A User Research Case Study for a Fintech App

Disclaimer: This case study is a hypothetical assignment that I recently did for an imaginary fintech app. The primary research done is real. All the learnings are from an online survey that I conducted.

The Problem Statement

The fin-tech startup is experiencing a high rate of user drop-off during the onboarding process, specifically when new users are applying for a personal loan after document uploads and eligibility verification.

What the client needs

The client seeks assistance from a UX researcher to understand the reasons behind these drop-offs and find effective solutions to address the issue.

💡How I have approached the assignment?

Note: In this assignment, the client's name is not provided, it is a hypothetical project hence we do not have stakeholders nor the app, or any real usage data or existing information to track.

There could have been multiple approaches given to this assignment. Here is what I have done:

a)Since I really wanted to do some primary research for this assignment and not just make a plan, I have not imagined the client as any particular Company say Company X. If we would have done that we could have made a research plan for usability testing which could have been done with any random fintech app with first time as well as existing users and users who have used that app earlier and would have followed up with qualitative interview. With 3 days' time in hand(imagining that the client needs something to kickstart ideating). The problem here would have been in recruiting users who used the same app, it would be time-consuming and we might not actually get users who actually fit into our participant criteria. Yes, we could have done some usability testing with some competitor apps to understand what are the potential factors which add to the increase in drop-offs for them. That could have given us some ideas to fill some gaps as well as improve certain features in our own client apps' usability. But that would be also time-consuming given the time constraints.

But, I wanted more users, to be able to draw some meaningful and actionable insights from a larger set of participants within the given time to ensure a more comprehensive understanding of user behaviors, needs, and goals. Hence I took the below approach to this assignment:

b) I have imagined 🤔 that the client is Company X, I don’t have access to its app, existing usage data, existing user research data, customer feedback, or anything else. So,If I conduct a online survey to start with as the first step I can get an understanding of what probable reasons may lie behind user dropping off from a fintech app and the impacting factors from a larger set of audience within the given time. This collected data can actually be used by the client to further dig deeper into solving this problem if it really exists or even improve current experiences.

💡The Strategy🎯

• In Phase 1, the aim would be to provide some direction by providing some surface and descriptive level insights to ask more questions and dig deeper to solve the problem in the coming phases. The insights would be derived at a surface and descriptive level.
• Phase 2, interpretive, conceptual, and strategic level insights would be derived to facilitate the kick start of product innovation/improvement in the 3rd and 4th phases.
• The learnings would be shared across multiple teams: Product, Design, Content, Marketing, Branding, Information Technology, and operations.

The Research Phases — Things We Plan To Do ✍️

Context immersion 🧠🌎

Secondary Research:

Aim: Gather information that can help gain domain knowledge, a clearer understanding of the problem, and probable reasons for the problem at hand.

Learnings ↘️

How does a fintech apps onboarding happens during a loan application

1. Registration: Create an account with personal information.
2. Profile Setup: Complete the profile with employment and financial details.
3. Loan Application Form: Fill out an online application with loan specifics.
4. Verification Process: Verify identity, and income, and conduct credit checks.
5. Decision and Approval: Receive a loan application decision.
6. Loan Terms and Agreement: Review and accept loan terms and conditions.
7. Disbursement: Funds are transferred to the designated account.

General reasons behind drop-offs during onboarding while applying for a loan 📉

Drop-offs during onboarding in fintech apps while users try to avail of a loan can happen due to the following reasons: Lengthy and complex application process, Tedious document uploads, Not meeting eligibility criteria, lack of transparency, Insufficient information about loan terms, interest rates, and repayment plans, technical issues:

Competitors/ players existing in the market 📑

Onboarding Process Experience during Loan Application | Customer Satisfaction

a. PaySense: PaySense offers a hassle-free loan application process through its mobile app, allowing users to complete the application within minutes with minimal documentation.

b. MoneyTap: MoneyTap provides a simple and quick loan application process through its app, allowing users to apply for a personal loan with a few taps on their mobile devices.

c. KreditBee provides quick and hassle-free loans with competitive interest rates, minimal documentation, and easy repayment options, which are key drivers of user satisfaction.

d. CASHe: CASHe is appreciated by users for its swift loan processing, transparent fees, and personalized loan offers based on creditworthiness.

