Design Approach.
Since HillTemple is a privately owned organization that is still in its startup phase the commissioned app will only be available to pre-screened users. User testing and research is to be done at a later date. The primary goal of this project is to create a prototype foundation off of which future iterations of this app can be formed.
1. Discovery
Competitive Analysis
2. Concepting
Sitemap
Task Analysis
3. Prototyping
Prototyping
Discovery.
Problem Statement.
How can we create a digital environment that encourages users to consider HillTemple’s resources as accessible as their own personal bank account? How can we create a feeling of abundance when requesting a loan?
Solution.
Make a finance app that gives HillTemple’s users access to HillTemple’s available money and encourages borrowing both functionally and aesthetically.
Executive Summary.
HillTemple’s lending platform is designed to give the lending process a sense of luxury for its users by creating an app that values not only their business but also their aesthetic emotional experience.
Competitive Analysis
Before designing HillTemple’s prototype I analyzed three finance apps to understand what solutions and apps already exist in the market as well as possible opportunities HillTemple could explore for its own future designs.
Key Company Objectives
Prosper is a peer-to-peer lending marketplace. To qualify applicants, the company uses a risk-rating system that takes into account data points like credit history and debt-to-income ratio. Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan.
Prosper Features to Consider
1) Options to change your payment date: This is a widely advertised feature of Prosper and considered beneficial by many reviewers.
2) Offers joint loans: Prosper allows two borrowers to apply together as joint applicants for a loan. While the primary borrower must meet Prosper’s main credit criteria, the secondary borrower can qualify with a FICO score of 600, at least one open account reported on their credit report and no bankruptcy filings within the last 12 months. This is an additional offering many reviewers find notable as many other apps either don’t allow this or only allow collateral (cars, houses, etc.) items to be put up against the loan
3) Offers wide range of loan amounts (depending on qualifications loans range from 2k-40k): Reviewers had mixed feelings about the amounts available for loan offerings citing that it exposes lenders and investors to a great deal of risk.
For Future App Development
1) To qualify applicants, the company uses a risk-rating system that take into account data points like credit history and debt-to-income ratio. Borrowers are then assigned a Prosper score, which investors use to decide whether to fund your loan. This could be an interesting metric to consider if app expansion becomes a priority in the future
Key Company Objective
Upgrade personal loans are angled for mass appeal, stating they support a wide range of credit scores and incomes. The loans have comparable rates and fees to other online lenders targeting similar demographics, but Upgrade also offers features like rate discounts for having payments sent directly to creditors on debt consolidation loans.
SoFi Features to Consider
1) Hardship program: Consumers who experience a sudden hardship, like a job loss, may qualify for a temporary reduction of their monthly payment or a permanent loan modification that extends the length of the loan. This could be an interesting feature to include in HillTemple design that could make borrowers feel more secure in borrowing.
Key Company Objectives
SoFi’s personal loans are accompanied by a slew of special perks. SoFi members have access to free career and financial advising, referral bonuses, local networking events, an active online community and even complimentary estate planning, among others. The lender says it evaluates applicants based on their financial history, credit score and monthly income versus expenses.
SoFi Features to Consider
1) Term availability: Repayment terms range from two to seven years, which is more options than most online lenders offer. With more choices, you can prioritize less overall interest with a shorter term or lower monthly payments with a longer term. A facet of lending that HT may have already considered but could be an interesting filter search feature to add to the app.
2) Offers co-signed and joint loans: Borrowers can add a co-signer or co-borrower to their application. Adding someone with better credit or higher income than you can improve your chances of getting a lower rate or receiving a higher loan amount. Unlike co-borrowers, co-signers do not have access to the loan proceeds but are responsible for any missed payments. This may seems to be a common feature in many apps these days and could be helpful to HillTemple’s goal of making users feel more secure in the borrowing process.
3) Unemployment protection: Very similar to Upgrade’s hardship program. Borrowers are eligible as long as their loan is in good standing and they lost their job through no fault of their own. This may be a feature that members of Hill Temple’s venture could be interested in and feel more comfortable borrowing knowing this is an option for defaulting.
