Klar users faced uncertainty in the process of obtaining credit and the timeframe for its approval. Research revealed that most users anticipated an instant response. Failing to provide a quick answer became a significant obstacle and hindered our conversions. In response, our project focused on creating an onboarding experience to provide users with the fastest response to credit access.
We focused on minimizing the steps required for users to receive a response to access credit. We created an initial value exchange, starting with a positive answer indicating credit availability. Once users received this promising response, we motivated them to complete the remaining documentation required to activate their credit line.
UX: The scattered placement of actions required from users to provide the necessary information for credit access posed a significant roadblock. Users took a long time to locate these actions, causing frustration and churn.
Tech: The existing credit scoring system relied on a 30-day behavior tracking period, which was inefficient. Integrating an external and more efficient credit scoring model was essential to improve the process.
Conversion rate: The ultimate goal of the project was to increase the conversion of sign-ups to credit activation. As credit users accounted for 80% of the company's revenue, improving this conversion rate was crucial for overall business success.