Business Objectives 🥅🎯💹

1. To earn revenue through interest charges, fees, and other lending-related services.
2. To acquire new customers and retain existing ones. By offering convenient and streamlined loan application processes, the client wants to attract new users to their platform and encourage existing users to continue using their services.
3. Data Gathering — when users apply for a loan they share valuable data with the company, which can be later analyzed to gain insights into customer behavior, creditworthiness, and financial patterns, which can then be used to improve risk assessment and develop more personalized loan offers.
4. Market Expansion — Offering loans can help them tap into new customer segments and target individuals who may not have easy access to traditional banking services.
5. Build trust and Credibility for the Brand- By providing reliable loan options and excellent customer service the client wants to increase customer satisfaction, loyalty, and positive word-of-mouth recommendations.

Research Questions ❓

1. What are the reasons behind users not applying for a loan using a fintech app?
2. What can motivate users to apply for a loan using a fintech app?
3. What factors influence users’ decisions to drop off or withdraw from the onboarding process?
4. What can prevent users from dropping off in the initial stage of app usage?
5. Are there any specific pain points or concerns that deter users from completing the onboarding process?
6. What is the general awareness of users about fintech apps?
7. What are the different intents with which users download a fintech app? (What do they look for?)
8. What are the expectations and preferences of users regarding the personal loan application process, and how well does the current system meet those expectations?
9. Are there any particular demographic or user segments that exhibit a higher rate of drop-offs, and if so, what are the underlying reasons for their behavior?
10. What potential solutions or improvements can be implemented to reduce drop-offs and enhance the overall onboarding experience for users?

Assumptions 🤔

1. A user's intent to download the app impacts the chances of dropoffs at onboarding. A user who downloads the app with the intent to borrow some money will have lower chances of dropping off from the app during the loan application process.
2. Most users drop off during onboarding because they found that they were not eligible to take a loan.

Research Methodology 🧰

1st Phase: Secondary Research, Online Survey

2nd Phase: User Interviews, Behavioral Data Analytics, Usability Testing, Heuristic Analysis, Competitor Analysis(Out of the scope of the assignment)

1st Phase Strategy 📈

1. To give the client something to start off for brainstorming to improve probable areas of the app to improve users' loan application journey, understanding of their user's intent, behaviors, motivations, barriers, expectations and pain points to be able to develop strategies for product development and business growth.
2. Participants for further qualitative research would be recruited through the online survey. At the end of the survey, there would be a question asking participants if they would further like to participate in qualitative research.
3. Research questions, and assumptions will be formed based on the online survey learnings. By answering those questions and validation in the next steps we will go closer to solving our problem statement.

Why an Online Survey ✅

1. To provide a direction to solve the problem in hand — to be able to frame more questions to get the answers to solve the problem in hand by conducting more research, to be able to base assumptions to validate, get a high-level understanding of users who use fintech apps and their general intent, motivations, barriers, and pain points when they interact with a fintech app in general as well as during loan application.
2. Lack of time to consider doing other methodologies as it would take up more time as well as recruitment cost. (Only with the context of the given assignment)
3. Would get a limited number of participants if we go for user interviews or usability testing(with any fintech app).

Survey Aim 🎯

To understand the following:

• Users Intent to download a Fintech app.
• User existing knowledge about fintech apps and their onboarding process.
• Users' onboarding and loan application experience.
• User expectations during onboarding and loan application.
• Pain points and barriers while onboarding as well as while applying for a loan.
• To find out the impacting factors behind all of the above.

Probable Actionable Outcomes 🏆

• We will have a general idea of which areas of the onboarding process may need to be given more importance.
• We will know which functions and features of the fintech app we need to test, prototype, and test again.
• We would know what behavioral data to track in the client's app to form more research questions and assumptions for further research to dig deeper into the problem and its impacting factors.

Participant Selection Criteria 🧕👬🧓

• Only users who either have applied for a loan or at least have used any kind of Fintech app would be eligible to fill up this survey.
• Participants would be spread across pan India.
• The age limit is 18 and above.

Number of participants: 36

Survey Limitations(Or Scope):

• We didn’t have control of equal participant split in terms of their gender, age groups, and other demographics. If we could better demographic-specific insights could have been derived.
• Could not cover usability aspects related to individual features and functions in detail. For that, we would need a Usability Test or a qualitative user interview with the users.
• Not all research questions or assumptions can be answered or validated through this survey.
• There will be biases. We would never really tell whether the participant really understood the questions, was true to themselves when they filled up teh survey.
• All touchpoints or phases from the time a user registers till the time they receive the loan money cannot be covered in an online survey as that will make the survey too long.

