LendingTree is a financial lending marketplace that connects potential borrowers with loan operators. The platform allows users to shop around and communicate with several lenders to find the most optimal loans.
From September to December of 2021, I served as a product designer and was tasked with rethinking the user experience of mortgage refinancing on LendingTree.
LendingTree
Role
Product Designer
Timeline
September to December 2021
Team
1 project manager and 3 product designers
Problem Scope
To reimagine the mortgage refinancing experience.
Currently, the user experience of managing payments on Microsoft Azure has been negatively impacting the overall user-satisfaction score of the platform as a whole. I was tasked with analyzing research to identify main user pain points with the current experience, and providing design solutions to alleviate those pain points.
final experience
Build a profile prioritizing what matters to you.
Get to know your potential lender on a deeper level.
Skip the intrusive phone calls when connecting.
research
My research was conducted through benchmarking comparable financial technology lending platforms such as NerdWallet and Sofi, extracting insights through previously recorded user interviews provided to us by LendingTree, and interviewing homeowners who had gone through the refinancing process to gain a comprehensive understanding of their needs and frustrations.
Methodology
Competitor Analysis
Conducted competitor analysis on 8 financial platforms that provided refinancing services.
Existing Research
Analyzed existing LendingTree user personas and journey, and other research.
User Interviews
Interviewed 13 homeowners inquiring about their mortgage refinancing experiences.
Research Insight 1
Users highly value genuine human connection.
Users highly value communication with a real lender during the refinancing process. They value a certain degree of hand-holding and guidance during the process, and want to feel that they are being supported by their lender.
Users respond negatively to over-communication.
While human connection is important, over-communication can have an adverse effect. A major pain point users have with LendingTree is that once users’ information is uploaded and sent out to lenders, they are suddenly bombarded with calls from lenders. Users feel burdened by having to constantly field calls with no clear schedule of when they are coming.
Research Insight 2
Research Insight 3
Users have different criteria when choosing lenders.
While human connection is important, over-communication can have an adverse effect. A major pain point users have with LendingTree is that once users’ information is uploaded and sent out to lenders, they are suddenly bombarded with calls from lenders. Users feel burdened by having to constantly field calls with no clear schedule of when they are coming.
synthesis
Concept Mapping
To further gain an understanding of the thought process a user goes through when making a decision about which lender to choose, I created a concept map that visualizes key themes of the process, synthesized from user interviews.
Design Goal
Upon synthesizing user research and identifying key user pain points, I identified my main design goal in restructuring Azure’s payments center.
HMW create a non-intrusive refinancing process that keeps users engaged and informed?
iteration
Lender Profiles
Initial Design
My first design of the lender profiles features several cards that provide information about the lender as well as their offer. I strived to maintain a balance between providing relevant rates and details regarding the offer as well as information about the lender to create a more personalized experience for users.
Final Design
My first design of the lender profiles features several cards that provide information about the lender as well as their offer. I strived to maintain a balance between providing relevant rates and details regarding the offer as well as information about the lender to create a more personalized experience for users.
