Veend Onlending
My Role
Lead Product designer
Responsibilities
Ui design, Ux design, prototype and
usability testing.
Tools
Figma ( Design and Prototyping )
Hotjar ( Behaviour analytics )
Whimsical ( mind maps, flow charts,
Asana ( managing tasks, projects and teams )
May 2022 - Present.
Live Link
onlending.veendhq.com
Design Process & Project Timeline
Research
Problem research
Design strategy
Business requirement
STAGE 1
UX Design
User flow
Information architecture
Wireframe
STAGE 2
UI Design
Creating a UI library
Visual design
Interactive prototype
STAGE 3
Final stage
Review
Feedback
Support
STAGE 4
Overview
On-lending attempts to bridge the gap between borrowers seeking flexible, affordable financing and on-lenders looking for higher returns and investment diversification. It creates a win-win situation by addressing limitations in the traditional financial system and offering alternative solutions for both sides.
Problem
VeendHQ's On-Lending platform aims to tackle the challenges and problems associated with the fear of lending risks in Nigeria's growing credit market. The platform addresses concerns faced by businesses and individuals, offering a solution to mitigate the risks associated with lending, thereby encouraging more participation in financial activities and opportunities.
Research & Discovery
User Interviews
- KYC process lengthy and cumbersome. - Dashboard lacks clarity in performance metrics. - Need for enhanced loan filtering and sorting. - Overdraft application process unclear.
- Streamline KYC with auto document scanning/validation. - Enhance dashboard with interactive charts and visualizations. - Improve loan filtering/sorting by criteria and risk level. - Increase transparency in overdraft feature.
- Identified areas of difficulty in KYC and loan selection. - Observed confusion regarding overdraft eligibility and fees.
Usability Testing
- Address usability issues in KYC and loan selection interfaces. - Clarify overdraft eligibility criteria and fees through visuals and plain language.
- Identified potential usability violations, such as inconsistent terminology and unclear error messages.
Heuristic Evaluation
* Operational challenges/infrastructure/capital requirements (lenders). * Lack of financial visibility/understanding (clients). * Onboarding challenges. * Insufficient traction/potential shutdown.
Task Analysis
- Revealed common user workflows and potential bottlenecks in on-lending process.
- Optimize user flows for efficiency and reduce friction. - Address identified bottlenecks to improve task completion time.
- Benchmarked features and best practices of direct competitors.
Competitor Analysis
- Implement competitive features and adapt best practices to enhance VeendHQ platform. - Differentiate VeendHQ by focusing on unique user needs and value propositions.
Research Method
Key Findings
Design Recommendations
Defining success metrics
User Impact
Loan engagement: Average loans viewed per user, loan application completion rate, time spent comparing loans.
Dashboard interaction: Frequency of dashboard visits, usage of portfolio analysis tools, satisfaction with performance visualization.
Overdraft utilization: Frequency of overdraft application, overall loan repayment rate, user feedback on clarity of terms and fees.
Business Goals
Platform adoption: User sign-up rate, monthly active users, growth in lending volume.
Revenue generation: Total interest earned by on-lenders, platform transaction fees, average loan size.
Brand perception: Net Promoter Score (NPS), user testimonials, social media engagement and sentiment.
Additional Considerations
On-lender segmentation: Track specific metrics for different user segments (high-risk vs. low-risk, institutional vs. individual investors) for targeted improvements.
Retention and churn: Monitor active vs. inactive users, identify reasons for churn and implement relevant improvements.
Long-term value: Track repeat investment activity, user lifetime value, and overall platform stickiness.
Remember, the best success metrics are specific, measurable, achievable, relevant, and time-bound (SMART). I choose a mix of quantitative and qualitative metrics that paint a holistic picture of your design's impact.
User Personas
Olivia, the Strategic High Net-Worth Investor
Name: Olivia Funsho
Demographics:
Age: 40
Occupation: Financial Consultant
Location: Port harcourt, Nigeria
Goals:
Olivia is seeking low-risk investment opportunities to diversify her portfolio and generate passive income.
She aims to contribute to the local economy by supporting businesses and individuals in need of funding.
Behaviors and Needs:
Strategic Investor:
Values platforms that offer strategic investment opportunities with a focus on risk mitigation.
Data-Driven Decision Maker:
Prefers platforms that provide detailed analytics and insights to inform investment decisions.
Financial Impact:
Seeks opportunities that align with her financial goals and contribute positively to the community.
Challenges:
Limited options for low-risk, high-return investments.
Concerns about the volatility of traditional financial markets.
Scenario:
Olivia discovers VeendHQ's On-Lending platform and is attracted to its focus on low-risk lending opportunities. The platform's data-driven approach and emphasis on supporting local businesses resonate with Olivia's investment strategy. She decides to engage in on-lending through VeendHQ, confident in the platform's ability to provide a secure and strategic investment avenue.
Michael, the Community-Minded Individual Lender
Name: Micheal Taiwo
Demographics:
Age: 35
Occupation: Entrepreneur
Location: Lagos, Nigeria
Goals:
Michael is interested in contributing to the local economy by lending his surplus funds to businesses and individuals.
He seeks a low-risk, technology-driven platform to facilitate his lending activities.
Behaviors and Needs:
Community-Minded Investor:
Values platforms that prioritize community development and economic growth.
Tech-Enthusiast:
Comfortable using technology for financial activities and seeks an intuitive online lending platform.
Risk-Aware:
Prefers lending opportunities with transparent terms and risk mitigation strategies.
Challenges:
Limited avenues for impactful and secure lending.
Lack of transparent lending options for individual lenders.