Script for sharing the survey:(For Facebook, WhatsApp and LinkedIn)🗒️

Dear friends,

I need your help! I’m working on an important assignment for a job application and would greatly appreciate your participation in a short survey. The survey is based on Fintech apps and their onboarding experiences during loan availing. If you know about Fintech apps or you have ever used one please fill up this survey. It will only take a few minutes of your time but would make a huge difference to me. Please click on the survey link [provide the survey link] to get started. Thank you for your support!

Best regards,

Biswajeet

The Survey:

User Survey: Improving the Onboarding Experience of Fintech Apps

Thank you for taking the time to participate in this survey. We are conducting research to understand user perspectives on the onboarding process of a fintech app that aims to revolutionize personal finance management. Your valuable insights will help us enhance the user experience and address the issue of high drop-off rates during onboarding. Please answer the following questions:

1. Name:
2. Gender:

a. Male

b. Female

c. Other

d. Prefer not to say

3. Age:

a. 18–24

b. 25–34

c. 35–44

d. 45–54

e. 55 or above

4. Occupation:

a. Student

b. Employed (full-time)

c. Employed (part-time)

d. Self-employed

e. Homemaker

f. Retired

g. Unemployed

h. Other (please specify)

5. Fintech apps are mobile applications that provide financial services such as budgeting, investing, and borrowing. Some popular fintech apps used by people in India include Paytm Money, IndiaLends, EarlySalary, MoneyTap, and CASHe. Are you familiar with any of these fintech apps?

a. Yes

(If “No,” please proceed to the end of the survey.)

6. Have you ever downloaded a fintech app?

a. Yes

(If “No,” please proceed to the end of the survey.)

7. What led you to download a fintech app? Checkbox question (Select all that apply):

a. Curiosity about new financial tools

b. Recommendations from friends or family

c. Positive reviews or ratings.

d. Advertisement or promotion

e. Need for better financial management

f. Other (please specify)

8. How familiar are you with the onboarding process of fintech apps?

a. Very familiar

b. Somewhat familiar

c. Not familiar at all

9. Have you used the downloaded fintech app to apply for a personal loan?

a. Yes

b. No (If “No,” proceed to question, If “Yes,” proceed to the next question.)

10. How was your onboarding experience when you applied for a loan on the fintech app?

a. Very smooth and easy

b. Somewhat confusing and complex

c. Difficult and frustrating

d. Other (please specify)

11. If you did not avail of a loan on the fintech app, what were the main reasons? ( In order of main contributing factors):

a. Unfavorable loan terms and conditions

b. Found better loan options elsewhere

c. Concerns about data security and privacy

d. Poor user reviews and rating

e. Bad onboarding experience

f. Other (please specify)

12. What would motivate you to avail of a loan from the fintech app? (Rate them in the order of importance):

a. Competitive interest rates and fees

b. Flexible repayment options

c. Quick loan approval and disbursal process

d. Seamless and user-friendly application process

e. Positive user reviews and rating

f. Other (please specify)

13. What are your expectations or what would you consider an ideal onboarding process when applying for a loan on a fintech app? (in order of importance):

a. Clear and transparent information about loan terms and conditions

b. Streamlined and user-friendly application forms

c. Prompt feedback and updates on the application status

d. Easy-to-understand eligibility criteria

e. Personalized loan offers based on the financial profile

f. Other (please specify)

14. How was your overall experience with the fintech app for applying for and managing your loan?

a. Excellent

b. Good

c. Average

d. Poor

15. Would you be interested in joining a discussion to discuss more fintech apps and your experiences with them in detail?

a. Yes

(If you answer “Yes,” please provide your email address below.)

Email Address: ___________________________________________

Please note that if you are selected for the discussion, it will be a 15–20 minute call conducted via Google Meet or Zoom. As a token of appreciation, you will receive remuneration in the form of money or a gift card.

Thank you for participating in our survey! Your feedback is highly valuable in helping us improve the onboarding experience of fintech apps.

Analyzing the Data 📊

Data Analysis format(To be used)

1. Demographic Analysis:

• Examine the demographic data (age, gender, occupation, location) to identify any trends or patterns related to user behavior and preferences.
• Segment the data based on demographics to understand if certain groups exhibit specific trends or have distinct needs.

