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LendInvest Admin Portal
Increasing mortgage application case completion without increasing headcount
My Role(s):
Product designer
Responsibilities:
Strategising with stakeholders | Collaboration with Designers, Product Managers and Developers | User research including interviews, understanding the problem and gathering insights | UX/UI design of new dashboard, application forms and relevant screens | Design system management, contribution and upkeep | Component design and documentation | Design QA
🙍🏻♂️ Business problem
KYC checks take too long to complete
LendInvest’s ambition to streamline the mortgage application process relied on completing crucial due diligence checks, completed by internal Case Managers (CM) and Underwriters (UW). Focused on reducing repetitive data entry, we aimed to eliminate the potential for errors that could impact applicants. Moreover, we tackled the inefficiency of inputting personal information into fifteen third-party applications.
A third-party system was already in use for completing KYC checks but LendInvest wanted their own proprietary software that utilised innovative technology.
🧩 Building foundations
The ‘Packaging Card’ is created
In order for UWs to accurately make a decision on whether to approve a loan or not, they must analyse hundreds of data points about an individual’s credit record. Working closely with UWs I created a ‘Packaging Card’ for them to read through, which provided important information such as credit and payment history, any CCJs, IVAs or bankruptcies, anti-money laundering hits and any other suspicious financial alerts.
Initially, this was a standalone search that would later become one of many instant searches in the Genesys Admin Portal.
❓ Problem statements
Human errors could prove costly
I facilitated workshops with the Case Managers and Underwriters to grasp the challenges tied to their due diligence checks. The substantial volume of repetitive data entry posed a heightened risk of human errors. Considering the potential impact on an individual's credit score, accuracy was paramount. Moreover, the time required for completion regularly stretched to a full working day due to the multitude of manual checks involved.
💡 Initial designs
Testing designs based on user insights
The packaging card was just the first step into addressing my colleagues’ frustrations. It was to become part of a larger portal, where users could complete all of their checks with the click of a button and receive the results instantly. Applicant data would be supplied by the broker via a separate Broker Portal, practically eliminating the risk of data entry errors for my colleagues.
Users were excited about the prospect of spending less time using time-consuming workarounds and more time actually doing their jobs.
📜 Empathising with the user
Designing the right thing, right
In order to empower my colleagues for efficient task completion, a thorough exploration into the intricacies of their roles was crucial. This involved delving into the nuances of 30-page credit histories, shadowing them for extended periods to comprehend their workflows, identifying inefficiencies, and proposing actionable improvements.
The outcome materialised as a streamlined portal, presenting crucial information succinctly. This not only minimised friction in task execution but also notably accelerated their workflows, facilitating increased case completions.
📜 Redesigning the packaging card
More information, more iterations
The designs for the new portal meant that the packaging card designs were now misaligned. I set to work creating new components for use with an updated packaging card design that was built to be modular, easier to group information and add to in the future where necessary.
This proved to be a shrewd decision, as when the Covid-19 pandemic began, LendInvest was required to conduct additional checks. These checks were then added to the packaging card.
💳 Credit history - simples!
Simplifying the complex
The portal has already proven its worth, evident in the uptick of monthly case completions by CMs and UWs. To amplify the pace of case resolutions, simplifying the most intricate facet of due diligence checks was paramount: the credit report. These monolithic documents presented challenges with scattered information, confusing visual layouts demanding nuanced interpretation, and inadequate hierarchy, rendering daily comprehension a formidable task.
🥳 We achieved some success
A vital cog in the machine
The Admin Portal has become the cornerstone of LendInvest’s ability to approve loan applications. Even in the early days of its implementation, it was clear that we were on track to achieve the business’ goal of increasing case completion without increasing headcount. The portal enabled CMs and UWs to increase their case completion by a whopping 230%, reducing the time taken to complete to roughly thirty minutes, down from an average of three hours.
😤 Challenges along the way
Product roadmap disrupted by Covid-19
Amidst the project, the Covid-19 pandemic posed a significant hurdle. Furloughing hit the Product team, derailing the product roadmap and prompting a reassessment of business priorities. Simultaneously, gaining access to numerous third-party APIs for integrations proved cumbersome, leading to prolonged delays in finding satisfactory solutions and impeding platform development. Additionally, grappling with the intricacies of certain checks proved challenging, as each element was pertinent to completing a check, allowing minimal room for simplification.
