Marketplace Application

Lendio / 2021
Executive Team, Product Manager, UX Designer, Software Engineers
Lead designer for the Marketplace Application redesign
The Team
My Role

Lendio is a loan marketplace that connects small business owners with lenders to fund expansion, payroll, and other business needs. The marketplace application connects borrowers with up to 75+ lenders.

Problem
The loan application had not been touched in more than 5 years. Little improvements had been made here and there, but it was time for a refresh of the design and overall strategy.
  • Increase App Complete Rate to 30%
    Currently: 19%
  • Decrease Median Completion time
    Currently: 38 minutes
  • Increase Bank Statement Upload to 20%
    Currently: 5%
Objectives and KPI's

Understanding the Problem

We needed to determine where we stood with the application today. My PM and I sat down together and outlined today's complex flow.
User Flow
What were we good at? What areas were we failing in? Where was our opportunity to improve? I conducted a competitive analysis with our top competitors and indirect competitors to answer our questions.
Competitive Analysis
Takeaways
Our application was too lengthy, failed to educate, wasn't as trustworthy, didn't have strong branding, and users could not tell how much left of the application was left to fill out compared to our competitors.
Along with our competitive analysis, we sat down as a UX team and our PM to talk about other problems we have noticed in the application and challenges that users had pointed out in the past.
Workshop
Through our findings, we were able to determine the vision that would help us with our objectives and KPI's.
  • Improve credibility and trust
  • Strengthen our branding
  • Shorten length of application
Vision

Design Exploration

Low fidelity
It was time to start wireframing concepts out. With my team, we hashed through the possibilities, but before getting too far into the design, I realized that there was two directions we could take the application redesign. There was a trend of a sectioned concept vs 1 question per page that was frequently appearing with competitors.

Maze Test

Which direction to go?
It was time to do a general usability test on Maze. My goal was to show medium fidelity screens of two different concepts and have the users give their opinions on each design. Each prototype had the same amount of fields to fill out.
‍
Here were the two options:
Option A
Option B
Testing Questions
For the test, we showed "A" first, then "B" for half of the users and asked the following questions:
  • On a scale of 1-10, how trustworthy do you feel this application was?
  • On a scale of 1-10, how secure do you feel this application was?
  • On a scale of 1-10, how would you rate the lengthiness of this application?
Results
For the other half of testers, we showed "B" first, then "A" to avoid bias.
Takeaways
The sectioned concept performed overwhelmingly better than the 1 page per question concept.
We also asked "in your opinion, which application experience was better and why?" at the end of the Maze test. Many users pointed out how the sectioned concept felt faster and shorter, how professional it felt, how it was more secure, and they were able to tell where they were in the application (progress tracker.)
Qualitative Research

High fidelity

After many iterations and design reviews, we arrived at a place where we confidently felt like we refreshed the brand, increased trust and security, and gave the borrower the ability to feel progression.

A/B Testing

Drumroll please! We ran the new design against the old design and found that conversion was flat! What does that mean? It's actually a better result than negative! This meant that the new design was updated to fit our branding and did not have any dire consequences come out of it. It was not necessarily a failure, but a success in some ways.

Results

Median time to complete also reduced from 37 mins to 23 mins.
General layout remained the same which leaves us to enter the next phase of moving questions around and grouping them up in sections. The testing and interations never end!

Powered by Webflow
Linkedin