2. Qualitative Analysis:

• Thematic Analysis: Identify recurring themes, difficulties, and expectations from the qualitative responses.
• Categorize and code the responses based on the research questions and assumptions.
• Look for commonalities and variations in users’ experiences and perceptions.
• Summarize key findings and insights for each research question.

3. Quantitative Analysis:

• Quantify and analyze the survey responses using statistical methods.
• Calculate frequencies and percentages for multiple-choice questions.
• Conduct cross-tabulations to explore relationships between variables.
• Identify significant trends, patterns, or correlations within the quantitative data.

4. Visualization of Data:

• Create visual representations, such as charts, graphs, or infographics, to present the data in an easy-to-understand format.
• Use visuals to highlight key insights, trends, or comparisons.

4. Synthesis and Interpretation:

• Synthesize the findings from both qualitative and quantitative analyses to gain a comprehensive understanding.
• Interpret the data in relation to the research questions and assumptions.
• Extract meaningful insights and identify potential opportunities or areas for improvement.
• Validate and support findings by referring to relevant quotes or data points.

5. Recommendations:

• Based on the analysis, develop actionable recommendations to address the identified difficulties, drop-off points, and user expectations.
• Prioritize recommendations based on impact, feasibility, and alignment with the research objectives.

In Phase 1 the insights will be derived mostly at the surface level and descriptive level. In the next phase, more interpretations would be made forming interpretive insights followed by conceptualization and strategizing.

The Learnings 💡

Demographic Analysis

• The majority of respondents fall within the age group of 25–34, with some respondents in the 18–24 and 35–44 age groups.

• The majority of respondents identify as male, while a few respondents identify as female.
• The majority of respondents are employed full-time, with some respondents being students or self-employed. There are also a few respondents who are employed part-time.

Segmentation based on demographics

Segment 1: Young Students

• Age: 18–24, mostly male
• Motivations: Better financial management, curiosity
• Behaviors: Familiar with fintech apps, have downloaded them
• Expectations: Smooth onboarding, competitive rates, quick loan approval
• Actionable item: Create educational content, offer competitive rates

Segment 2: Employed Individuals

• Age: 25–34, male and female
• Motivations: Better financial management, recommendations, curiosity
• Behaviors: Familiar with fintech apps, have downloaded them
• Expectations: Competitive rates, positive reviews, flexible repayment
• Actionable item: Encourage positive reviews, highlight flexible repayment

Segment 3: Self-Employed Individuals

• Age: 25–34, male
• Motivations: Curiosity, advertising, better financial management
• Behaviors: Somewhat familiar with fintech apps, have downloaded them
• Expectations: Competitive rates, transparent loan information
• Actionable item: Provide transparent loan details, target with relevant ads

Segment 4: Older Employed Individuals

• Age: 35–44, male
• Motivations: Curiosity, recommendations
• Behaviors: Familiar with fintech apps, have downloaded them
• Expectations: Quick loan approval, competitive rates
• Actionable item: Streamline loan approval, provide competitive rates

Segment 5: Others (Mixed)

• Age: Various, male and female
• Motivations: Varied (recommendations, curiosity, financial management)
• Behaviors: Varied familiarity with fintech apps and downloads
• Expectations: Varied expectations across factors
• Actionable item: Tailor marketing, conduct further research

Qualitative Analysis

Thematic Analysis:Themes:

1. Curiosity about new financial tools: Several respondents mentioned that their curiosity about new financial tools led them to download fintech apps.
2. Recommendations from friends or family: Recommendations from trusted individuals played a significant role in influencing respondents to download fintech apps.
3. Need for better financial management: Some respondents expressed a need for better financial management as a motivation for downloading fintech apps.
4. Positive reviews or ratings: Positive reviews and ratings of fintech apps were mentioned as a factor that influenced respondents’ decision to download them.
5. Advertisement or promotion: Some respondents mentioned that they were attracted to fintech apps through advertisements or promotions.
6. Unfamiliarity with fintech apps: A few respondents mentioned being unfamiliar with fintech apps and not having downloaded any.