Scenario:
Michael comes across VeendHQ's On-Lending platform and is intrigued by its mission to connect individual lenders with businesses and individuals in need. The platform's user-friendly design and emphasis on risk reduction align with Michael's values. He decides to lend his funds through VeendHQ, contributing to local economic development while benefiting from a secure and transparent lending experience.
Iterations and Adjustments.
After consolidating my primary task flows, I began brainstorming potential interface designs for my application. This involved progressing from initial sketches to developing low-fidelity design concepts
Userflows
Onlending's user flows illustrate the user's journey from launching the application to exploring all its functionalities and engaging in various actions. They also depict the navigational structure of the product. These flows were meticulously crafted for numerous features and functions within the Veend product. Due to the confidentiality constraints associated with the non-disclosure agreement, these extensive and proprietary flows, unfortunately, cannot be included in the case study.
Wireframes
Wireframes were created specifically for essential features and screens, undergoing multiple iterations to showcase the interface elements on key pages. This process, integral to interaction design, aimed to provide a visual representation of pages early in the project. The goal was to secure approvals from key stakeholders, including the CEO and the product team, before transitioning into the creative phase.
Components
The veend design system is extensive, so I organized the user interface into smaller, easily-managed pieces. This included defining the overall aesthetic, basic building blocks, larger components, and how they all fit together. Using Figma, I created flexible versions of these components that can be combined as sets. This approach simplifies design and promotes consistency.
Option 1
Option 2
Option 3
Option 4
Dropdown Menu
Tooltip
Basic Components
Toggle Button
The content for the tooltip goes in here
Search for a lender
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Previous
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Actions
Apply
New Loan Offer
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LEAD
Lead - Silver mist suffused the deck
BODY - 18PT
The true meaning of life is to plant trees, under whose shade you do not expect to sit.
BODY - 16PT
The true meaning of life is to plant trees, under whose shade you do not expect to sit.
BODY - 14PT
The true meaning of life is to plant trees, under whose shade you do not expect to sit.
BODY MEDIUM - 14PT
The true meaning of life is to plant trees, under whose shade you do not expect to sit.
BLOCKQUOTES
“The sky was cloudless and of a deep dark blue."
Capitalized
Brainstorm alternative ideas
SMALL
Value your time
TINY
Nothing is Impossible
TINY BOOK
Nothing is Impossible
State
Primary Button
Primary Button
Primary Button
Primary Button
Icon(Left)
Primary Button
Primary Button
Primary Button
Primary Button
Icon(Right)
Primary Button
Primary Button
Primary Button
Primary Button
Primary Colors
#060089
#F9AB21
Secondary Colors
#4FCOE5
#CD0B3A
#079638
Dashboard
Lend
Transaction log
John Doe
Back to main account
Checkbox
Key Features
OnLending is a sophisticated financial platform designed for High Net-Worth Individuals and individual investors, offering a low-risk avenue to lend funds at competitive interest rates, create and manage multiple loans, utilize overdraft facilities, and generate profits.
About Dashboard
Personal dashboard allows users to run
main statistics and analysis of data.
Dashboard Overview
Dashboard
Lend
Emergency Funds
Transaction log
John Doe
Admin
Back to main account
Kindly Note
To be eligible for Emergency Funds you need to ensure you have at least a month duration before the maturity of this loan.
Emergency Funds Application
Filter by date
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Previous
Next
Download history
Back to Loan details
About Emergency Funds
Now, let's talk about the "Emergency Funds" section in OnLending – it's your financial safety net. If you've created a loan, you can snag up to 50% of its value as an overdraft, giving you extra cash when you need it. Just be sure to pay it back on time, or the system will deduct what's owed from your original loan. It's like having a financial flex option – easy, quick, and there when you need a little extra.
Emergency Funds
About Lend
The "Lend" feature of OnLending is like having your own financial playground – it lets you create and manage loans effortlessly. You decide how much to lend, for how long, and at what interest rate. With a few clicks, you're not just lending; you're growing your money smartly and seamlessly.
Lend
Results and Growth
Loan Creation Volume
Recorded a 40% increase in the monthly average of loan creation, indicating a growing confidence in the platform's lending capabilities.
Profitability for Users
Calculated an average return on investment (ROI) of 12% for users, contributing to a high user satisfaction rate and encouraging repeat lending activities.
Strategic Partnerships
Formed strategic partnerships with two prominent financial institutions, leading to a 40% increase in platform credibility and a 30% rise in user trust.
Challenges and Negative Results:
Slow User Adoption
Witnessed a slower-than-expected adoption rate, with only a 5% increase in new user registrations over the past quarter.
Limited Overdraft Utilization
The Overdraft feature was underutilized, with only a 5% monthly increase in overdraft applications, indicating a lack of awareness or user interest.
Actions we took to Address the Negative Results
Educational Campaign for Overdraft Feature
worked with the marketing team to Launch a targeted marketing campaign and educational series to raise awareness about the Overdraft feature. Highlight its benefits, ease of use, and potential advantages for users. Integrate informative content into the platform.
Enhanced Onboarding Experience
Revise the onboarding process to make it more intuitive and user-friendly. Implement interactive tutorials, tooltips, and personalized guidance to ensure new users understand the platform's value proposition.
My Learning and Reflections
Working as a senior product designer on the OnLending platform has involved a dynamic blend of understanding diverse user needs, balancing innovation with usability, and navigating the complexities of designing for financial products. The experience has been characterized by a commitment to user-centric design, continuous learning, and addressing ethical considerations in the ever-evolving landscape of financial technology.
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