LENDING MOBILE APPLICATION THAT GUARANTEES TURNOVER FOR LENDERS

So basically, I was thinking of ways to improve the experience of borrowers using lending Apps and also help the lenders increase turnover. Because I was once a frequent borrower, it was easy to use myself as a case study. I also spoke with about 8 people whom I know frequent these kinds of businesses. I tried to understand their pain point and it was easy because I used to be in their shoes.

When carrying out my research, I discovered:

Borrowers always looked for the simplest way to borrow from lenders. That means eliminating boring scrolling and skipping irrelevant or tiring pieces of information.

Borrowers get exhausted with impossible or difficult loan repayment dates.
Borrowers hardly get great offers and referral benefits.
Slow response time from Apps.

I thought for the Sign Up screen, adding socials as a Sign Up and Login Option, could save borrowers valuable time and improve the experience of the App.

I then thought of a great methodology for the lenders to properly validate borrower information by using BVN to collect relevant and validated information to help make good business decisions by checking credit scores and knowing how much a borrower is eligible for whilst checking lending and return history. This also helps reduce onboarding time and reduces the number of screens and fields required for SignUp. So information like borrowers' valid phone number and date of birth is already available hence should not be required to be filled.

SUMMARY

The less time a borrower spends to secure a loan on a lending App, the better their experience and conversion rate for the business.

The fewer clicks it takes to secure that loan, the better the lender’s chances of getting more users hence, good business.

I enjoyed working on this mobile App and I hope the experience will be quite satisfying. There’s still a lot of work to be done as I know this can be better.

My name is PAUL AJAYI and I am a Product Designer 😃👋

Please feel free to reach out to me to discuss more about the Application or anything else. There’s like a ton of ideas in my head in terms of methodology 😉

Here’s a link to the prototype for this mobile application: https://www.figma.com/proto/cF9aaorXoICPXqUP9A6ELY/Untitled?type=design&node-id=1-4&t=WyWoqwzSx2J8z0wp-1&scaling=scale-down&page-id=0%3A1&starting-point-node-id=1%3A4&mode=design