Barriers to loan availing 😞

1. Unfavorable loan terms and conditions: Respondents rated unfavorable loan terms and conditions as the highest significant factor contributing to their decision of not availing of a loan on fintech apps.
2. Concerns about data security and privacy: Users expressed apprehensions about the security and privacy of their personal and financial information when using fintech apps for loans.

1. Found better loan options elsewhere: Many users rated this factor as significant in their decision not to avail of a loan on the fintech app. They mentioned that they were able to find better loan options, such as lower interest rates or more favorable terms, from traditional banks or other financial institutions. This indicates a need for fintech apps to offer competitive interest rates and fees to attract and retain users.

User Expectations 🙏

1. Competitive interest rates and fees: Respondents expressed the importance of competitive interest rates and fees when considering availing of a loan on fintech apps.
2. Quick loan approval and disbursal process: Many respondents emphasized the importance of a smooth and easy loan approval and disbursal process.
3. Flexible repayment options: Some respondents mentioned the need for flexible repayment options when availing of a loan on fintech apps.

General Insights 💡

1. Familiarity with Fintech Apps:

• The majority of respondents (both males and females) were familiar with fintech apps.
• Varying levels of familiarity indicate different degrees of knowledge and experience with these apps.
• General awareness of fintech apps among the target audience can be inferred.

1. Downloading Fintech Apps:

• A significant number of respondents have downloaded fintech apps.
• Positive reviews, ratings, and curiosity about new financial tools motivated the downloads.
• Recommendations from friends or family played a role in app adoption.
• The need for better financial management also influenced the decision to download fintech apps.

2. Onboarding Process Familiarity:

• Most respondents reported being familiar with the onboarding process of fintech apps.
• Indicates that they have experience with the initial steps of using these apps.
• Familiarity suggests a level of comfort and understanding in navigating the onboarding process.

3. Loan Availment:

• A considerable portion of respondents had used the downloaded fintech app to apply for a personal loan.
• Indicates that these apps are being utilized for borrowing purposes.
• Demonstrates the integration of financial services within fintech apps.

4. Factors Influencing Loan Decision:

• Respondents identified several factors contributing to their decision of not to avail of a loan on the fintech app.
• Unfavorable loan terms and conditions were a significant concern.
• The availability of better loan options elsewhere influenced decision-making.
• Concerns about data security and privacy were important considerations.
• Poor user reviews and ratings impacted decision-making.
• A bad onboarding experience also influenced the decision not to avail a loan.

5. Motivations for Availing of a Loan:

• Competitive interest rates and fees were identified as the most important motivator for availing of a loan from a fintech app.
• Quick loan approval and disbursal process were also key motivators.
• These factors highlight the importance of convenience and cost-effectiveness in financial decision-making.

6. Onboarding Experience:

• The majority of respondents reported a smooth and easy onboarding experience when applying for a loan on the fintech app.
• However, some respondents mentioned experiencing confusion and complexity during onboarding. Indicates the need for improvements in the onboarding process to enhance user experience and reduce friction.
• However, some respondents mentioned experiencing confusion and complexity during onboarding. Indicates the need for improvements in the onboarding process to enhance user experience and reduce friction.

7. Overall Experience:

• Respondents rated their overall experience with the fintech app for applying for and managing loans as good or excellent.
• The general sentiment towards the app was positive.

8. Expectations for an Ideal Onboarding Process:

• Clear and transparent information about loan terms and conditions was identified as the most important expectation for an ideal onboarding process.
• Respondents emphasized the importance of a user-friendly interface in the onboarding process.
• Quick and easy steps were also highlighted as a key expectation.
• The availability of flexible repayment options was mentioned as an additional factor for an ideal onboarding process.

Emerging Personas 🧑‍🤝‍🧑

Persona 1: Financial Explorer

(Rashid, Chandan Rajbongshi, Arun K Menyanbo) 🤑💰🔎

Rashid is curious about new financial tools and has a need for better financial management. However, the concerns about data privacy and trust may make him hesitant to take a loan. With proper education and assurance regarding security measures, Rashid may be more likely to consider taking a loan.

Categories: Savers, Investors, traders, entrepreneurs, risk takers.

