Challenge

Bajaj Finserv has been a leading player in the Finance Sector of India, when it comes to home loans it has been serving in housing finance for a decade now, but with the digital transformation of the process, there were few challenges to the enterprise and the users were facing:

1. Currently 3 different entry points exist for users to avail home loan

2. No smart forms in the website based on existing user data to help user

3. No complete Digital Sanction letter Process

5. Multiple steps and loading time issues made users feel the endless process

4. Huge Drop-off in the existing form of Digital HL (43% Drop-off due to multiple form fields on one page)

5. Tone of conversation in the form

Behavioral Goals

1. Avoid information overload

When crafting an experience, we should always understand and think of the people who are going to use it. Most Indian users can’t make sense of field-specific terms or understand the meaning of certain data.

The most common mistake in the housing finance industry is overloading the user with a lot of information.

Overload of data causes users to spend more than half of their time understanding what each number means when nobody wants to look at the boring text and excel sheets of just numbers and try to make sense of it.

We have to make a clean and simple experience that focuses on what the user is really trying to do.

2. Focus on User Journey

To make the platform interactive and simple, we need to work on page layout, content display, and task flow.

The platform should be able to solve a persisting user hardship and bring something new for enhancing user convenience. Because of that, it is very crucial to grasp the user’s behavior.

Placing immediate call-to-action should help users take the desired actions and detailed information should be available when asked for. With this practice, our platform will be able to enhance users’ confidence in smoothly opting for their financial needs.

3. Guide the user

Each user will have different ideas, behavior, and purpose when they use the platform, using assistive text, micro-copies, and patterns as a guide through the certain process will contribute to the effective housing finance UX.

4. Simplify complex data into action

Users should be able to calculate housing finance metrics that they could possibly want – but if it doesn’t explain the significance of the numbers it’s posting, or the meaning behind the data, it’s useless.

A user still needs to remain diligent about their financial upkeep.

Solution

We created a digital home loan journey for users, which made user to enter just required information, calculate their housing finance offers and get the sanction letter in 3 easy steps.

1. The intuitive form was designed for users to easily fill in the information

2. No technical language was used for easy understanding of the user

3. Assistive information made the user complete the form within the expected time frame

4. Drop-offs were reduced by 83%

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