Client
Gold Loan Fintech Company
Fibonalabs helped a Gold Loan Fintech Company create a seamless user experience across digital platforms.
Industry:
Finance
Services:
UX Design and Content Creation
business
Objectives
This Gold Loan Fintech Company delivers excellence in services of lending gold loans at the doorstep of their customers. They wanted to revamp the design across their platforms which included their website, web application, mobile application, and dashboard.
Challenges
To Overcome
Revamp design across all the platforms.
Instil a strong feeling of trust in the revamped design.
Provide a fully transparent experience to the user through modern design.
Design a web application to track the status of gold loans.
Create content for their website.
solution
Approach
UX
Strategy
We worked on the UX Strategy to draw a ground-breaking roadmap for redesigning the platform. We worked on understanding their business pace and alinged their business goals with the users' needs.
Stakeholder
Interview
We initiated the research with stakeholders to capture the brand vision. We conducted interviews to understand intentions, goals, and design directions. These interviews were one of the most helpful research tools to provide the desired design solutions that users and business owners await. By being in constant touch with the decision makers, we saved a lot of time that is usually wasted in finalizing the ideas.
Competitive
Analysis
Our team conducted a competitive analysis with competing apps and websites. We did an analysis based on the interest rate, services offered, unique selling points (USPs), and gold loan schemes.
| Gold Loan Company | MANAPPURAMmanappuram.com | IIFLiifl.com/gold-loans | BAJAJ FINANCEbajajfinserv.in | |
|---|---|---|---|---|
| Mandatory sign-up/Login | NO | NO | NO | NO |
| Mandatory Location permissions | NO | YES | NO | YES |
| Request a callback | YES | NO | YES | YES |
| Find nearest branch | NO | NO | YES | YES |
| Used a Brand Ambassador | NO | NO | YES | YES |
| Download Magazine | NO | NO | NO | YES |
| Social Media Links | NO | YES | NO | YES |
| Video Tutorials for services | NO | YES | NO | NO |
| Mobile app available | YES | YES | YES | YES |
| Offers for existing customers | NO | YES | NO | YES |
| Other services apart from gold loan | NO | YES | YES | YES |
| Schemes | YES | YES | YES | YES |
| Chatbot | YES | YES | YES | YES |
| Customer Stories | YES | NO | YES | YES |
| Choose language | NO | YES | NO | YES |
user
Persona
According to the goals and characteristics of the prospective users, we were able to create 4 personas:
New gold loan customers
Customers from another goal loan institute
Short-term customers
Existing customers
ROHAN R
39, Textile Business Owner
Pune, India
Goals
Rohan wants to continue to run his successful business.
He needs to pay his workers their wages, and also procure raw materials for the new orders in his business.
Rohan wants to explore the fastest mode of obtaning a loan, as he needs the money in two days time.
Personality
Rohan is an astute businessman, who is driven and ambitious. He is not a big risk taker and is devoted to his business.
Challenges
Rohan is in a stressful situation since the wages for his workers are pending as he needs to pay his workers in two days.
Rohan has existing bank loans against his business and property.
Rohan wants a faster way of getting a loan as the other types of bank loans might take more time and require more paperwork.
Motivations
Passion
Money
Work
Skills
Tech - Savvy
Financial Literacy
English Communication Skills
MONICA MARTIN
45, Weaver & Tailor
Goa, India
Goals
Monica is an existing customer to gold loan, but from another gold loan company.
Monica has been paying a high interest rate for her loan and is now looking for reduced interests rates.
She also wants to hire more weavers for her tailoring business, to be able to take in more orders.
Personality
Monica is an independent tailor and holds a strong passion for designing clothes. She wants to be an entrepreneur. Monica pays her existing gold loan company regularly.
Challenges
Monica’s interest rates from her previous gold loan company has been increasing.
Due to paying higher interest rates at her previous gold loan company she has been unable to employ more weavers and tailors for her business.
Motivations
Passion
Money
Work
Skills
Tech - Savvy
Financial Literacy
English Communication Skills
RISHAB & SEEMA
34 & 37, Freelance Photographers
Mumbai, India
Goals
Rishab and Seema have always been inclined towards the creative arts. They both met while they were doing their degree in Visual Communication in Mumbai. Today they own their own photography firm and freelance for many photogtaphy projects in and around Mumbai city. Rishab and Seema had their first child Raunak a few years ago. It has been a dream for them to send Raunak to a good school while simultaneously wanting to stay in a comfortable home so that their son can have a home big enough to grow up in. In the last few years the business has been slow due to the pandemic. They do not want to compromise their lifestyle and have decided to research short term finance solutions
Personality
Though Rishab and Seema are fond of the same profession, they are complete opposites. Rishabh is a workaholic and can easily get stressed by any work that comes his way, whereas Seema has the ability to stay calm even when work can be overwhelming. But together they always function as a team, and support each other so that they can use their abilities to produce some of their best works.
