LINE Bank Thailand
The Thai economy was heavily impacted by the prolonged tourism downturn caused by COVID-19. In response, LINE Bank partnered with LINE MAN Wongnai (LMWN) to launch a streamlined loan product for self-employed LMWN merchants, reducing the drop-off rate by 56%.
My role
Product Designer
What I did
Stakeholder management
Wireframe, UX specification
User research & testing
Platform
CWA (Web app)
Timeline
Aug 2022 - May 2023
Team
1 Project Manager
2 Product Designers
7 Engineers
LINE MAN Wongnai (LMWN), a leading on-demand delivery and restaurant discovery platform in Thailand, was developed by LINE Corporation and Wongnai. Since its launch, LINE MAN Wongnai has significantly impacted the food delivery market in Thailand, broadening access to a diverse range of culinary options while promoting local businesses.
Thailand, where tourism accounts for 12% of GDP, was severely impacted by COVID-19. Small business owners were especially impacted. Tourism revenue dropped by 100% compared to the same period the previous year, and the number of business that closed increased by 20.4%.
To help small business merchants with cash flow problems and increase LINE Bank's loan acquisition rate, we launched a new loan product in partnership with LINE MAN Wongnai.
Drop-off rate
56% decrease
After redesigning the offer amount page, we were able to significantly reduce the number of expired offers from 11% to 4.8%.
App-in conversion rate
7% increase
By streamlining the address input process, we increased the average app-in conversion rate from 24.3% to 27%.
Small business merchants
facing financial hardships after COVID-19
Pain points
- They are seeking loans to support their business, but approval is often difficult.
- Many have abandoned loan applications in the past due to complex processes.
Needs
They are looking for a loan product that offers easier approval and a simple, straightforward application process.
When we decided to launch a new loan product, our main focus was simplifying and improving the convenience of the loan application process. To do this, we mapped out the user journey of the existing application process, using user feedback and page drop-off rates as key insights.
Findings
Employment & income information
Users felt overwhelmed by the amount of information they had to input in this screen, especially for the employment type and address.
Loan offer amount
Users felt that the offer amount screen they saw after receiving a loan offer didn't provide enough information, leaving them uncertain about what to do next.
Payment setup
Users expressed uncertainty about the benefits of setting up automatic payments.
Users commonly felt confused when there was too much information to input or when explanations were insufficient.
To gain a deeper understanding of the difficulties faced by users on the Offer Amount page, we conducted a focus group interview with 17 Thai users who were offered credit but chose to decline and drop out.
Findings
1. Many Thai users were unfamiliar with the concept of installment loans.
2. They wanted detailed information about the interest rate to feel comfortable accepting the offer without worrying about paying the interest immediately.
3. They wanted a clearer view of the expiration date and time of the offer.
We found that users are not familiar with the concept of installment loans and want a detailed explanation of how the loan process works.
To simplify the loan application and repayment process for LMWN merchants, we established three key design requirements:
1. Minimize manual input
Reduce the steps required from users to make the loan application process faster and more convenient.
2. Simplified financial terms
Ensure complex financial terms are easy to understand, especially for users with limited financial knowledge.
3. Highlight key information
Emphasize important details to ensure they are easily noticed and understood.
We provided key loan information for LMWN merchants, along with illustrations, to make it easy for users to approach and understand.
Given the nature of the delivery platform, we've found that over 95% of LMWN merchants are business owners in the food and beverage industry. Therefore, we decided to automatically pre-populate the employment information.
There were too many fields to fill out, requiring users to manually enter all the information, which resulted in a high drop-off rate.
We streamlined the process so that users can enter their address with just a few clicks by consolidating basic address fields into a single entry.
Additionally, I provided two options: manually entering an address or selecting an address previously entered. I also improved the flow to make it easier for users to input the basic address fields in a single streamlined process.
Users often overlook important details like interest rates and expiration dates, focusing mainly on the credit limit. This has led to a higher drop-off rate as users remain unaware of expiration dates.
I provided tips on how to use the credit amount through a pop-up to help users navigate the complex loan process. Additionally, I formatted the text into paragraphs and adjusted the font color and weight for better clarity.
Users were unclear about automatic payments and felt unmotivated to set them up, leading to an increase in LINE Bank's late payment rate during the COVID-19 pandemic.
I redesigned the feature to highlight the automatic payment option so users can focus on it. I also added a friendly message below the automatic payment option to encourage users to set it up, along with a tooltip.
Unlike other LINE Bank loan products, users who apply for the LMWN easy loan have their monthly payments automatically deducted by LMWN. Therefore, we automatically set the payment information and clearly explain the repayment process
1. When applying for a loan
We pre-populated as much information as possible to minimize the steps users must take to enter their information manually.
2. After receiving a loan offer
We provided detailed guidance on the offer amount and payment information that existing users had difficulties with.
I participated in on-site usability testing in Bangkok, Thailand, working closely with the local QA team. I facilitated real-time communication between the development and QA teams to promptly resolve application defects.
