Revamped loan and approval process for quicker and hassle-free approvals
The Client
Zedcrest Group is a foremost new-age financial solutions powerhouse in Africa – creating value for all stakeholders through user-friendly technological innovations and sustainable business practices.
Problem Space
Banking in Nigeria remains an attractive sector, with over $9 billion in value pools, but despite high levels of competition, the vast majority of consumers are underserved. Many mid-level income earners complain that accessing loans can be very bureaucratic, stressful and disappointing. Banks and other financial institutions need some form of documentation, processes, and verification during the entire application process which also informs the approval and disbursement. While many industry leaders acknowledge that access to credit and quality financial services is a human right, the process involved can be quite discouraging. Some banking reports show that more 85% of loan applications are abandoned due to the bureaucracies.
Design rationale
Lack of access to seamless loan services has created an opening that fintechs have been quick to take advantage of, with many stepping up to develop enhanced propositions across the value chain to address pain points in flexible payments and quick loans.
How might we help mid-income earners access loans seamlessly and ensure 100% loan approval success rate with easier documentation.
Research
User Research and Interviews
I conducted remote interviews with nineteen (19) employees to get a clearer insight into how & what the requirement for accessing loans was and the difficulties experienced. I also asked questions about response time for emergency loans.
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Analysis
Aligning Together
The team acted quickly to create an empathy map in order to align the data from the remote user interviews.
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Users in Mind
It was crucial that we created personas in order to keep our attention on the users and prevent letting our own needs trump those of the users.
Market Analysis
To emphasize the characteristics, benefits, and structure of comparable solutions that facilitate contact between medical experts and share medical data, I reviewed existing products. This made it easier to comprehend the network's trajectory and identify our product's unique selling proposition and the ways in which it benefits customers.
Ideation
Designing for Humans
We were able to identify two (2) personas shortly after our user interviews to assist us keep focused on the users and avoid letting our personal wants for multiple features get in the way of user demands.
Point of View Statement
Based on our discoveries a point of view was drafted.
I met Victor a 32-year entrepreneur who owns an ICT equipment supply business. He was surprised to realize that in 2020 banks are still using manual documentation to give out loans. He wonders if this means that the banks are not utilizing the power of technology to make the loan application process easier. It seems like he needs a way to secure loans for his business effortlessly from the comfort of his home.
How Might We statement
To generate creative solutions while keeping the team focused on the right problems to solve, we decided that the best approach will be to use a How Might We statement to suggest a possible solution.
Prototype
The wholesome experience
The solution improves the indoor air quality of users sustainably, thereby improving users' quality of life.
Abstract to Visual
In the care plan, each patient’s care line team has an overall care plan, which will describe the goals of the patient and medical professionals. Each medical professional also has an individual action plan where they describe what they’ll do during and between their one-on-one appointments. When an action plan is not going well, they’ll be able to update their status on the patient’s difficulty level, which prompts other team members to be notified. We found through interviews that medical carelines (especially rehabilitation experts) would like to intervene and offer advice to others when things aren’t going well.
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