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 a easy to follow linear process.

Case Study Overview

The Solution

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.

My Role

This was an independent project. I was responsible for all research and design.

Research Methods

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C&C Analysis
Surveys
Interviews

Research Results

Comparative & Comparative Analysis

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 Results

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.

Interview Results (Business Owners)

After the survey 4 participants completed a phone interview. Our purpose was to gain a better understanding of the process and eliminate pain points.

  • Documentation is difficult and time consuming
  • Entice the applicant to go through the process
  • Simplified documents
  • Reminders of when things are due

Interview Results (Industry Professional)

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

Synthesis Methods

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Persona
Affinity Mapping
Feature Analysis

Insights

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.

  • 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 customer’s 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.
  • Gatner is a web security company that will provide a robust security net to alleviate the app security pain point.

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.

Conceptualization

Wire Flow

User Testing

Round 1
Round 2
Round 3

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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.

Style Guide

Final Mockups

Results

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.