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UX STRAT Asia 2020: Ekta Rohra Jafri, IBM
The document outlines the evolution of a heavy equipment finance platform aimed at creating a seamless, data-driven experience for customers in an otherwise fragmented industry. It highlights key insights derived from research and design workshops that emphasize the importance of speed, collaboration, and transparency to enhance decision-making processes for users. The future vision includes AI-driven insights and contextual education to foster informed choices and streamline loan processing across various stakeholders in the ecosystem.
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UX STRAT Asia 2020: Ekta Rohra Jafri, IBM
- 1. Finance a platform forasset finance The start of a Cognitive Enterprise Journey
- 2. Fragmented Industry 2017 Future2020 InconsistentExperience Unaware Customers Distributed User & Asset Data Unification of Ecosystem Seamless Experience Informed Customers Data Consolidation Powerfully Connected Ecosystem Personalized Experience Data Empowered Customers Data Driven Decisions Path to the Cognitive Enterprise
- 3. The Diversifying Farmer AgriculturalBackground Industry Novice No Future Foresight Struggling with decisions The Upcoming Operator Industry Background Technical Expert Experiential Expertise Stretching the Budget First Time Buyer Small Subcontractor Mid Level Experience Street Smart – Over smart Crude Negotiation Tactics Long winded decisions Second Generation Contractor Legacy of Experience Legacy & Personal Network Boost Swift Negotiations Quick Probabilistic Decisions Small Entrepreneur Principal Contractors Highly Experienced Industry & Network Experts Future Foresight Large Scale Decisions – Personalized Negotiations Large Enterprise Brand Rub Off Value Large Scale Needs Personalized Service Highly competitive negotiator Strategic Customer $ $$ $$$$$$$$$$ Who is the customer?
- 4. The Players inthe Ecosystem Finance Partner - RM Finance Partners Sales Channel Partner Single Entrepreneurial Partner Relationship Manager Sales Channels Finance Dealer OEMs Original Equipment Manufacturers
- 5. Research & DT Timeline Nov 2017“We now have usable models that come from this outside-in approach which will create value for the entire brand.” CEO, iQuippo Dec 2018 2 Research Cycles & 4 Design Thinking Workshops later. RBI approves co-lending as a framework. We zero in on the asset purchase transaction with a focus on finance to begin the transformation. Mission – To build an MVP – A business platform for heavy equipment finance aggregation. Jan 2020 4 Agile Workstreams, Design Garage + IBM Delivery teams + iQuippo Dev & Product Team. 16 Adobe Prototypes, 3 Invision prototypes later. Web based Loan Origination to Sanction Journey Live for 6 stakeholders Loan Origination Mobile App Live for Agents Content Strategy for Launch including Infographics, FAQs & Alerts $ 115 Million
- 6. Key Insight #1 Itsa reference driven industry Why? Access No other means of connecting Highly networked industry High Risk Stakes are high Comfort in the known
- 7. Key Insight #2 The grapevine carries knowledge Why? Tobuild relationships Good advice is social currency Reduce Risk The right information at the right time, helps reduce risky decisions
- 8. Key Insight #3 Incontext education works best Why? 360° Pressure Project & contract deadlines Cost pressures Local & geographic realities Reduced Attention Spans Memory load involved in remembering Build Relationships Right advice at the right time helps in building trust
- 9.
- 10. Speed Collaboration Trust Transparency Definition Fastenough to match my deadlines & support my decisions. Impact Helps me pick, plan and execute projects so that I can pay EMIs on time. Definition Definition Knowing the status of the loan & the barriers and outcomes in the process. Impact Helps me to plan and react quickly. Impact Helps me to start the work at right time and earn profits. Definition Tested and tried earlier, Corroborated by friends, family and other successful people. Impact Helps me to choose and implement the best practices which make projects profitable. Retail Buyer Steps in to help me decide on the correct machine, good collaborators and the most profitable loan offer. .
