Personal loan: Building
an offer screen
Axio’s personal loan offer screen was analyzed to address drop-offs. Based on
this, necessary design interventions were implemented.
Sept- Dec 2023
Narasimman Rajendran
Design Lead
Project Contributors
Olie M
Product Designer
Niharika Tomar
Product Manager
Me
Product Designer
My role
Conducting surveys, documenting feedback, funnel analysis,
What are some possible explanations for customer drop-off’s at the offer screen?
Unappealing Offer: The terms of the loan,
such as interest rates, and repayment terms might not appear competitive.
(cannot solve for through design)
Affordance of the screen: UI may not suggest their use, making it harder for users to understand how to interact with the interface.
Unclear details: Users may struggle to finalise the loan if they are confused/ unsure of its terms.
Analysis of the current
EMI offer selection 🧐
Communication
‘approved to withdraw’ contradicts subtext
Affordance
users are not associating the rotation of the dial with editing the loan offer
Repetition
format change in loan details in the review screen is adding cognitive load
Loan summary
Repetition
format change in loan details in the review screen is adding cognitive load
Coherence
data does not lead to a final figure of how much the user gets
Basket sneaking
Pre-checking insurance leading to users being blindsided
The
Insights
Encouraging users to make aware and mindful choices enhances the brand's reputation as caring for their best interests.
Processing data can be a cognitive load, presenting the same data in consistent formats reduces this.
User needs to make quick/ unplanned financial choices. How can we ease this decision making process?
Users want control. Making the offer customisation intuitive is essential. The UI must support this intent.
New Offer Screen ✨
Direct communication
Asking user to select the amount of their choice
UI control to avoid fat-fingering
Type out the amount or use the slider
Increased touch target for handle
Providing feedback
Skeleton loader to indicate an update when the loan amount is edited.
Loan Summary
Organising data
Reduced clutter by unifying common data like interest rate for all tenures
UI control to avoid fat-fingering
Type out the amount or use the slider
Increased touch target for handle
Organising data
Reduced clutter by unifying common data like interest rate for all tenures
Outcome and Metrics
Primary metrics
Increase in offer acceptance
The acceptance of offer went up from 40% to 45%
Secondary metrics
Insurance acceptance remained constant
Reduced volumes towards CS queries
Reduced loss rates to 3.5%
Personal loan sign up journey
