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Clix Capital

Overview

Background

CLIX Capital, a leading Non-Banking Financial Company (NBFC), is embarking on a groundbreaking journey to digitalise the loan application processes for both personal and business loans. This initiative aims to enhance user experience, streamline processes, and improve accessibility for a broader range of applicants.

Objective

Optimise digital journeys, focusing on Quick Data Entry, income verification, KYC processes, and seamless loan disbursement.

Quick Data Entry Form Optimization

  • Unfriendly forms causing drop-offs and slow input. Solutions:
  • User-centric design, progressive disclosure, smart data validation, and auto-fill features.

Income Verification and KYC Process

  • Cumbersome income verification and KYC processes.

Loan Disbursement Process

  • Uncertainty and communication gaps during loan disbursement.

my role

UX Designer

timeline

4 Months

tools

Adobe XD
Illustrator
Sketch
Whimsical
Jira

Competitive Analysis

Conducted a comprehensive competitive analysis on emerging loan providers, including MoneyView, MoneyTap, and PaySense. The goal was to understand their user journeys, make comparisons, and identify pain points and opportunities. This analysis will inform the enhancement of our own loan disbursement journey.

User Journeys

The D2C (Direct-to-Consumer) and loan disbursement journey underwent development in collaboration with product and engineering teams. Consideration of backend and legal dependencies preceded the design phase to ensure a comprehensive and compliant approach.

Homepage

CHALLENGE

Clix Capital’s lead conversion process relied on a 2-week offline Quick Data Entry (QDE) form, posing challenges in data collection efficiency.

SOLUTIONS

Streamlined CTAs
  • Reduced CTAs in the first fold for clarity.
  • Prioritised personal loan and business loan CTAs to align with core business goals.
Visual Hierarchy
  • Implemented clear visual hierarchy.
  • Used contrasting colors, size variations, and strategic placement to emphasize primary CTAs.
  • Added symbols for better CTA understanding.
Check Credit Score CTA
  • Introduced a new CTA for checking credit score.
  • Placed it strategically without overshadowing primary loan CTAs.

RESULTS

Seamless New Feature Integration
Added check credit score CTA, providing a valuable service without overshadowing primary loan offerings.

Decreased Drop-offs
Notable reduction in drop-off rates, enhancing user engagement.

Clear Prioritization
Guided users towards critical actions, aligning with business goals.

Quick Data Entry Form

CHALLENGE

Clix Capital’s lead conversion process relied on a 2-week offline Quick Data Entry (QDE) form, posing challenges in data collection efficiency.

SOLUTIONS

Progressive Disclosure in QDE Form

  • Broke down the lengthy form into four concise categories.
  • Condensed the 8-step process, reducing completion time and user anxiety.
Auto-Fetching User Data
  • Integrated auto-fetching of data from government IDs.
  • Reduced manual input for personal details, streamlining the data entry process.
Dynamic Information Panel
  • Implemented a dynamic panel on the QDE form.

Iterations

In benchmarking various products, we identified key elements for optimal user experience. The wireframes prioritize each section based on importance, adhering to Hick’s law to reduce visual clutter. The concept centers on enhancing user focus by presenting only actionable sections, streamlining the overall design for efficiency and clarity.

RESULTS

Reduced Lead Conversion Time
Notable reduction in drop-off rates from 40% to 10%, enhancing user engagement.

Minimized Cognitive Load
Streamlined QDE form eased cognitive load, enhancing user-friendliness.

Efficient Data Collection
Auto-fetching data expedited form-filling and ensured accurate information.

Improved User Guidance
Dynamic panel reduced confusion, enhancing the overall user experience.

Income Verification

CHALLENGE

After QDE form submission, categorizing users based on bureau report scores into A1, A2, A3, and A4 presented challenges, especially for A2 users requiring extra employment and income details

SOLUTIONS

User Categorization and Information Request
  • Categorized users based on bureau scores for risk assessment.
  • A2 users, with moderate risk, were identified for additional employment and income data.
Flexible Information Submission for A2 Category
  • A2 users prompted to submit extra info with options: upload salary slips or use net banking.
  • Provided flexibility for users to choose the submission method that suited them.
Time Estimate Section
  • Dedicated section informed users about estimated time for each submission step.
  • Managed user expectations, reducing anxiety by transparently communicating time commitments.

RESULTS

Efficient Data Collection
Categorized approach facilitated targeted and efficient data collection for risk assessment.

User-Friendly Information Submission
A2 category users benefited from flexible submission methods, enhancing user-friendliness.

Reduced User Anxiety
Time estimate section reduced user anxiety by providing clear information on submission duration.

Streamlined Risk Assessment
Refined process ensured streamlined risk assessment for A2 users without unnecessary complications.

Disbursal

CHALLENGE

Streamlining the loan disbursement process, focusing on bank account verification, auto-repayment setup, and digital signing, was the goal. The challenge was to ensure efficiency and user-friendliness.

SOLUTIONS

Loan Amount Verification
  • Introduced intentional friction for user engagement in verifying loan details actively.
Bank Account Verification
  • Implemented the penny drop method for secure bank account verification.
  • Users confirmed a nominal transaction amount, enhancing trust.
Digital Signing of Loan Agreement
  • Enabled digital signing for a streamlined, paperless process.
  • Ensured a user-friendly interface for secure digital signatures.
Mandatory Payment Mandate Setup
  • Directed users to set up a payment mandate swiftly after successful verification and agreement steps.
  • Streamlined the process for quick and straightforward setup.

RESULTS

Enhanced User Engagement
Intentional friction ensured active user participation in the verification process for accuracy.

Secure Bank Account Verification
Penny drop method added security, boosting user confidence in the process.

Efficient Digital Signing
Digital signing simplified paperwork, enhancing efficiency and user-friendliness.

Quick Payment Mandate Setup
Swift and mandatory setup ensured seamless establishment of the repayment process.

Time-Efficient Process
Optimized process duration of less than 8 minutes contributed to a positive user experience.

Results

3 Days*

Lead Creation to disbursal

30%

Drop Off Reduction

4%

Increase in CR (in 1 month)

MAJOR

Drop in Operational Cost
In summary, the results showcase the positive impact of the implemented changes: a swift and responsive application journey, improved user engagement, a substantial increase in conversion rates, and operational efficiency through digitalization.

Reach Me @ msdesigner1998@gmail.com

©️ Copyright 2023, Manish Sharma.