Quick Flow is a private lender that specializes
in servicing small businesses with lines
of credit and term loans.

Business Rationale

The Issue:

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.

Our Solution:

We intend to 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.

Style Guide

Competitive & Comparative Analysis

Results:

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.

Survey Questions

Are you a small business owner?

Have you ever applied for a business loan?

If yes, how would you describe the process?

• Difficult and painful. A lot of paperwork
• Mind numbingly laborious. Soul crushing
• Too long and cumbersome
• Not sure yet
• Awful
• Convoluted

Where did you apply?

What was the most challenging part of the process?

• Getting the paperwork in the first place, The bank departments not communicating with each other. The bank online systems are faulty
• Bureaucracy
• Document research
• It’s the government… pages of documents
• You can’t get a loan unless you have a business and you have to have money to open a business! Was not successful
• Needing the collateral and enormity of paperwork

Would you consider using a phone app?

Affinity Mapping

Too Much Paperwork

Challenges

Painful Process

Results

Applying for a small business loan has several challenges.

• Too much paperwork
• App Security Issues
• Takes too much time

Interview Script

Hello ________ I would like to thank you for taking the time to chat with me today. Just for context, we are discussing the development of an app that allows small business owners like yourself to apply for small business loans and lines of credit through a phone app.

Q1- Based on your response in the first survey I understand that you have applied for a small business loan in the past and found it difficult, could you expand on that a bit?

Q2- In your opinion what would make for a smoother process?

Q3- After the initial application process what functions or services would you expect the app to provide?

Q4- Do you currently use a banking app on your phone?

Q5- Are there any features on your bank app you would like to see in the loan app?

Q6- Are there any features from any other app that you would like to see integrated in the loan app?

Interview Notes

Interview 1 Ena

Q1- N/A

Q2- N/A

Q3- N/A

Q4- Like the accessibility of an app

Q5- Seeing when payments are due

Q6- Reminders of when things are due

Interview 2 Scott

Q1- Documentation is difficult and time consuming

Q2- Simplified documents

Q3- Birds eye view of amount and rate before going through the process

Q4- Yes

Q5- Alerts on progress. See what the break down on interest and principal. Payoff option

Q6- Entice the applicant to go through the process

Interview 3 Mike

Q1- Difficult after the economy crash

Q2- Predetermined requirements

Q3- Progress reports

Q4- Chase Wells Fargo Citi Bank apps used

Q5- Take a picture of documents for signatures, memo to loan rep

Q6- N/A

Interview 4 Laura

Q1- How do you start the business without the loan but you need the loan to start the business

Q2- Be able to pay through it. Be able to refinance

Q3- N/A

Q4- Yes

Q5- Reminders for payments

Q6- Security

Industry Professional Interview Script

Hello Ben thank you for taking the time to chat with me today. Just for context, we are discussing the development of an app that allows small business owners to apply for small business loans and lines of credit through a phone app.

Q1- Can you give me some insight into the loan process?

Q2- In my previous research I found that most business owners found the process lengthy and complicated. Could you shed some light on any processes that could reduce the burden on the client?

Q3- In your opinion what would be the minimum information you would need to get a business loan approved?

Q4- What are the biggest issues you see customers have during the application process?

Q5- Are there any features that would make the process smoother on your end?

Interview Notes

Q1- It starts with documentation, loan agent moves documents to the underwriter and a decision is made in 24-48 hours

Q2- Limit documentation as much as possible. Bank verification and mobile verify could speed up the process

Q3- ID for the business owner and business, proof of business income, verify the business

Q4- Documentation is where we see the most drop off. A checklist would be helpful

Q5- Any thing that can verify important info to make the underwriter’s job easier

Interview Summary

After conducting the interviews a few things became clear.

• Limit documentation as much as possible
• Bank and mobile verification could speed up the process
• Checklist would help drop off
• Verify info for underwriter

Strategic Partnerships

Mitek offers a service that allows users to take a photo with their phone and verify their identity. What’s even more impressive is that the customers basic info is obtained and is auto filled into the application. This will greatly reduce the time pain point.

Decision Logic allows for a secure connection where the customer can connect the app with their bank account. This allows for verification of income and provides past statements. This gives the underwriters the necessary information without requesting multiple documents.

Gartner is a web security company that will provide a robust security net to alleviate the app security pain point.

Persona: Small Business Owner

David, Age 50

Needs

• Simplified loan process
• Ability to see progress
• Reminders of upcoming payments
• Access to see statement info
• Ability to communicate with representative
• Ability to pay from the app

Pain Points

• Too much paperwork
• Length of process
• App security concerns

Opportunities

• Quick assessment of loan feasibility
• Efficient loan application process
• 1 on 1 communication with representative
• PayPal, Apple Pay, and direct repayment methods through the app
• Ability to notate documents through the process
• Photo upload documents through app

Scenario

David owns a small print company in Atlanta and often finds himself in need of outside funding to complete large print projects.

He requires a line of credit but can’t afford the time to go through a long drawn out process. Luckily David came across Quick Flow, a new app that allows him to get a rough idea of the interest rate and amount he can borrow.

During the application process David would like the ability to communicate with his loan representative and upload signed documents through the app.

After being approved for the loan he has the need to monitor the progress of his loans and have reminder notifications of when payments are due. Being able to make payments through the app would be a big bonus.

Feature Analysis

Sketches

Wire Frames

Wire Flow

Iterations:

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.

User Testing

Round 1

Round 2

Final Mockups

Final User Test

Summary

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.

Next Steps: Designing the customer dashboard and payment portal.