Motivations: Curiosity about new financial tools, Positive reviews or ratings, Need for better financial management

Behaviors: Very familiar with fintech apps, Downloaded a fintech app

Barriers or Pain Points: Concerns about data privacy and security, Lack of trust in new fintech companies, Limited knowledge of financial terms and concepts

Likelihood of Taking a Loan: Medium

Expectations: Simple and user-friendly interface, Clear explanation of loan terms and conditions, Assurance of data privacy and security, Very smooth and easy onboarding experience, Good overall experience

Factors to Prevent Drop-off: Providing a guided onboarding process with step-by-step instructions, Offering interactive tutorials or tooltips to explain financial terms and concepts, Highlighting robust security measures and data encryption protocols

Other users who fall under this persona:

• Niki: 25–34, Female, Employed (full-time), Yes to familiarity with fintech apps, Yes to downloading a fintech app, Need for better financial management.
• B M Hemalatha: 25–34, Female, Employed (full-time), No to familiarity with fintech apps, No to downloading a fintech app, Curiosity about new financial tools, Recommendations from friends or family, Positive reviews or ratings, Need for better financial management.
• Nayanika: 25–34, Female, Self-employed, No familiarity with fintech apps, No to downloading a fintech app, Curiosity about new financial tools, Need for better financial management.

Persona 2: Tech-Savvy User

(Arun K Menyanbo, MD Sadique Anwar, Rowan) 🧑‍💻

While Arun K Menyanbo is curious about new financial tools and has a need for better financial management, the complex onboarding experience and limited awareness of loan options may deter him from considering a loan. Simplifying the onboarding process and providing clear information about loan options may increase the likelihood of Arun taking a loan.

Categories: Early adopters, power users, gamers, content creators, programmers/developers

Motivations: Curiosity about new financial tools Advertisement or promotion Need for better financial management

Behaviors: Somewhat familiar with fintech apps Downloaded a fintech app Expectations: Somewhat confusing and complex onboarding experience Good overall experience

Barriers or Pain Points: Complex and confusing onboarding experience Difficulty in understanding financial jargon and terms Limited awareness of loan options and eligibility criteria

Likelihood of Taking a Loan: Low

Expectations: Seamless and intuitive user experience Quick and easy loan application process Personalized loan options based on the financial profile

Factors to Prevent Drop-off: Streamlining the onboarding process to minimize steps and reduce complexity, Implementing pre-filled forms with relevant user information to expedite the application, and Offering personalized loan recommendations based on the user’s financial profile and needs.

Other users who fall under this persona:

• Parishmit Bezboruah: 25–34, Male, Self-employed, Yes to familiarity with fintech apps, No to downloading a fintech app, Advertisement or promotion.
• Ankit Kr Choudhary: 25–34, Male, Employed (full-time), Yes to familiarity with fintech apps, Yes to downloading a fintech app, Recommendations from friends or family.
• Anupam Das: 35–44, Male, Self-employed, Yes to familiarity with fintech apps, Yes to downloading a fintech app, Curiosity about new financial tools.
• Mahesh: 25–34, Male, Employed (full-time), Yes to familiarity with fintech apps, Yes to downloading a fintech app, Recommendations from friends or family.

Persona 3: Loan Seeker 💰🚗🏘️

(MD Sadique Anwar, Shivanshu Sagar, Raju Mahanta, Rubul)

MD Sadique Anwar, being a loan seeker, has a strong motivation to obtain a loan. His main barrier lies in the stringent eligibility criteria and the requirement of providing a salary slip or income proof. If alternative options are available that do not solely rely on salary slips, Sadique may have a higher likelihood of taking a loan.

Categories: Personal loan seekers, business loan seekers, mortgage seekers, auto-loan seekers, and credit card users.

Motivations: Curiosity about new financial tools

Behaviors: Somewhat familiar with fintech apps didn’t download a fintech app

Barriers or Pain Points: Limited access to traditional banking services Stringent loan eligibility criteria Concerns about providing salary slip or income proof

Likelihood of Taking a Loan: High

Expectations: Fast and efficient loan approval process Flexibility in eligibility criteria Minimal documentation requirements, avail loan not only on the basis of salary slip, but also provide loan without salary slip

Factors to Prevent Drop-off: Implementing an automated loan approval system for faster processing Offering alternative eligibility criteria that take into account factors beyond traditional documentation Simplifying documentation requirements and providing options for electronic submission By meeting these expectations and addressing the factors that can prevent drop-off during the onboarding process, fintech apps can enhance user satisfaction and increase the chances of successful loan applications for each persona.

