Goals
The project aimed to build a prequalification program to enhance the client experience, aligning with the BofA growth plan and strategic initiatives. It will positively impact digital engagement, increase revenue, and improve client experience.
Impact
• Increased digital engagement
• Created a new revenue channel
• Grew the sales funnel and targeted new client segments
• Enabled increased customer confidence, personalization, and built trust
• Created a new revenue channel
• Grew the sales funnel and targeted new client segments
• Enabled increased customer confidence, personalization, and built trust
Roles
• Stakeholder: BofA Lending
• Product Design: Brian Thompson
• UX Lead: Brian Thompson / BofA
• Content Design: BofA / Brian Thompson
• Product Design: Brian Thompson
• UX Lead: Brian Thompson / BofA
• Content Design: BofA / Brian Thompson
Personas
We developed and evolved user personas during the initial research and discovery phase.
Using a 2x2, I plotted our personas based on their purchase funnel position and budget sensitivity, revealing two primary audiences.
Research
A ridiculously thorough research process inspired and guided us as we began our exploration adventure.
Audit
We audited the existing auto loan experience to identify opportunities for evolution and improvement.
We discovered there were 27 potential entry points for the experience we'd incorporate into our user journey definition.
I also did a competitive audit or direct competitors, adjacent competitors, and inspiring relevant examples.
Feeling the pain
I dissected the research and clustered pain points into phases: Understanding, Planning, and Acting.
I broke the phases into steps: Discovering needs, Education, Exploration, Defining terms, Prequalification, Shopping, Comparing rates, Redifing terms, and Completing a full application.
User Flow
Packed full of research and strategy insight, my mind was racing, and the user flow started taking shape.
Overlay research
I then dissected the research about what people really wanted and overlayed customer quotes for each segment of the customer journey to ensure we integrated the user needs throughout the entire experience.
Wires
I translated the flow into many different iterations of wireframes to begin to visualize the elements, gaining stakeholder buy-in throughout weekly collaboration sessions.
Designing
With stakeholder support, I built out the entire experience for all surfaces, added error states and edge cases, and built prototypes for testing.
There were three rounds of testing prior to launching among a limited set of real customers, integrating all customer feedback along the way.
Results
We researched, designed, and launched a prequalification program to enhance the client experience, aligning with the BofA growth plan and strategic initiatives. The pilot showed a significant increase in digital engagement, a successful new revenue stream, and customer satisfaction surveys confirm we delivered on empowering the customer.
• Built a foundational prequalification architecture to enable clients to prequalify
• Built a foundational prequalification architecture to enable clients to prequalify
• Provided transparent purchasing and refinancing options
• Helped people understand ahead of time what they could finance, and, more importantly, how much they could afford
• Enabled people to determine prequalified, up-to-amount, and estimated rates
• Enabled people to determine prequalified, up-to-amount, and estimated rates
• Aided in budgeting and decision-making before submitting a full credit application via a new digital channel
• Created a new revenue channel, broadened the sales funnel, and targeted new client segments
• Enabled increased customer confidence, personalization, and built trust
• Created a new revenue channel, broadened the sales funnel, and targeted new client segments
• Enabled increased customer confidence, personalization, and built trust
