Nudges for enhanced UX
Unveiling the Impact of Digital Nudges on Loan Application Journey and Retention
In the dynamic realm of FinTech (Domain), we partnered with Fintonic Spain on a focused one-month mission. The goal was to pinpoint and address the barriers within Fintonic's loan application process, using innovative nudges to streamline the user experience.
Brief
At Fintonic, notably, a significant portion of new users were observed discontinuing their loan application journey after the initial steps. This project focuses on identifying the underlying reasons for this behavior, aiming to improve the conversion rates crucial for the business.
Research objectives
Identifying
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Behavioral barriers in the loan application process
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Reasons for user drop after initial request
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Design interventions to enhance UX based on nudge theory
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Methodologies
User research through online qualitative interviews, User journey mapping, Personas building
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Process flow
Situation space, Emergence of problems, Actionable insights,
UI - Design + Science
Impact
Our design and research project had a significant impact, focusing on crafting digital nudges that not only reduced churning time but also enhanced user retention, even after a loan application rejection.
Deliverable
We identified specific touchpoints to mitigate negative effects and create a smoother loan processing experience.
Our research findings revealed the biases behind the consumers' decisions making
A more comprehensive strategy was formulated to alter the fundamental influence shaping consumer behaviour
Three deliverable included an ecommerce platform, browser add-ons and a mobile app