Challenges
Rishab and Seema try their best to take on all kinds of projects they receive so that they can provide a comfortable life and home for their son. In spite of working tirelessly, a lot of their clients do not pay Rishab and Seema on time, therefore creating a lot of challenges that impact their ability to pay their monthly rent. To prevent further problems in the future, both Seema and Rishab are looking for a short term solution to take a loan so that they are assured of some money that will help them pay their overdues. Further to this, the business has been severely impacted by covid-19 leading to a cash flow crunch.
Motivations
Passion
Money
Work
Skills
Tech - Savvy
Financial Literacy
English Communication Skills
RISHAB & SEEMA
34 & 37, Freelance Photographers
Mumbai, India
Goals
Arun is a successful business owner and aims to grow his business by the end of this year. For his business to grow further he is now looking to take more loan.
Arun wants to use this gold loan fintech company's platform again as he has not found better interest rates from other services. Arun has approached this gold loan fintech company before and has built trust in their services. His trust in this gold loan fintech company has allowed him to come back and take yet another loan against gold, without any hesitation.
He believes a short term loan against gold from this gold loan fintech company will help him revive a part of his business soon.
Personality
Arun is a conservative and traditional business owner. Arun’s business has been doing very well in the recent years, he is now looking to expand and buy more machines so that he can grow his business further. He is focused on growing his business and prefers to use low risk methods for finance. Arun is a very focused and hardworking individual.
Challenges
Arun’s business expansion, growth and services has been affected due to the on set and effects of Covid 19 and this has slowed down his growth.
He is now looking at a short term solution to revive his business so that he can continue to focus on the growth of his business.
Motivations
Passion
Money
Work
Skills
Tech - Savvy
Financial Literacy
English Communication Skills
Human-Centric
Design Approach
After carrying out the research, we analysed that it was crucial to highlight the trustworthiness and stability of the product in the revamped design. So, we took a human-centric design approach.
We proceeded with the designing of the four personas by interacting with real users. We kept in mind things that are important for users and considered their challenges in relying on a gold lender. So, here we focused on the following aspects:
We proceeded with the designing of the four personas by interacting with real users. We kept in mind things that are important for users and considered their challenges in relying on a gold lender. So, here we focused on the following aspects:
01
Time spent
How much time a customer spends on this platform?
02
Conversion
How can we convert a short-term customer into a regular one?
03
Ease of use
How easy is the process of tracking gold loans and ways to make it more reliable?
04
USP
How can we make this platform stand out from its competitors?
Understanding existing user flow
We started with understanding the existing user flow. It lays out the movements of a user in the existing design. We analysed the flow of a user from the entry point to the final interaction. It helped us to optimize the user experience.
Use Cases
Based on the user personas we elaborated on the user stories. The use cases described the flow of actions taken by the personas to complete the task. This helped us understand users’ behaviour in different scenarios, such as when an existing user wants to:
View the details of their current loan.
Pay interest for the current loan.
Close the current loan.
Make partial payment for the current loan.
Receive partial gold deposits for the current loan.
hi-fidelity
Wireframes
We worked on the wireframes, which helped us to give the basic structure of the redesigned app. It included grid, scale, and pixel. We used Figma to make the hi-fidelity wireframes interactive and showed quick interactions between the different screens. We iterated the wireframes based on the reviews.
Visual
Design
We worked on the style guides that included colours, and typefaces to enhance the design and its interaction with the users. We used micro-interactions to make the design more engaging and interactive.
working
Prototype
Our team developed a working prototype to test the design and gave ideas about the product to the stakeholders. The colour schemes used, typography, menus, etc. made the design look immaculate, attractive, and user-friendly.
value
Delivered
After we timely delivered the new and efficient UX Design to this Gold Loan Fintech Company, the results were overwhelming.
Branding
The revamped platforms improved the company's brand image with modern designs.
Increased Acquisition Rate
The user-friendly website increased the number of gold loan customers by 3x.
Site Navigation Simplified
The entire process of applying for and getting a gold loan was simplified by easy navigation throughout the website.
Tracking Made Easy
Through the web application, users were able to track the status of their loans easily.
Content Creation
Through easy-to-understand and quality content, users were able to understand the working of this platform.
Branding
The revamped platforms improved the company`'s brand image with modern designs.
Increased Acquisition Rate
The user-friendly website increased the number of gold loan customers by 3x.
Site Navigation Simplified
The entire process of applying for and getting a gold loan was simplified by easy navigation throughout the website.
Tracking Made Easy
Through the web application, users were able to track the status of their loans easily.
Content Creation
Through easy-to-understand and quality content, users were able to understand the working of this platform.
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