Consumer financial products often make users hesitant when borrowing due to technical terminology, information leakage concerns and cumbersome processes. This paper discusses how to optimize financial design from three aspects: cognition, emotion, and efficiency, and help users move from “incomprehensible” to “borrow with confidence”.
From “I know every word, but I can’t understand it” when facing professional terms, to the anxiety of “always worrying about information leakage” when filling in information, to the irritability of “why is it not finished” under the cumbersome process…… The user experience pain points of consumer financial products are making countless people wander between “wanting to borrow” and “not daring to borrow”. How to break this dilemma and achieve the transformation from “incomprehensible” to “borrowing with confidence”? This article will explore consumer finance experience design from the three dimensions of cognition, emotion and efficiency.
01 Background
The confused expressions of users when facing consumer financial products lead to a series of questions in their minds: “What is equal principal and interest?” “Is it reliable?” “What about interest rates?” “How much is more?” “What do you need?” These seemingly simple questions accurately reflect the confusion and uneasiness of users in the consumer financial product experience.
02 Insight into user pain points
After 10 years of interaction design, why did I transfer to product manager?
After the real job transfer, I found that many jobs were still beyond my imagination. The work of a product manager is indeed more complicated. Theoretically, the work of a product manager includes all aspects of the product, from market research, user research, data analysis…
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These user perceptions are by no means generated out of thin air, and there are deep-seated essential problems behind them. The accumulation of technical terms makes it even more difficult to understand, insufficient information security guarantees lead to a lack of trust, and redundant operation processes consume patience. Because of this, we need to explore targeted solutions from the dimensions of cognition, emotion, and efficiency to reshape the consumer financial product experience.
03 How to solve it
Once you know what the problem is, start looking for solutions. From the three dimensions of cognition, emotion and efficiency, we break down cognitive barriers with popular expression and visual presentation, build a bridge of trust with a sense of security transmission and companion experience, improve process efficiency through convenient operation and efficient guidance, and optimize user experience in an all-round way.
1. Cognitive dimension: Make professional terms “grounded” and information presented more intuitively
1.1 Popular expression
In consumer finance loan products, technical terms are a “high wall” between the product and the user. To break down this barrier, technical jargon needs to be translated into plain language.
In this way, professional terms are transformed into familiar daily language, reducing the cost of understanding and improving the ease of use of products.
AI can also be used to further build a terminology conversion library for further industry terminology, translation, and scenarioization.
1.2 Visualization
Present complex information in an intuitive visualization to help users quickly understand key information. For example, on the loan application results page, visualize the progress of the process. Users are often confused when faced with the “Under Review” prompt and do not know the progress. After visualization, users know exactly what stage their application is in. Give users visibility into the approval status at a glance.
In the loan application process, a visual method is introduced to present the verification situation. Users are confused about multi-step verification and it is difficult to know the process. The visualized percentage indicator clearly shows the degree of validation, allowing users to understand the progress in real time and know what they are doing.
2. Emotional dimension: Create a sense of security in all aspects and accompany you intimately
In consumer finance loan products, the security of users’ personal information is crucial. Users are worried about “Will my information be misused?” “Can the safety of funds be guaranteed?” and other problems are full of anxiety. To resolve users’ deep anxiety, we start from the emotional dimension, eliminate user concerns and establish trust and connection through security transmission and companionship experience.
2.1 Transmission of a sense of security
Encrypt users’ sensitive information, such as ID numbers, bank card numbers, contact information, etc., to clearly perceive that the information is protected by privacy. At the same time, we will strengthen brand endorsement through official qualification publicity and industry authoritative certification, and enhance product credibility with visible professional strength.
2.2 Companion experience
Anxiety in the borrowing process often stems from unknowns and emergencies. The product needs to be incarnated as a “caring butler”; Intimately explain the application conditions, borrowing steps, repayment and other issues that users want to know. In addition, for emergencies that users may encounter, such as forgetting to bring their ID cards, bank card numbers, etc., provide corresponding emergency support measures to accompany users to solve them;
Through the transmission of security and companionship experience, users can feel the care of the product and enhance their dependence and trust in the product.
3. Efficiency dimension: simplify the complex, efficient and easy
3.1 Convenient operation
In the past, the login process was cumbersome and prolonged, with many steps layered on top of each other, which often made users tired and bored, and the login experience was greatly reduced. After optimization, the one-click login mode with mobile phone number or face ID is simplified, and users can log in instantly with a touch or recognition, which is efficient and convenient.
3.2 Efficient guidance
Previously, users were often confused about the ID card authentication steps “What do I want to do?” , the complicated explanation makes people at a loss. After efficient guidance, the operation options are simple and clear, such as “start shooting” and “album upload”, etc., reducing the cognitive burden, making it easy for users to get started.
Summary: Through popular expression and visual presentation, it breaks down the communication barriers between users and products, so that users can easily understand product information; Through all-round security shaping, it wins the trust of users and enhances their dependence on products. Through convenient operation and efficient guidance, the operation process is simplified and the user’s efficiency is improved.
04 Write at the end
In the future development, with the continuous changes in user needs and the continuous advancement of technology, the user experience design of consumer finance loan products will also continue to innovate and improve, bringing simpler, more secure and efficient loan services to users, and promoting the development of the consumer finance industry in a healthier and more sustainable direction.