Key Design Insights
While many of the features outlined within Upgrade, SoFi, and Prosper reportedly ease requesters anxiety about soliciting loans, HillTemple stakeholders decided to shelve exploring additional features (outside the typical lending structure) until after app launch. Once HillTemple has had the opportunity to engage in lending relationships, user interactions and feedback will provide insights for future development.
Concepting.
Since HillTemple will be dedicating future resources to developing user personas the next steps towards prototype development is creating the app’s sitemap followed by task analysis and user flows. By investing time in articulating the architecture of the app, both the developer and I can make sure to keep user goals and objectives in mind when crafting app processes and design.
Sitemap v. 1
Flow Content 1
1) Open app
2) Splash Screen
•Big welcome page that establishes sense of luxury through design, but warmth of sentiment via verbiage
•Set aesthetic direction for app: Dutch-Indian influence for design (reference Pinterest board for color, typeface and pattern ideas)
3) Login
•Username
•Password (make sure pass is alphanumeric as that will establish a deeper sense of security for users with app)
4) Dual factor authentication
•This extra measure reinforces a sense of security for the user that this is a legitimate operation that will handle their banking information appropriately
5) Home Screen
•Limited but clearly useful options for navigation on home screen
•Display interest pay rate on homepage
•Happy and soothing colors with clarity of navigation being the top design priority
Flow Content 3
1) Statement
•Statement button is apart of main navigation of the app and is featured prominently
•Landing page will be populated with date features (year, month, week, etc.) as well as download .pdf buttons for statements
•Some sort of copy will populate the page congratulating the user on their partnership with HT and using the tax information request as a way to celebrate the user’s and HT’s relationship with each other.
•Perhaps have an anniversary counter that highlights how long the user and HT have been working together with extra special message being displayed on one month, six month, and year long lending relationships?
2) Tax Information
•Unclear to consultant what data elements are needed to properly cover the tax information request (more information needed from HT)
Flow Content 5
1) Withdraw
•Withdraw button is apart of main navigation of the app and is featured prominently
•Consultant is unsure how this features is distinguished particularly from the “Borrow” button. Further explanation from HT is needed regarding the above.
2) Account Balance
•This amount will be featured on the landing page of the “Withdraw” button clickthrough
•This amount will be displayed in happy colors with a big “Transfer” button featured beneath it
•This is the moment when users will feel the most ownership over the money as they transfer it to their accounts
•This moment should be celebrated as a big success!
3) Enter Transfer Amount
•This will be an input field featured prominently upon clicking the “Transfer” button
•Are there any stipulations HT has for its users regarding how much money they can transfer out at one time?
4) Confirm
•If user clicks “no” they will be redirected back to the “Withdraw” landing page
•If user clicks “yes” they will be brought to the confirmation page
5) Confirmation
•This page will list the amount being transferred, the account money is being sent to, as well as a brief message saying something along the lines of “We’re so excited to for you to have your money! Expect an email from your bank confirming the transfer as well as an email and text message from HT confirming the transfer”
6) Confirmation Text Message
•Simple text that says something along the lines of, “Yeah! Your money is flying to your bank account right now!”
For version one of the sitemap HillTemple stakeholders wanted articulations of an inbox function, withdraw and borrow features, as well as activity and statement check sections.
Flow Content 2
1) Borrow
•Borrow button is apart of main navigation of the app and is featured prominently
2) Amount Owed
•This amount will be featured on the landing page of the borrow button clickthrough
•This amount will be displayed in happy colors with a big “Request Loan” button featured beneath it. I think this will communicate to the user that while they owe money, HT is still very interested in loaning the user more money.
3) Request Loan
•This will be a button featured prominently on the “borrow” page landing page
•Upon clickthrough user will be taken to an information input page
•There will be a series of input fields populating the page with brief explanations for context and/or information icons next to each field that users can click on for further explanation
4) Enter Amount
•This will have either a subtext explanation below the field or an information icon that lists the suggested maximum amount for a loan
5) Enter Loan Reason
•Explanation or information icon will be next to this field explaining why HT requests for a loan reason
6) Confirm
•This page will list the amount of the loan, the reason, as well as a brief message saying something along the lines of “We’re so excited to get you your money!”
