Salary Finance Aggregator Redesign
TL;DR
Salary Finance (SF) faced low conversion rates compared to competitors despite offering competitive rates. As a team we conducted in-depth analysis and found issues with user comprehension, trust, and a complex application journey. I redesigned the landing page, account creation, and application process, simplifying and clarifying each step. Early results showed an 11% increase in click-through rates, 5% increase in accounts created, and a £900k increase in monthly loan originations. Ongoing monitoring is needed, but the redesign efforts demonstrate positive traction towards improving user experience and business outcomes.
Introduction
Salary Finance (SF) is an employee benefit provider focusing on financial well-being. One of its products, Borrow, offers loans which are repaid through a user’s salary (Salary Deduction). While SF is a preferred choice for many, some users discover it through aggregator sites.
Problem
Even though SF offers the lowest possible rates to 93% of eligible users on aggregator sites. The product performance was poor and behind the competition.
SF - 12% conversion
Competitors - 40-60% conversion
In-depth Analysis
As the Senior Product Designer, I led a thorough analysis alongside a team comprising a Senior Product Manager, four Engineers, and one QA professional. Our aim was to find out why our performance wasn't up to standard. To do this, we focused on four main areas:
I looked at how users behaved using data analytics.
With the team's support, I conducted user testing on both our journey and our competitors' journeys to gain valuable insights.
I conducted competitor analysis to gain insights into industry best practices.
We solicited feedback from aggregator partners to understand user perspectives and market demands.
Image of the team watching usability testing session
Findings
Drop-offs
The majority of drop-offs happened before submitting the application. Specifically, on the landing page, during account creation, and while filling out the application form.
Value proposition
5/7 users didn’t understand our benefits, our uniqueness or how the process works.
Usability and comprehension
6/7 users struggled to comprehend the salary deduction process for Salary Finance loans.
Competitors had a shorter and simpler application journey.
Trust
6/7 users were confused about the connection between Salary Finance and their employer. This caused them to worry that their employer might be aware of their need to borrow money, leading to discomfort and a higher likelihood of seeking alternative options.
Design exploration
To address these challenges, I led an ideation workshop with key stakeholders, translating insights into actionable 'How Might We' questions and facilitating a collaborative process to generate innovative solutions. We explored various design options with a focus on enhancing the landing page, streamlining the application journey, and improving information accessibility.
Designing the journey
We thoroughly looked into a variety of design options, diving into different visual elements. The goal was to explore potential solutions comprehensively, covering a broad range of creative approaches.
Landing page
The challenge with the landing page involved finding a balance in articulating our value proposition, explaining the loan process, and reassuring users about the connection between their employer and Salary Finance.
Existing page vs early design ideas
Application
The main challenge in redesigning the application journey was simplifying it despite the presence of numerous steps. The existing application involved navigating through 8 separate pages before users could submit their application, increasing the risk of drop-offs.
Existing 8 page application journey
To address this, we collaborated with the Credit Risk and Decision Science teams to identify and remove unnecessary steps. By using data from the aggregator, we cut out duplicate information on our platform. For example, when aggregators collect address details from users, we used that information, bypassing the need to ask users for their address and only requiring them to confirm the pre-filled details. Consequently, the redesigned journey now comprises only 2 application screens for the user to navigate through.
Newly proposed 2 page application
I incorporated the suggested changes into a user flow to visualise the complete journey a user would undergo, starting from the aggregator site and concluding with the submission of their application.
User flow for how the new journey could work starting from the aggregator site up until application submit
ClearScore journey
Salary Finance early journey exploration
Testing
Rigorous testing, both through automated tools like Maze and moderated sessions, enabled us to validate design decisions and iterate based on real-time user feedback. I refined the designs iteratively, ensuring each iteration brought us closer to our goal of a seamless and delightful user experience.
Designs
Landing page changes
The product's benefits are now more effectively communicated through an improved value proposition. Repayment methods are presented in a clearer manner, simplifying user understanding. The loan process is explained more clearly to ensure users have a better understanding of each step. Overall, the copy has been revised to be simple, clear, and easily accessible, facilitating better user comprehension.
Account creation changes
The account creation process has been simplified, transitioning from a multi-page process to a single page.
Application changes
I replaced the previous 8-page application process with a more straightforward 2-page flow. The first page, a pre-application step, asks users to confirm information shared from the aggregator. On the second page, the application itself, users provide a bit more information before submitting.
Impact
In the first month since the rollout of the redesigned journey, we've observed promising early results, including:
An 11% increase in click-through rates to account creation.
A 5% increase in accounts created.
A £900k increase in monthly loan originations.
While it's still early to draw definitive conclusions, these initial metrics indicate positive traction toward our desired outcomes.
Conclusion
In summary, our redesign efforts have shown promising early results in addressing key issues. Improvements in click-through rates, account creations, and loan originations are encouraging, though ongoing monitoring is crucial for a comprehensive assessment. This case study highlights the iterative nature of design, emphasising our commitment to enhancing user experiences and achieving meaningful business outcomes through continuous refinement.