Company
Beyond Bank Australia
industry
Financial Services
deliverables
Interviews
Surveys
Scene
On the response of the Global Financial Crisis, the Royal Commission responded and conducted a comprehensive audit of financial organizations in Australia, which mandated key requirements for home loan processes and products. As a result, additional information was required as part of the home loan application form.
In addition, through the insights from the Home Loan Journey, we conducted a thorough analysis of the online Home Loan application form to assess its performance. The quantitative data revealed low completion rates for the form and high dropout rates in the early stages of the funnel.
HL Form funnel visualisation
Mission
- The objective was to enhance the conversion rate of the application form and decrease the dropout rate in the early stages
Journey
- Conducted in-person usability testing of the application form to pinpoint pain points through observation and qualitative feedback
- Utilised Google Analytics funnel visualization to monitor live performance
- Interviewed Home Loan Lenders to validate the relevance of the questions asked in the form
Research Findings
- Not all questions asked in the form were necessary at the user's stage of the journey
- Observed a high dropout rate of 80% in completing the application
- The highest dropout rate was on the "Getting Started" page, with 64%
- The process of saving the application form was confusing and difficult to retrieve
Outcomes
- Revise wordings for each field
- Enhance the layout and design of the page
- Eliminate non-essential questions
- Move commitment questions to later stages of the form, such as email address
- Implement accessible inputs instead of radio buttons
- Incorporate iconography for visual cues
- Improve the saving process
- Improve and add guided tooltips
- Enhance the descriptions and guidance in error messages
Results
- Increased the home loan application completion rate from 11% to 15%
