Sudarshan Sundar

Streamlining Loan Experiences for Digital-First Customers

Domain : BSFI

Client : ICICI Bank

Duration : 8 weeks

Role : Sr. Designer

Team : 2 people

Footprints : M-web & Desktop

Service : UX Design

Overview

Partnering with a leading financial institution to craft a seamless and unified loan journey, transcending product types and customer profiles. The goal: to deliver an optimized, intuitive, and delightful digital experience tailored for the modern user.

Methodology

For this project, the following phased approach was followed

Stakeholder Interviews: Engaged key stakeholders to capture their vision and understanding the business expectations.
User Research: Interviewing users experienced with loans to understand their needs & challenges while applying for a loan.
Design Strategy Formation: Established a comprehensive strategy to craft a world-class loan application experience.
Iterative Design and Development: Developing high-fidelity wireframes followed by visual design prototypes.

Stakeholder Interviews: Engaged key stakeholders to capture their vision and understanding the business expectations.
User Research: Interviewing users experienced with loans to understand their needs & challenges while applying for a loan.
Design Strategy Formation: Established a comprehensive strategy to craft a world-class loan application experience.
Iterative Design and Development: Developing high-fidelity wireframes followed by visual design prototypes.

Stakeholder Interviews: Engaged key stakeholders to capture their vision and understanding the business expectations.
User Research: Interviewing users experienced with loans to understand their needs & challenges while applying for a loan.
Design Strategy Formation: Established a comprehensive strategy to craft a world-class loan application experience.
Iterative Design and Development: Developing high-fidelity wireframes followed by visual design prototypes.

Why Unified Loans?

Understanding ICICI’s vision

Shift from Product Centric Approach

To put customers ahead of product, product comes later
We want to shift from a product centric approach to a customer centric approach
Rather than the best fit product, focus on what’s the best proposition for you

To put customers ahead of product, product comes later
We want to shift from a product centric approach to a customer centric approach
Rather than the best fit product, focus on what’s the best proposition for you

Give Users a Consistent Experience

Wherever the user goes, they should get the same experience across different loans
Take the information once & use it across products for all future loan requirements

Wherever the user goes, they should get the same experience across different loans
Take the information once & use it across products for all future loan requirements

Stay ahead of FinTechs

Fintech’s will eat us up if we don’t change, we’ll become obsolete
To compete with Fintech

Fintech’s will eat us up if we don’t change, we’ll become obsolete
To compete with Fintech

Challenges & Insights

Speaking to users we found that

Taking a loan can be a nerve-racking experience

Loan application process are shrouded in ambiguity

Customers have different starting points for different loan products

Over time, banks have conditioned users to instinctively think product before need

Key Design Principles Implemented

Anxiety Reduction

vai progress indicators
through tone of voice
by handling interruptions

vai progress indicators
through tone of voice
by handling interruptions

Transparency

by providing contextual information
by educating the user
by providing details upfront

by providing contextual information
by educating the user
by providing details upfront

Persuasion

through social proof
by arguing against self-interest

through social proof
by arguing against self-interest

Outcome

The nature of this work is confidential. Many images relating to this project and its processes have been omitted or substituted. Please reach out for more details.