POOJA METKAR

Loans Research

Jupiter • 2024 • Qualitative Research

Background & Objective

Since loans is an intent-based product , any funnel improvements often result in only incremental changes. We aimed to understand what influences our users’ decisions when considering loan options, assess their awareness of Jupiter’s loan offerings, and ensure that when they need a loan, Jupiter is top of mind.

Methodology

We conducted 30-minute in-depth interviews with 19 users across 4 selected groups, focusing on their experience with loan products.

User groups

  • Band 1, 2, 3 users - have taken either a mini loan or personal loan within the last 12 months
  • Band 4, 5 users - have taken either a mini loan or personal loan within the last 6 months
  • Band 1, 2, 3 users - entered the funnel within last 3 months but did not take a loan
  • Band 4, 5 users - entered the funnel within last 3 months but did not take a loan

Understanding User Mindsets & Preferences

We asked users about their awareness of current loan offerings on Jupiter and the factors they consider while making a decision. Current offerings include:

Mini loan

at 0% interest, repayable within 45 days

Personal loan

from 18% interest with 3 - 24 month EMIs

Loan against Mutual Funds

at 10.5% interest, 36 months tenure

Awareness

-

Users vaguely recall Jupiter’s loan options, benefits, and their approved limits

-

Users worry that checking loan eligibility might negatively impact their credit score

-

If users’ve had a positive experience on Jupiter, trust is established. In this case, they do not explore other platforms

Consideration

-

For small loans, users prefer fintechs due to quick, paperless disbursement

-

For larger amounts, they lean towards primary banks due to reliability, especially if pre-approved offers are available

-

Users are likely to try new platforms, if they are recommended by friends or family or appear in top search results

Decision Making

-

The main decision drivers are loan eligibility and interest rate. If interest rates are higher, users tend to ignore other benefits

-

Mini loan is perceived as a ‘debt-free’ solution as it’s easy to repay within a month’s salary

-

People prefer having an option to reach out to support via chat or calls rather than just FAQs

Key Insights

01

Embedding loans prompts within frequent user journeys can boost awareness. This can help keep loans top of mind as users see them in a relevant context

02

Users struggle to recall the various loan products offered by Jupiter, as the journeys lack memorability or experiences that truly stand out

03

Prior positive experiences with Jupiter, especially around payments and customer support, build strong trust. This makes Jupiter a preferred platform for loans as well

04

Users who were initially found ineligible no longer see loan options, which can lead to frustration. Communicating clear eligibility criteria would help them as they may qualify in the future

Detailed Insights and Documentation

Recommendations

Loans Cards Experiments

The current loans card on the app home shows only generic information. We explored several iterations to better showcase our loan offerings and boost top-of-funnel engagement.

Directly displaying different loan options, giving users clarity about our offerings. Help users choose a loan based on specific use cases

Current loans card on app home

Prompt users to select a loan amount and then recommend loan options for a personalised experience

Contextual Loan Prompts in User Journeys

When users choose to break an FD, we suggest taking a loan instead and continue earning interest on their deposit

Users rejected for personal loans might still be eligible for loans against mutual funds. We now show this option to increase awareness on our loan offerings

Similarly, users rejected for a credit card can still check their eligibility for personal loans on Jupiter

Building Trust

Positive experiences with Jupiter in the past, especially with loan repayments and customer support have fostered strong trust. To reinforce this, we decided to add user testimonials and highlight 24/7 dedicated customer support availability on the loans tab.

Celebrating Achievements

The loan journey is simple but lacks memorable, visually engaging moments. We identified opportunities to celebrate user wins and created quick iterations for delightful experiences.

Currently, users aren’t notified when their loan limit increases. We recommend using a pop-up that appears when users open the app, creating a delightful surprise.

One reason users prefer Jupiter is the quick loan disbursal (in less than 2 mins). We suggest highlighting this on the disbursement success screen, reminding users of the convenience we offer.

Through user conversations, we found that being debt-free is a significant achievement for them. To honour this, we can introduce a celebratory moment when a user makes the final repayment.

Human-Centric Learnings

Loans research offered a unique lens into users’ lives and the genuine struggles they face. Unlike most product research, this involved understanding their immediate needs and how they approach finances.

Hearing their stories firsthand deepened my sense of responsibility as a designer. Each user’s financial journey is unique and I can make a meaningful impact by designing simple, transparent flows, guiding users to the right solutions, and ensuring a sense of security by avoiding dark patterns.

I took a home renovation loan from my primary bank. The loan was backed by an insurance plan. I lost my Job unexpectedly and the insurance company couldn’t cover remaining EMIs because I didn’t have the required proof of job loss.

Somnath Chakraborty

I don’t have a credit card. There was a family emergency. I took a Mini Loan on Jupiter to book emergency flight tickets.

Vishal Mishra

LINKEDIN INSTAGRAM MEDIUM
poojametkar.id@gmail.com