Revolutionizing the Customer Loan Experience: Mahindra Finance
This project covers journey of improving user experience of CD(consumer durable) loan app Mahindra Finance customer app
Product Overview
Mahindra finance CD customer app is used by existing customers of Mahindra who availed for loan on store for any products. this is use to track loans and EMI’s and to make payment of advance EMI.
Let’s see how customer land on our loan app?
Project Goal
Reduce number of queries on sales by digital service request
improve app security and payment flow and on-boarding journey
Create more digital framework
improve current interface as per latest trends
“Design process I followed is understand product and users, Research, Define Problems, Ideate solutions & test it with final users “
Research Overview
I conducted multiple research methods as listed below to understand problems:
✤ Stakeholder and business Interview
✤ Heuristic Evaluation
✤ competitors study,
✤ online survey
✤ card sorting activity
Problem Statement
- Complex navigation
- Proper guidance or information is missing for any new user about any task
- complex onboarding process
- Help/support feature is not accessible easily
- No app security
- Copy of overall app is not easy to understand for normal users
Insights I got from research
- 26% user want to see offers related to product to buy any consumer product on app
- 60% user prefer online channels to avail loan
- More than 80% User track Interest rates before applying for loan
- more than 60% user track loan status/statement once in a month
- More than 50% users said
- Investment is also one of the reason for loan to buy bonds, equity etc.
Project Planning
To Start with project we started prioritization of requirements. for this we used MOSCOW method to plot each requirement on board to reach to MVP.
Opportunities we got
- Easy accessible navigation : navigating throughout the app is very much important. user don’t have to think from where to access information he is searching for.
2. Quick notifying / Help / Support : notification plays important role in app to get informed about what happened about any task user performed. As this is a loan app every user have some queries and they want quick support feature to be always there to raise a query.
3. Ease of Payment: Users who availed for a loan always want to check there loan status and if they have surplus money they can pay advance EMI”S to exit loan quickly.
4. Login Security: We also come to know that as a finance app we need to add high level of security to protect user data. so we can use biometric/face login features which provides high level of security to user.
Final Visual Design
🚩What we achieved?
The introduction of the new customer app increased collections by 18% and decreased callcenter queries by 30%.
Reduced payment related queries due to new enhanced payment flow.
Improve app security and easy onboarding.