- 11. Speed Collaboration Trust Transparency OEMDealer Definition To be able to judge the velocity of the deals Impact Helps to balance Operational Expenses Definition To be able to upsell the customer, to keep in constant touch with him. Impact Helps in customer relationship Balance Operational Expenses Definition Standing by promises made to him and the custmoer Impact Helps me refer customers with confidence Definition Maintain visibility on all loan status and closures Impact Helps to build brand value
- 12. Insight Idea Impact Timeis of the essence! The retail buyer applies to multiple banks and goes with the one that approves the fastest Eliminate Dead Ends. Increase Speed. The relationship manager wastes a lot of time chasing dead end cases To the dealer, extra time for loan sanction means extra inventory holding costs At the financier’s end, dead end cases pile up. Automate eligibility check into a self service at source. Enable the partner to play a role in fast-tracking & have visibility over the case. Eliminated clear no-go cases before loan application. Win-Win all around. A single engine to codify & apply credit rules from many financiers in one go & serve personalized offers. Enable the customer to save time list in exploring multiple options. Reduce Turn Around Time Enable the agent to the right questions to remove all no-go conditions. Increased the probability of being first time right for a customer Enabled fast comparison shopping & decision making. Cognitively drive decision making through insights & proven accelerators. Reduced Manual labor Set in motionAchieved
- 13. The retail buyerhas to plan machinery & staffing, he needs to know when the asset is coming Make everything visible & easy to remember The relationship manager is the fulcrum for chasing answers The dealer needs to plan inventory according to visibility The credit process is necessarily opaque Transparent, flexible & loan offers. Designed for play to bring small print to top of the mind. Increased transparency for all stakeholders SMS & Email & app notifications for every step of the process. Checklists baked into bigger tasks e.g. document check list for loan submission. Status at a glance - Dashboards. Complete transparency. Insight Impact Visibility is the key to Trust! User is enabled to make a clear informed choice Stakeholders always have a sense of time & velocity of loan approval Questions answered pro-actively to make the user feel comfortable throughout the journey. Set in motionAchieved Idea
- 14. Disruption will neededucation Educate contextually, on the go. Make it easy. Contextual education works best with our audience. For the sales ecosystem to change behavior, they will have to know what to do, what to say, how to answer any questions that come up. Embedded help text explain the need and the value of each field. Future: AI driven qualitative insights and recommendations going forward like ‘Impact on loan sanction.’ Designed with the principle of progressive disclosure. User should only see what is relevant at that time to increase memorability. The change has begun, fueled from inside! Contextual FAQs which are likely to be asked by the customer surfaced at every point of interaction. The system continued to engage users and process loan applications throughout COVID. The funnel for loan application has been increased by 10X. Self-help documentation for every role. Set in motionAchieved Insight ImpactIdea
- 15. Everything is achecklist Classification Questions | Sweeteners | Documentation | Payments
- 16. Intelligent Workflows Journeys thatadapt at scale, on the go. Question by question, answer by answer Smooth Handovers built for switching channels & roles Orchestrated with data for transparency & seamless connectivity across the ecosystem
- 17. IBM Confidential17 Simplified Complexity21 Steps --> 7 Steps
- 18. Transparent & Flexible Subtleelements of Persuasion woven into loan processing
- 19. Agent Portal Dealer Portal FinancierPortal Truly Scalable Design Sales Partner Portal Administrator Portal Built on Adobe XD
- 20. Contextual FAQs &Tips Persuasive Design requires pot loads of content!
- 21. Addressing Education Contextually Usingthe Story Brand framework
- 22. The Vision Realization FragmentedIndustry Yesterday FutureBegun! Inconsistent Experience Unaware Customers Distributed User & Asset Data Unification of Ecosystem Seamless Experience Informed Customers Data Consolidation Powerfully Connected Ecosystem Personalized Experience Data Empowered Customers Data Driven Decisions