Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has facilitated more than $23 billion in loans to more than 1,400,000 people. Through Prosper, people can invest in each other in a way that is financially and socially rewarding. Borrowers apply online for a fixed-rate, fixed-term loan between $2,000 and $50,000. Individuals and institutions can invest in the loans and earn attractive returns.
Our goal for this project was to undertake a detailed evaluation and revamp of our high-traffic, aging product funnel. Pinpoint and leverage optimization avenues to bolster user satisfaction, heighten engagement, and increase conversion rates.
Problem statement
Our high-traffic product funnel has aged and potentially become misaligned with current user expectations and behaviors. This misalignment may be limiting our user satisfaction, engagement, and conversion rates. There's a pressing need to identify areas of improvement and optimize the funnel to better meet our audience's needs.
Design process
Data Analysis: Analyzed the existing funnel with the analytics team to pinpoint drop-off points and areas with reduced engagement.
User Research: Conducted unmoderated user research to understand current pain points and areas of friction within our high-traffic aging product funnel.
Prototyping: Created wireframes or low-fidelity prototypes to visually represent potential improvements.
Brainstorming: Hosted brainstorming sessions with the design team to produce solutions and innovative ideas addressing the identified problems.
Design Refinement: Refined designs based on feedback, integrating insights from both the research and feedback phases.
High-Fidelity Prototyping: Developed detailed prototypes that encapsulate the identified improvements.
Implementation: Collaborated with developers to incorporate the design changes into the product.
User Testing: Tested the new design iteratively with users, aiming to validate that the changes bolster user satisfaction, engagement, and conversion rates.
Prosper: Application optimization
Returning user flow insights and pain points
All of the fields are pre-filled with the user's information already stored in our system.
The extended page length gives many users the impression that a significant amount of work is required.
The majority of users do not update or modify their information.
Design solutions
Convert the fields into an overview format, providing users with a snapshot of their information. Include an "edit" option so users can easily switch to an edit mode if they wish to modify their details.
Organize the overview format into categories, making it easier for users to scan through and find specific information
In the overview format, combine multiple address fields into a single line for clarity and conciseness.
Returning user funnel
Partner flow insights and pain points
Many users have expressed concerns about our platform's excessive number of steps.
A significant number users are unfamiliar with Prosper and uncertain about its trustworthiness.
Some users are unsure about which pieces of information from Credit Karma are shared with Prosper.
Design solutions
Transparent Data Sharing: Clearly indicate the pieces of information that are received from Credit Karma, ensuring users understand the data flow.
About Prosper Module: Introduce an "About Prosper" section on the side. This will provide users with insights about the platform, helping them to build trust before proceeding.
Streamlined Application: Combine the multi-step applications into a single, comprehensive form, making the process feel more cohesive and less fragmented.
Progress Navigation: Add a side navigation complemented by a progress bar, so users can gauge how much they've completed and what remains.
