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Reduce the drop off rate of fundings applicants
I joined forces with Silvr team in July 2022 as a freelance product designer. One of the biggest project I was appart of was creating an eligibility funnel for leads interested in Silvr offer.
Silvr supports small business owners by providing online, hassle-free loans to finance their projects and improve their cash flow
In order to make a loan offer, financial and risk analysts need to get a lot of information about the company’s financial health : how much they spend, how much they earn, their revenue sources, etc.
The best and only way for Silvr to get this data is to have the lead’s platforms connected to Silvr
Today, leads who are interested in Silvr offer need to go through a long onboarding funnel and connect their platforms. It’s only at the end of this flow that leads ge an positive or negative answer about the loan possibility
The global funnel conversion (from the first step where users need to signup to a deal signed) is very low
We want to build an instant pre-eligibility check flow for leads with two goals :
reduce the drop in the current flow
qualify the leads (sort the ones that can be eligible and the ones that can’t)
engage the lead in a short flow with the promise of an amount offered
Step 1
Leads that are interested in Silvr’s offer click on the Homepage main CTA and land on this signup page. They will need to confirm their email
Step 2
They fill out a form with company info and the amount of money they would like to get. This helps filter out most of the company that won’t be eligible to a Silvr offer
Step 3
They connect their revenue accounts. This step is critical for Silvr but also really painful for leads, as it may be filled by someone who doesn’t have the proprer acces)
Step 4
They identify, then connect their bank accounts. Some banks won’t allow this so they will need to upload bank statements.
Step 5
The application is submitted, they have the possibility to add more data while waiting for Silvr team answer
Looking at the traffic data for each step (in a 2-months time window), we see that :
70% of users drop off between step 1 and step 2. This tells us that 70% do not expect to be asked for their email and are most probably looking to find out more about Silvr and its offers.
41% of users drop off after filling out their company info : drop in interest in submitting an application when asking for a connection.
<5% of applications are not eligible to a Silvr offer because financial and risk analysts have estimated that they financial situation was not healthy enough. They may become eligible in the future.
Directionally this analysis points to multiple pain points in the user journey :
Asking the lead to signup at the first step is way too early
Connecting platforms is a pain for users
There are a lot of leads that won’t be eligible for an offer who request an application. They need to be cut off of the flow earlier to save time for analysts
3 - Define our lead personas and lead personas
Thanks to empathy map and user journey workshop with stakeholders, we defined two lead personas for our application flow : topical financial expertise companies and dedicated financial expertise companies.
For both of our personnas, we defined holistic goals to achieve with the application flow :
Guidance through each step
Deep explanation on how Silvr works alongside their runway
Detailed explanation of how data is used for each part of the assessment
Explanation on how RBF (revenue-based funding) can scale their company at each step without dilution
Timing explanation of the best time to look for financing to not be too late
Assurance from Community and successful founders who succeeded with RBF
Simplify each step without overwhelming with too detailed info
Clearly understood contract with no hidden surprises
A way for them to present the offer to their board to win the offer
4 - Solution
The split screen layout came pretty early in the UI exploration, it allowed us to have a strong focus on a clean, simple interface with questions on the left side, and a more branded guidance section with reassurance on the right.
The biggest challenge was to have a the least amount of steps as possible to keep the lead engaged, but to also have a no brainer UI, the clearest copy possible and reduce the visual mental load of the flow.
At the end of the flow, we ask the lead to signup to get the result of the eligibility, to keep the engagement until the end.
The connector step being the most critical one for Silvr analysts but also the biggest pain point in the current flow, we decided to ask the lead to select his/her platforms only, and not to connect at this step. This would make the task more simple but would also provide us with really important data. When the lead has created an account, we can then ask simply for the connection of the platforms he/she previously selected.
