A visual page refresh aimed to help customers understand their new loan options more clearly, and subtly encouraging them to make sound financial decisions.
Feature within an experience
As our customers go through the Auto Refinancing experience, after they have filled out the loan application form and indicated their preferred new loan terms they must choose one of serveral options of terms for their new loan. The original design was outdated from a visual standpoint and was also creating customer confusion. Also, in the conversion funnel, the numbers were high for the page where they select their new terms, however there was a large drop off on the next page where the customer had to review their selection and commit to a hard credit pull.
I know I want to save money, which means extending the length of my loan, but I'm unaware of the long term consequences of changing my loan terms. When looking at the current screen I don't understand why one choice is better than the other and I didn't realize there were better options below.
We want to give our customers loan options that will benefit them most financially in the long run even if that means that we would lose money on interest. We recognize that the best thing for some of our customers is extending their loan term so that they can have more financial flexibility in the short term. Ultimately we will support their decision, but feel that it's important they understand the impact of their choices before they commit to a new loan.
Because this project started from an existing design, we had feedback from users in the live product and from usability studies that indicated that the current design was not operating the way we had intended it to. I used results of user testing that showed that 83% of customers did not understand the full functionality of the page. I used that data to get this project prioritized on the business backlog and then designed several new concepts for how the new terms feature could work in our experience.
In addition, I built out several options for what each card could look like within the overarching interaction model.
After running several user testing sessions, and incorporating business and legal feedback I iterated on the designs and ultimately narrowed it down to one. I also worked with the tech and data team to help set up metrics that we could track to determine if the design was successful or not.
Ultimately, the new design was successful. What we found was that previously conversion on this page was high and conversion on the next page where the customer had to review their terms and commit to a hard credit pull was low. With the new design, conversion initially went down on this page, but it went up incrementally on the page where they had to commit to a hard credit pull. Although not proven, our hypothesis is that the new design made the customer's options so clear that they could make an easy choice when selecting their new terms, therefore they were quick to commit to them with a hard credit pull on the next page.
With any new design there is room to iterate and we eventually found several opportunities for improvement. These areas of opportunity were that users did not understand that cards were clickable, so we inserted a simple line of text to prompt the user to select an option. Secondly our business raised a concern that the toggle I designed was a misnomer, calling out that a change in monthly payment is technically not savings and therefore needed to be relabled. This problem was complext to solve and the new designers on the product are currently working to revise it.