making process of the user easier
User testing
Confusion around the apply button on the offer card
“I am not sure what is gonna happen after I click “Apply”, whether it is going to direct me to the partner’s website or it is something like a signature that I give for funding the loan”Questions seemed to be too many for the users
“I see the progress bar at the top but actually the questions seemed to be too many for me”There are two identical offers from different partners
“Now I have offers which seem to be the same for me but from different partners, is there any way that I can find out which one is right for me.”
Final design
We have designed solutions for the insights that we got during the user testing and finalized the designs!
Business impact
Monthly revenue
~$360,000 (+500%)
Monthly revenues have been increased with 500% comparing with what we had on white-labeled experience
Conversion rate
~77.5% (+35.5%)
Conversion rate has been increased from ~42% to ~77.5%
Total users created
~8,000
We were not creating users in white labeled experience that we had before.
Fast follows & A/B testings
Increasing conversion
+11%
Basically the screens where we had options for the users to choose, we decreased the amount of clicks by just removing “Next” button on each screen and that actually increased the conversion with ~11%
Increasing traffic from landing page +140%
We tested options of the entry point that we had on the landing page, there is a widget where users input information about the loan amount and loan purpose.
