Simplifying 50% Problem of User Loan Journey - By 15+ years of Design Agency

Loans Den is a product of Yellow Slice Hack Day, a mobile app solution by Omkar and Aashvi, who came up with a design solution focused on simplifying the process of loan application for users.

Problem Statement

At one point in our lives, we have considered borrowing money or taking loans to satisfy a heart desire or make more money. Whatever the reason, we can come to a common ground that borrowing can be such a pain.Here are 4 Key reasons why a larger number of users are not signing up for loan apps:

• The process of documentation is too lengthy, rigid and old
• High interest rates and little EMI time frame
• Lack of financial literacy to effectively use the loan
• Risk of cyber and financial security

Solutions

Our designers have devised solutions to these problems and extensively researched the needs and expectations of a potential loan collector.

• Users can explore various loan options easily.
• A simple live update in the loan application process and repayment to increase ROI by 2X.
• Financial and technical assistance to users at all times
• Rewards for prompt EMI repayment
• Financial adviser for each user to help and supervise the use of funds.

Expected outcome

The expected outcome is to give a whiff of the success of the solution and serve as a subtle metric.

• The reward system will encourage users to pay back on time
• 20% of Users will have the clarity to make a sound financial decision
• The assistance will reduce customer churn rate by 15%
• The documentation process will be reduced by half the time, energy and resources.
• Loans Den should reach 1000 users within three months of deployment
• In-app messaging will improve the quality of communication and reduce the complaint rate.

Onboarding

Exploration

Management