UX/UI PROJECT

OVERVIEW:
Outfund is a lending startup that leverages live customer data to automate underwriting and offer flexible repayment options. The model is designed to adapt to business performance, providing a sustainable approach to funding that supports feasible growth.

My Role:
Working closely with the Product lead and another product designer, we oversaw the entire design process from conception to implementation. My role involved conducting customer and competitor research, creating a detailed service blueprint, designing wireframes, testing and creating prototypes.

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WHO IS Outfund?
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Outfund is a revenue-based financing company that provides non-dilutive capital to e-commerce businesses and SaaS (Software as a Service) companies. Unlike traditional funding methods, such as venture capital or bank loans, Outfund offers financing based on a business's revenue and future sales projections, without requiring equity or collateral.

The company focuses on providing fast and flexible funding to help businesses scale their marketing, inventory, and other growth-related expenses. Outfund is part of a growing trend of alternative financing options aimed at businesses that may not have access to traditional funding or that prefer not to give up equity to investors.

PROJECT OVERVIEW:
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The Application Journey project focused on simplifying the funding application process for SMEs by minimizing the time required for submission and enhancing the user experience, ultimately driving increased revenue. This involved a comprehensive overhaul of internal operations to facilitate a fully self-service process from beginning to end.

  • To simplify the application process for users
  • Drive increased revenue
  • Make the journey as automated as possible

Finding the Problem.

Taking a look at the current application journey there was a massive multistep form that was unclear and relied heavily on the sales team to guide the user through to the end of the process. Visually there was no clear message or instructions on how to proceed, leaving the user with pain points and therefore, not finishing the application process.

Problem statement

Customers struggled to complete and submit the application independently, leading to a 71% drop off rate and a decline in revenues with a heavy dependence on sales staff to drive growth.

Research.

Faced with complex stakeholder requirements, we conducted a series of brainstorming sessions and interactive workshops involving key team members from various departments. These sessions were designed to foster collaboration and encourage diverse perspectives, allowing us to thoroughly explore a wide range of concepts.

Our primary goal was to quickly and effectively evaluate each idea for its potential impact on both the user experience and business outcomes. We also focused on ensuring that proposed solutions were feasible within the existing operational framework and aligned with overall business objectives.

Through this iterative process, we were able to refine concepts and prioritize those with the greatest potential to drive positive change.

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Ideation.

As a team, after reviewing our blueprint and deciding to redesign the customer journey from the ground up, we opted to divide the journey into distinct sections. This approach allowed each team member to take sole responsibility for a specific part of the process, ensuring focused attention and expertise were applied to each stage of the redesign.

I took on the pages of company details, the repayments page, the Verification process and the Broker portal.

We began the design process by sketching initial concepts, which were then subjected to several rounds of feedback and critique from stakeholders and the lead designer. After refining these sketches, we transitioned our designs into Figma, where we went from low to high-fidelity prototypes.

This prototype allowed us to conduct in-depth usability testing with our internal team, enabling us to identify areas for improvement. Additionally, I conducted guerrilla testing outside the organisation to gather diverse feedback and insights, which further informed iterative refinements to enhance the overall design.

Style Guide.

we undertook a comprehensive redesign of the logo and overall branding to create a more modern and visually appealing identity. Our primary focus was on selecting a new colour palette and typeface that would convey a clean, professional, and approachable aesthetic.

Additionally, we explored various typeface options to find one that complemented the new design direction, ensuring readability and reinforcing the brand's core values. This redesign was integral to improving the overall user experience, making the brand more memorable and accessible to its target audience.

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Challenges.

The Application Journey project was a critical initiative for the company, the whole process spanning over 1 year with numerous amounts of iterations and phases.

The process revealed the complexities of balancing user needs, internal operations, and technological limitations, underscoring the essential role of cross-functional collaboration in delivering impactful results.

There was also a huge issue with trust from users that we needed to take into consideration which I believed would significantly see an increase in our application submission rate which we later established.

Solution and Results.

Understanding that trust was crucial for increasing application numbers, we prioritised creating a seamless and intuitive user experience. To achieve this, we integrated a comprehensive FAQ section and provided an option for users to speak directly with a sales representative if needed.

Additionally, we enhanced the platform with detailed information about the company, including case studies and testimonials, to further build credibility and confidence among potential applicants. These elements combined to foster a trustworthy environment, encouraging more users to engage with and complete the application process.

Increased revenue and reduced costs:
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Reduced submission time by 96% (from several hours to an average of 4 minutes).

‍Decreased Customer Acquisition Costs (CAC) by 83% within six months as a result of enabling self-service application.

‍Boosted margins 2.3 times by decreasing dependency on the sales team.


Responsive Design.