Loanify
Loanify specializes in offering instant loans against metals such as silver, gold, and other precious metals. Its a platform where users can obtain loans within 30 minutes right at their doorstep.
NBFC
Android, iOS & Web
April,2024
Problem Statement
The objective to design an application that enables Loan against Silver Jewellery from home for an Indian consumer that takes into account lifestyle, preference and constraints.
Scope Of Work & Timeline
I started the assignment to identify and effectively improve problems through UX research and analysis
User Research
Its done to address the full range of perspective required to understand the user needs.
User Experience Design
I worked on the User flow & journey map in order to have best user experience.
Visual Design
Worked on the interface designs for the application including prototype.
User Research
Silver in India comes next to gold in the jewellery buying preference of Indians. With the current downward spiraling of gold prices, silver is the new-found love of Indians. The shiny metal has been able to hold its price and even seen appreciations in a time when gold has been continuously losing shine for the past 2-3 years. Silver in various forms is popular in the Indian culture. The most significant role is played by it in weddings and birthdays. Other ceremonies which see silver being used as gifts and puja item are naming ceremony of babies, engagement ceremonies and pujas during Indian festivals like Diwali and Holi.
India comes next to gold in the jewellery buying preference of Indians. With the current downward spiraling of gold prices, silver is the new-found love of Indians. The shiny metal has been able to hold its price and even seen appreciations in a time when gold has been continuously losing shine for the past 2-3 years.Silver in various forms is popular in the Indian culture. The most significant role is played by it in weddings and birthdays. Other ceremonies which see silver being used as gifts and puja item are naming ceremony of babies, engagement ceremonies and pujas during Indian festivals like Diwali and Holi.
- The Silver Institute releases world's silver supply demand statistics semi-annually.
- In 2021, global silver supply rose by 8.20% YoY to 1056.20 million ounces, while demand increased by 15.29% YoY to 1033.10 million ounces.
- Conversely, in 2020, global supply and demand decreased by 4.16% and 9.98% YoY, respectively.
- Economic improvements globally and a rise in the global equities market provided support to silver prices.
- The global silver surplus reached a multi-year high of 80.10 million ounces in 2020 due to supply surpassing demand, narrowing to 23.10 million ounces in 2021.
- The COVID-19 pandemic significantly reduced silver usage by manufacturers and jewelers but increased demand from investors seeking a safe asset amidst economic turbulence.
Competitive Analysis
As part of quantitative research an online surveys was conducted to 100 people using google forms and 80 of them responded so far. this survey was consisted of five questions that allowed us to know little more about our user base and better support the findings derived from qualitative research.
| Feature | Finko - Kosamattam | Mannapuram | Oro Money | Muthoot Fincorp One |
|---|---|---|---|---|
| Accessibility | Simple & Fast | Slow & Confusing | Simple & Fast | Simple & Fast |
| Loan Application Process | Simple & Fast | Simple & Fast | Simple & Fast | Simple & Fast |
| Regional Language | Regional Language | Regional Language | No Regional Language | No Regional Language |
| Interest Rate and Terms | Low Interest Rate | Low Interest Rate | Slightly Higher | Slightly Higher |
| Security & Privacy | Biometrics Configuration | No Biometrics Configuration | Biometric Enabled | Biometric Enabled |
| Customer Support | Slow | Slow | Quick Response | Quick Response |
| User Experience | Good | Not Great | Good | Good |
| Integration & Other Services | No Digital Wallet Integration | No Digital Wallet Integration | No Digital Wallet Integration | No Digital Wallet Integration |
| Other Precious Metal Loan Service | No | No | No | No |
Surveys
I conducted a user survey to prove my hypothesis and gain user insight. To reach a significant audience, I wrote a short, 4-questionsurvey and send it to posted it on online communities and Twitter that matched the user profile. I received 8 responses.
Results:
- 85% said since it is a secured loan they do prefer over conventional loan as there is no requirement of a good credit history to avail a Silver loan. So that means there are many users applying for loans frequently.
- Over 60% of the people said they are worried about high-interest rates. Where Silver loans feature a low interest rate as compared to most other loan options. This maybe can be addressed by building a marketplace for Silver loans to get competitive rates.
- 55% of users depend on offline channels for taking Gold loans and they would love to explore Silver loan from home facility.
How convenient do you find the idea of obtaining a silver loan without visiting a physical branch?
- 90% Yes
- 10% No
What features would you prioritize in a silver loan service that operates from home?
