Improvement in Application Forms

We revamped the UI of our cash advance loan application form to give users an experience that emphasized the ease-of-use.

Based on customer feedback and the data left by the users on exit forms without completing input, we implemented incremental improvements and verification procedures. In doing so, we implemented a seamless flow that led to application completion and an improved conversion rate (CVR).

The number of applications made from our website was not growing as expected. The issue was that some users would access the form and then leave in the middle of the input process without completing their application.

Particularly in the case of smartphone users, there was a possibility that the large number of input fields and the difficulties encountered while operating the app acted as blockers to completing applications.

Our on-the-ground teams and the product owner team collaborated to implement revisions to the form. Based on the hypothesis that the numerous fields on the form felt overwhelming to users, we proceeded to reduce the number of form input fields.

In-house engineers were given the task of improving the form and speedily implement the proposed improvements. Moreover, the engineers coordinated with in-house data departments to quantify items such as the circumstances in which users leave the form mid input and the rates at which users abandon the form. By keeping the PDCA cycle short, we were able to make judgements based on user behavior data.

As a result of reducing the number of input fields in the online form and implementing UI improvements, the conversion rate improved significantly from 34.2% to 49.7%. In particular, the analysis shows the reduction in user stress is a direct result of allowing particularly loyal or high-value customers to be screened with a minimum number of input fields.

Moreover, the time to complete applications decreased, allowing us to provide customers with a seamless application experience.

We plan to leverage the knowledge, insights, and results acquired through improving the application form and adopt the same approach for forms related to other application processes and procedures. We will continue to pursue a flow design that is easy to understand and use, while continuing to analyze user behavior data and the feedback we receive from the on-the-ground teams.

From here onwards, we will not only continue to provide comfortable customer experience, but also aim to improve the conversion rate (CVR) by implementing continuous improvements and testing.