Other users who fall under this persona:

1. B M Hemalatha: 25–34, Female, Employed (full-time), No to familiarity with fintech apps, No to downloading a fintech app, Curiosity about new financial tools, Recommendations from friends or family, Positive reviews or ratings, Need for better financial management.
2. Nayanika: 25–34, Female, Self-employed, No familiarity with fintech apps, No to downloading a fintech app, Curiosity about new financial tools, Need for better financial management.

Note: B M Hemalatha and Nayanika fall under both the Financial Seekers and Loan Seekers categories.

🏁User Journey Map 🚀

The Key Takeaways 🍭

Product Team 📱

1. Improve Onboarding Process: Simplify and streamline the onboarding experience for fintech app users.
2. Enhance Loan Features and Options: Provide attractive loan features, including flexible repayment options and quick approval and disbursal process.

Design Team 🎨

1. Simplify User Interface: Create a user-friendly and intuitive interface for seamless onboarding.
2. Improve Visual Appeal: Design an attractive and modern interface that instills trust in users.

Marketing Team 📣

1. Highlight Competitive Interest Rates and Fees: Emphasize the app’s competitive rates compared to traditional financial institutions.
2. Leverage Positive User Reviews and Ratings: Gather and showcase positive feedback to build trust and credibility.

Branding Team 🌈

1. Emphasize Convenience and Easy Process: Position the app as a convenient and user-friendly solution for managing financial needs.
2. Promote Data Security and Privacy: Communicate robust security measures to assure users of their data’s safety.

Risk and Compliance Team 🔐

1. Competitive interest rates and fees: Analyze the market and ensure compliance with regulatory requirements for competitive rates and fees.
2. Data security and privacy: Implement robust measures to protect user data and comply with relevant regulations.

Operations Team ⚙️

1. Quick loan approval and disbursal: Streamline and optimize processes for fast and efficient loan approval and disbursal.
2. Flexible loan repayment options: Provide diverse repayment options to meet users’ preferences and needs.

Next Steps(2nd Phase) ✍️

Goals 🎯

1. To dig deeper into existing survey data and derive more interpretive, conceptual, and strategic level insights.
2. Work with the stakeholders to make sense of the insights and make a list of new research questions, assumptions, and unanswered questions to be answered in this phase of research that can impact growth strategy.
3. To dig into existing behavioral data of the app to further study the user's interactions with the app and conduct further research to understand the impacting factors behind undesirable user behaviors and build concepts and strategies to improve the loan availing experience of the users.
4. To conduct a study to understand the people across different demographics who dropped off already or may potentially drop off from the fintech app(Their motivations, behaviors, expectations, triggers, barriers, and pain points).
5. Build on the existing personas and understand their individual personas' user journeys and build strategies to improve their experiences.

Methodology

1. User Research Interviews 📞

• Conduct in-depth interviews with users who have dropped off during the onboarding process to gather insights into their motivations, pain points, and reasons for not availing of a loan.
• Explore their experiences, expectations, and any challenges they faced during the onboarding process.
• Use open-ended questions to encourage participants to share their thoughts, emotions, and suggestions for improvement.

2. Competitor Analysis 🕵️

• Analyze competing fintech apps to identify best practices, unique features, and successful strategies they employ during the onboarding process.
• Assess their user experience, onboarding flows, communication methods, and value propositions.
• Understand how these competitors address user concerns and provide a seamless onboarding experience.

3. Usability Testing 📳

• Conduct usability testing specifically focused on the onboarding phase of the loan application process. (With existing and non-existing users, with users who have dropped off at the onboarding phase, with users who took the loan)
• Recruit participants who match the target user demographics and observe how they interact with the app during onboarding.
• Identify pain points, areas of confusion, and any usability issues that contribute to drop-offs.
• Gather qualitative and quantitative data to inform design improvements.

4. Heuristic Analysis of the App 🤳

• To provide valuable insights into usability issues and help uncover potential flaws within the onboarding process during loan applications.
• It would serve as a complementary method to identify broader usability concerns beyond what may be uncovered in interviews and usability testing.

Annexure

Biswajeet is a User Researcher passionate about understanding user needs and creating impactful experiences. With a background in Experience Design and a keen interest in human-centered design, Biswajeet brings a unique perspective to his articles. Connect with Biswajeet on LinkedIn for collaboration, and discussions, and to subscribe to his newsletter on User Research. Let’s explore the world of User Research together!