Fintech – Azar Mammadli

Azar Mammadli

Mortgage

The mortgage process of a leading bank, focusing on creating an intuitive, efficient, and customer-friendly experience.

As the financial industry continues to evolve, there’s a growing need for user-centric, streamlined mortgage solutions. This case study highlights my experience as a UX/UI designer in reimagining the mortgage process of a leading bank, focusing on creating an intuitive, efficient, and customer-friendly experience.

UX DESIGN

Create Problem Statement, User Flow Map, Low-Fidelity Map, Wireframing

UI DESIGN

User Interface Design, UI Elements, Hi-Fidelity Map, Prototyping

VISUAL DESIGN

Solve visual problems and make things look visually good

USABILITY TESTING

Prototype tests, First click tests, Design Surveys, Preference Tests, Five Seconds Test

FIGMA

Wireframing, Prototyping, LO, MID, HI-FI Mapping, UI components

User Zoom

Usability Test

MIRO

Brainstorming, mapping and team collaboration

TEAMS

Interviews, Team meetings

The Problem

The mortgage application process at the bank was cumbersome, time-consuming, and complex. Users reported high dissatisfaction with the application process, leading to poor conversion rates and a higher-than-average drop-off rate.

RESEARCH

Empathize with users by speaking with them directly
User Interview

SYNTHESIZE

Identify and narrow users' pain points
Afiinity mapping
User Persona
User Journey

IDEATE

Conceptualize solution that solves user pain points and mapping all of them
Competitive analysis
Task Flow
User Flow

DESIGN

Create Lo, Mid and High Fidelity maps, wireframing, prototyping, usability testing
Wireframe
Prototype
Usability Test

When I started the project, as always, I used Dan Nessler’s Design Thinking Double Diamond to break out the whole process into Discover, Define, Develop, and Deliver phases.

Overview & Challenge

The primary challenge was to simplify a complicated process while also maintaining regulatory compliance and robust security measures.

Additional challenges included integrating with legacy systems and accommodating the needs of diverse user groups.

Business Analysis

We conducted a thorough business analysis to determine the economic viability and impact of various proposed UX changes. It was concluded that a revamped UX would not only improve customer satisfaction but also significantly impact conversion rates, thereby increasing revenue.

Competitive Feature Analysis

An in-depth analysis of competitors revealed gaps and opportunities. While some banks offered mortgage calculators or pre-approval forms, none provided an end-to-end digital experience that combined ease-of-use with comprehensive features.

The primary goal is to revamp the mortgage application process at our bank, focusing on user experience to reduce the time and complexities involved. By doing so, we aim to increase customer satisfaction, improve conversion rates, and lower drop-off rates.

Initial Problem Identification

Stakeholder Interviews

We first conducted interviews with internal stakeholders, including loan officers, customer service reps, and management, to understand the business objectives, specific KPIs, and what they perceive as the main challenges in the mortgage application process.

User Surveys & Interviews

An initial survey was sent out to users who had either successfully completed or dropped off from the mortgage application process. The survey was followed by in-depth interviews with selected users to further understand their needs, pain points, and frustrations.

Market Research

We conducted a comprehensive review of how competitors and other financial institutions are tackling mortgage applications to identify best practices and innovative solutions.

Data Synthesis

Affinity Mapping

Collected data was synthesized using affinity mapping techniques to group similar challenges and identify overarching themes.

Persona Development

Based on the synthesis, we developed user personas representing typical mortgage applicants, categorizing them by needs, behaviors, and pain points.

Pain Points & Opportunities

The research pointed to several key pain points:

Complexity in document submission.
Lack of real-time support.
Unclear instructions at various stages.

Opportunities for improvement were identified in the areas of user interface, real-time assistance, and step-by-step guidance.

1. Qualitative Data

User Interviews: Conducted 15 interviews with users who had recently applied for mortgages, focusing on their challenges and needs.
Focus Groups: Assembled two focus groups, one consisting of applicants who successfully completed the process and another of those who abandoned it. The goal was to gain deeper insights into user experiences and expectations.

2. Quantitative Data

Surveys: An online survey was designed and sent out to 200 past applicants to gauge the most pressing issues.
Analytics Review: Analyzed existing analytics data to identify at what stages users most commonly drop off during the application process.

After I collected some rich data from the users, I started to create an Affinity map to get a clearer picture and find out common problems and pain points. I break down into two main categories: User Experience and Interface / Information and transparency / Efficiency and time / Financial Aspects / Personal Needs and customization / Communication and updates.

USER PERSONA

Quick View

Speed: Provides quicker access to important functionalities, cutting down the time users would otherwise spend navigating through various sections.
Efficiency: Streamlines user interactions by placing essential features at their fingertips.
Convenience: Makes the platform easier to use, especially for those who might be less familiar with the layout.
User Engagement: By making the interface more user-friendly, Quick View can also increase overall user engagement and satisfaction.
Reduced Cognitive Load: The feature eliminates the need for users to remember the location of often-used settings or options, making the interface less taxing to use.

quick view

To simplify and accelerate the mortgage loan application process by providing a single-page form that eliminates the need for navigating through multiple pages or clicks.

Why is this Important?

User Efficiency: A single-page form allows users to see all the questions at once and reduces the time spent clicking through multiple pages. This creates a more straightforward and faster experience.
Reduced Cognitive Load: When users are presented with a multi-page form, they have to remember the information they inputted on previous pages, which can increase the cognitive load. A single-page form simplifies this process and minimizes errors.
Lower Abandonment Rates: Simplifying the form-filling process can reduce friction, leading to lower form abandonment rates. Users are more likely to complete a form that they perceive as quick and easy.
Increased Conversions: Streamlining the application process can result in higher conversion rates, as users who might otherwise abandon the process are more likely to complete it.
Enhanced User Satisfaction: A more straightforward and faster process will improve user satisfaction and could result in positive reviews, recommendations, and potentially more repeat business.

Implementation:

To execute this, the single-page form should be carefully designed to include:

Clear and concise fields.
Logical grouping of related questions.
Progressive disclosure of additional fields if needed, so as not to overwhelm the user with too many questions at once.
Validation checks for each field to ensure the entered data is accurate, reducing the chances of errors and back-and-forths.

By allowing users to apply for a mortgage loan via a single-page form, you’re not just making the process faster—you’re also making it more user-friendly, which can have a significant impact on your business metrics in the long run.

After collected positive feedbacks from my mid-fi prototypes, I started to work on the interface design and improved the visual elements. Created Hi-Fi Map