Commerical Line of Credit Web Application
Overview: The Commercial Line of Credit (CLOC) is a digital solution for fleet financing, streamlining the process with a user-friendly interface. CLOC replaces the previous DocuSign form and offers features like applicant screening, autosaving progress, and document uploads for efficient communication.
Opportunity: How Might We…. make the CLOC process faster and easier so that we can increase the number of CLOCs we approve?
Problem: Based on the 82 DocuSign Powerform applications received– 32 of the applicants were denied for requesting an amount that is less than $250,000. Therefore, 39% of users are spending an hour completing an application that does not fit their needs.
Additionally, the current application requests only a portion of the necessary information, leading to an extended manual backend process.
Solution:
Prioritize reducing the CLOC processing time to expedite final customer decisions.
Implement a user flow experience featuring early screening questions and a transparent onboarding process to guide customers toward the most suitable loan type if they do not meet the CLOC criteria.
Customers can now provide all relevant business information upfront, minimizing the need for back-and-forth communication with Ford’s processing team.
Target User: Commercial fleet owners
Design Process & Deliverables
Discovery
User Interviews
Assumptions:
Obfuscating language on the DocuSign form results into leaving blank fields
Lack of clarity on what documents to upload
Having an accessible and main point of contact to answer questions would be informative and helpful
Key Validations:
Customers aren’t aligned with what needs to be uploaded regarding the correct financial statements
Customers assumed that irrelevant documents needed to be uploaded to supplement the required ones
Customers want more clarity on what certain fields are asking
Frustrations:
I want to know the application approval progress; I don’t know what to anticipate after submitting
I have so many documents pertaining to sensitive records, I don’t know where to start
I have to answer multiple customer processing phone calls after already submitting a long application
UNKNOWNS: RISKS AND ASSUMPTIONS
Assumptions:
1. As of July 2021, current CLOC customers have a combined $1.4 billion in outstandings with Ford Credit. If we process CLOCS faster, we will be able to approve more CLOCS, resulting in more business for FMCC.
2. Creating our own web form will provide the flexibility to manipulate and better manage data input and integrations.
Competitive Analysis:
Capital One is commercial banking that performs as our primary #1 direct competitor. We concluded that they clearly present their requirements to qualify for a line of credit and presents a short and clear field of inputs to fill out to reach out to a point of contact before proceeding into a lengthy application process. We also studied other commercial banks: US Bank, Bank of America, PNC Bank and JPMorgan Chase.
We identified that the overall strength were offering line of credits can be funded as quickly and efficiently (as soon as the same business day) through a quick online application process. Generally, competitor’s strength were the capability of pushing out quick approval rates.
We also looked at several other user interfaces at what other applications were using identified that there are consistent use of progress bar, informational icons, and a minimal interface.
Define
How Might We help Carrie?
Prominent How Might We Questions that arose were:
How might we enable a save later option for the customer if they wanted to continue the application process for later?
How might we create a complete registration process that is easy and maintains the customer’s attention?
How might we provide meaningful benefits for the customers in order to increase sign up rates?
User Flow
In order to ensure that our feautures and application flow made sense— we mapped out the information architecture.
This entailed translating the commercial customer’s process with the original DocuSign loan experience into a user flow.
Overall, this aided in communicating the sequence of events of completing a task.
Success Metrics:
Metrics to consider
30% increase in NPS 4 months after launch
50% increase in # of CLOC customers approved via online application 4 months after launch
95% of CLOC applications to be processed through the webform 4 months after launch
20% reduction in time to process online CLOC applications 4 months after launch
50% reduction in incomplete applications
50% reduction in follow up calls
Ideation
Wireframes
The UX lead researcher and several designer left the company during this time period, so I took over the wireframe proces entirely.
I evaluated the different branching scenarios that would occur from if a customer responded with a certain answer and how this would impact the user flow.
I also wanted to ensure that the primary key questions that were being asked within the application were absolutely necessary in order to present the leanest MVP as possible.
First MVP
Final Submission Screen
Testing Post MVP
****Ongoing*****
Why:
Improve the process and understand the customer's motivation
Who:
People that completed the app
What:
Survery to learn from people that submitted application
How:
Using their email submited on the application. Emailed to them