- Easy & Quick Loan Process
- Interest Paid from App
- Loan Calculator
What factors influence your decision to choose a silver loan from home over traditional loan options?
- No Branch Visit
- Easy Loan Calculation
- Easy EMi Payments
How likely are you to recommend a silver loan service that offers home-based assistance to friends or family?
- Most Likely
- No At All
User Persona
Based on the user research conducted in my organizations, with my maid and wih my relatives, I set up two personas. I referred to them throughout the entire product development process.
Mr. Suresh Chand Sharma
Age - 51 Years
English Teacher
Location - Siyana, Uttarpradesh
About
Mr. Suresh Chand Sharma is a retired english teacher and a farmer in Uttarpradesh. He has been taking care of his family and farms for about 40 years now. He often needs fund to support his family needs, gets loans from bank in higher rate of interests. he also have to buy equipments, seeds & fertilizers. Recent pandemic led him in loss and wants to recover for that he needs to take loan from the bank keeping his silvers as mortgage and get the financials in place as soon as possible so that he can start farming again and keep supporting his daily needs & livelihood.
Goals
- Needs a limitless channel where he can liquidate his assests specially precious metal and gets his funds in order
- Needs simple way of applying silver loan from his own house
- Loan against silver as he is having significiant amount of heriditary assests.
Frustrations
- Applying for loan and getting delayed in processing time.
- Average technology usage led him in state of confusion
- He has to rely on third party vendors for loans which leds him in long payment cycle.
Mrs. Maya Rani
Age - 35 Years
Maid
Location - Gurugram,Haryana
About
Maya Rani is a maid who lives in Gurugram,, Haryana. She has been taking care of her house for about 15 years now and she is managing everyones expectations and grievances really well. She manages her finances and her assets on her own and also created her own fund in emergency usage through various channels. She always tries to keep her finances healthy by keeping a fixed saving every month. Although she doesn’t anticipated the effect of pandemic with any specific problems, She tries to stay away from debts and mortgages. Maya exercises her gold and silver to liquidate her fund when in need and in adverse situation.
Goals
- Always stay up-to-date and follow on her stability of finances and scheduled payments.
- Needs a platform to avail easy silver loan.
- She does not want to go to the bank and spend too much time in que et.
Frustrations
- Long payments processing time, and processing charges.
- Some vendors charge too much interest for the loan
- She needs a silver loan calculator so that can see how much she will get for how much silver.
Userflow
While creating a user flow, I take into account both the needs of the business and users. Thus, app users have the opportunity to intuitively navigate inside the application and effectively use all the functionality.
Wireframes & Discussions
I conducted a peer review of the hand-drawn wireframes and engaged in brainstorming sessions with my product design team, including my design manager. Based on the discussions and feedback, I made the necessary iterations.
In the images below, the design team is discussing the research I conducted and the wireframes I created for the Loanify POC.
Colors & Typography
Color Branding
Primary/ #FFD15C
Orange is a vibrant and attention-grabbing color because of its ability to stand out and be easily noticed. It is associated with feelings of excitement, enthusiasm, and warmth.
Primary/ #FFD15C
Orange is a vibrant and attention-grabbing color because of its ability to stand out and be easily noticed. It is associated with feelings of excitement, enthusiasm, and warmth.
Other Colors For UI
Success
#27AE60
Error
#EB5757
Fonts Used
Aa
PT Sans
Regular Medium
AaBbCcDdEeFfGgHhIiJjKkLlMmNnOoPpQqRrSsTtUuVvWwXxYyZz
Visual Designs
Choose Your Language
After Splash screen, user will redirect to the choose language screen so that he/she can choose their regional language based on the states.
Easy & Secure Login, Signup
Login and Registration process have been designed in such a way that even a naive user can use Loanify App easily
Quick Application Process
Loan Application process have been divided into quick & easy 3 steps to provide better user experience
Other Services
Other services like wallet integration, mobile recharges, electricity bill payments, gas cylinder bill services are also provided.
QR Functionality
QR functionality have also been provided so that user can pay EMIs and other bills with just one quick scan
Loan Application Process
Loan application process is divided into 3 easy steps where user needs to request for silver loan from hom screen and then can apply for it for further step.
Choose Metal Weight
User can enter the silver weight and accordingly he/she will get the price on the app.
Select Date & Time
Usr can select date and time as per their convenience so that the pickup guy can come to their doorstep for silver pickup.
Add Address
User can add their home address from the change address button
Other Screens
