Quick Flow is a private lender that specializes in servicing small businesses with lines of credit and term loans. The Goal is to create an app that eliminates an involved application process and presents an easy to follow linear process.
Quick Flow is a private lender that specializes in servicing small businesses with lines of credit and term loans. Many small businesses often run into situations where in order to grow they must take on projects that exceed their existing resources. Based on the research conducted, small businesses need a quick and efficient method to apply for loans.
Provide small business owners with a quick and efficient app that will quickly assess the viability of obtaining a term loan or line of credit. After the initial assessment, the app will guide users through the process step by step. Approved users will have access to statements and have the ability to pay installments through the app.
The results from the C & C analysis show that all of the lenders have the ability to take loan applications for term loans and lines of credit online. The majority of lenders also have resources for small business, loan calculators and progress bars to help users through the process.
Applying for a small business loan has several challenges.
• Too much paperwork
• App Security Issues
• Takes too much time
Theis barriers prevent several of the participants from completing the loan process.
After the survey 4 participants completed a phone interview. Our purpose was to gain a better understanding of the process and eliminate pain points.
After conducting an interview with an industry professional several improvements came to light.
• Limit documentation as much as possible
• Bank and mobile verification could speed up the process
• Checklist would help drop off
• Verify info for underwriter
The research brought to light the need for a more efficient loan application process. The industry professional interview became a turning point and after a bit of additional research a few strategic partnerships were identified.
The partnerships would allow for a massive reduction of time collecting documents and also greatly reduce the time for approval. This allows us to create a strait forward, secure and linear process that addresses our main pain points.
Through user testing, sketching, wire framing and full mockup process there were several changes. Adjustments were made to the header to accommodate the iPhone X. A full bottom navigation was developed and the progress bar now doubles as a slider to move forward and backward through the application process.
After conducting usability testing we found that most of the initial pain points have been addressed. We now have a linear process that guides the user in a more efficient way. We have also dramatically reduced the amount of time and effort required by the user.
