Experian
Optimising debt consolidation journeys
Only 1 in 25 eligible customers take out a debt consolidation loan. The team wanted to understand which stage of the process did customers need help with. I was tasked with identifying which areas of the journey we could improve.
Quick wins
I examined hesitation patterns and drop-off points within the comparison search process to identify areas for improvement. I ran multiple quantitative studies to hone in on which areas of the process users were struggling with and conducted fake door tests within the results page to determine desirability
Findings: We identified that there was a market for loan consolidation when customers were intercepted on their journey. However, it was clear that the issue was mainly in the front of funnel.
Customer interviews
To gain deeper insights into customer motivations and barriers, I conducted moderated interviews with customers to understand their struggles at different stages of the process.
Methods
I recruited and interviewed 8 participants in total:
4 people overextended, juggling payments on multiple lines of credit
4 people who have consolidated multiple lines of credit
Co-Ideation workshops
Recognizing the complexity of the problem, I led co-ideation workshops with broader business areas. In these sessions, I presented the findings, allowing the team to hear feedback firsthand, motivating them to ideate for customer needs at each phase of the journey. It was encouraging to see how they could address these needs within their own pipelines, developing a more unified approach.
