SocietyOne. CX Project
The Problem
The new way of borrowing from individuals instead of banks, which is called peer to peer lending is proving popular with the market and SocietyOne is picking up a host of new interested customers, however many who do engage are dropping out of their loan application process. We take a deep dive into the borrower journey to find out why and build a solutions prototype.
Peer to peer lending takes on the banks
Objective
Core objective is to of course improve conversion of loan applications. Key to this will be re-imaging not only functionality, but also language and brand design. Every stage of the customer journey needs to have elements that come together to create ‘brilliant moments” and as such improves conversion of new customers but also makes people feel the the brand values of ‘Simplicity, Difference and Care’.
“Banks don’t care about me”
Approach
Discover what is unique about SocietyOne
Identify why people are dropping out and not following through via review of existing customer research as well as conducting one on one interviews of new customers
Validate and understand the human behaviour via one on one interviews
Define a common understanding of what the customer wants on both functional and emotional levels
Highlight opportunities for more ‘wow’ moments and identify areas for improvement
Solution Process and preparation for Design Sprints
Persona development and how their differing financial needs trigger different emotional responses.
Competitor Benchmarking exercises
Customer Journey Mapping
We built out the stages of a borrowers journey and defined the customer problems we are solving for.
Guidance from Leadership Teams and stakeholder experts were part of a review and voting panel to decide which ideas were to be made into prototypes for customer testing.
Then ran “How Might We’ sessions to explore how we might solve them. Considering personas, learnings and insights.
Building a future state customer journey
Developing prototype stages
We conducted observational trials with the new journey prototype and collated findings on what was delivering against the original objective and what areas need further design iteration and validation.