Improving self serve rate for business loans

Context

Razorpay capital offers credit products to its users such as Line of credit, corporate credit card & Loans.

To avail credit, users must fill in an online application and share the necessary documents.

Problem statement

The bank statement onboarding stage currently experiences a 51% drop-off rate, creating a critical bottleneck in the lending funnel. This is driven by a reactive validation loop and a lack of real-time user guidance, which forces manual intervention and prevents applicants from presenting the financial data necessary to qualify for higher credit limits. Consequently, these inefficiencies directly suppress Average Ticket Size (ATS) and stall the growth of the overall lending book.

Solution summary

The solution targets the critical areas that the problem statement highlights
Clear communication of requirements.
Realtime feedback (within 30s) on uploaded statements.
Re-designing the loan offer screen to celebrate the user’s efforts.

Impact

65.2%

^14.38%

Adoption

2 days/w

Time saved

55%

^61.7%

Self serve rate

My Role

Owned the entire solutioning aspects from drafting concept notes & conducting user research to designing the flows, interactions & animations.

Team

1x Product Designer
1x Product Manager
2x FE Engineers
2x BE Engineers

Solution details

#1 Simplifying the bank statement screens

The first part aims at creating a simple and straight forward bank statement collection experience for the users. This involved redesigning the screen as well as the copy.

1.1 Account & method selection

Before

After

1.2 PDF Upload screens

Before

After

#2 Providing feedback in realtime

This is where our back-end does the heavy lifting to process the bank statements in realtime and ensure the rule engine is able to churn out an offer for the user within 30 seconds (given all requirements are met)

Real time feedback - missing dates

Real time feedback - duplicate file

#3 Redesigning the offer screen

~70% of the users drop-off by the offer step. In-order to be truly self serve & increase ops and sales efficiency, the onboarding journey had to be simple & delightful.

The goals for this redesign were to ensure

Offer details are upfront & easy to consume

Looks dynamic & gives a celebratory feeling

Doesn’t distract the user from the task at hand

Before

After - Desktop

After - Mobile