•If user clicks ”no” user will be redirected to borrow page
•If user clicks “yes” they will be brought to the final confirmation page
7) Confirmation
•Congratulate user for requesting a loan and inform them that they will be notified by email and text that HT has received their loan request and will begin processing their request ASAP
Flow Content 4
1) Activity
•Activity button is apart of main navigation of the app and is featured prominently
•This page, much like the statement page, will highlight celebrating the user’s activity in partnership with HT
•This will convey to the user that not only does HT want the user to borrow money, but also that HT delights in loaning the user money
•The landing page of Activity will also highlight the current interest rate for loans
•Does HT want the current interest featured both on the activity page, the borrow page, and the home page? Or should it be a ticker that is apart of the app dashboard and therefore always visible to the user?
2) Account Balance Graph
•This is another great opportunity to reiterate to the user that HT validates and celebrates the user utilizing the borrow feature from the app
•Could be an interesting opportunity to list the loan reason below the graph.
•This could either reinforce their initial excitement about the loan
•Or it could disappoint the user in case their vision/project isn’t coming together as expected…
•It is a sure opportunity to celebrate HT and the user’s relationship to one another
•Accessing the graph should elicit feelings akin to the user finding pictures of themselves happy with an old friend
Flow Content 6
1) Inbox
•Inbox button is apart of main navigation of the app and is featured prominently
•There will be an onboarding sequence and/or explanation at the top of the page explaining that if the user has any troubles using the app this internal messaging feature is how they can get the help they need
•This “happy to help” mentality can be encouraged by having soothing colors and clear directions for the user
2) Write Message
•Simple messaging inbox with a “Write Message” icon possibly floating in the corner at the bottom right or fixed in the upper right corner of the inbox
•Blank message template will pop up Gmail style with text input fields in the bottom right corner of the inbox
•Bottom of the input field will have “Save draft” or “send” button
•If user clicks “Save Draft” they will be brought to the drafts folder
•If user clicks “Send” a confirmation message will pop up saying that HT has received their message and will respond ASAP
3) Read Message
•This feature will function much like other email services (but without the “send to” address field as HT is the only receiver of the user’s communications)
•If the user reads a message and closes it they will be brought back to the main inbox area
4) Saved Drafts
•TBD if this is a helpful feature or not. Consultant requires further guidance from HT
•Will function similar to other email services drafts folder
Key Design Insights
Having brought version one of the sitemap and flow content to HillTemple stakeholders we then collaborated on winnowing and refining the map to its minimum viable product (MVP) for clickable prototype designs.
Revisions
1) For version one of prototype the statement will just be an icon without further functionality.
2) Inbox function and mapping will be shelved until later date. Since HillTemple is a private organization with personal relationships with their clients, clients can reach out directly to leadership through other pre-established channels until further app expansion requires increased offerings.
3) Further information icons regarding loan withdrawal and request limits will be incorporated into design.
Sitemap v. 2
After refining the app’s sitemap with HillTemple stakeholders a v.2 of the sitemap was created with requested edits incorporated into the new design.
Task Analysis
Having cemented the app’s sitemap with HillTemple stakeholders three user flows were created for the three main functions of the app to serve as maps illustrating how users would navigate the app in order to meet their various goals.
Entry Point: Open | Success Criteria: Check Account Activity
Task Analysis
1) Open App
2) Login
3) Two Factor Authentication
4) Select “Activity”
5) Check Activity
Entry Point: Open | Success Criteria : Request Loan
Task Analysis
1) Open App
2) Login
3) Two Factor Authentication
4) Select “Borrow”
5) Select “Request Loan”
6) Enter Amount
7) Enter Loan Reason
8) Confirm
9) Select “Yes”
10) Confirmation page
Entry Point: Open | Success Criteria: Withdraw Funds
Task Analysis
1) Open App
2) Login
3) Two Factor Authentication
4) Select “Withdraw”
5) Enter Withdrawal Amount
6) Confirm
7) Select “Yes”
8) Confirmation page
Finalize.
After researching, ideating, and prototyping final designs are complete and a clickable prototype of the app is ready to use.
