American Express

Business Line of Credit - New Loan Offerings

Design net new loans types that offer business owners a different way to finance and manage their cash flow.

Overview

Team

Results

American Express Business Line of Credit(BLOC) offers small businesses access to a line they can repeatedly draw funds from. As a product designer on the BLOC team, I led projects to expand our loan offerings to give business owners more flexibility. These projects include 24 month loan terms, single repayment loans, and third party payment capabilities. I worked closely with our strategy, product and marketing partners to define requirements, develope timelines and launch net new terms.

Design Manager(1)

Copy Write(1)

Product Strategy(4)

Engineering(8)

Product Manager (2)

Marketing(2)

Compliance(4)

Adding more than $9mil in new originations, and saw an increase in applications by 8%. Conversion rate for loans maintained around 60%.

Pay a vendor allowed our users to directly send payment to a third-party payee using their line of credit. This capability was a top priority for the product to cover a large use case for drawing from a line of credit. Within Pay a vendor, we also launched 3 new loan terms - These loan terms helped cover another use case of customers who needed funds and preferred deferred repayments. A key focus of the design was making sure it remained clear and easy to compare between all 7 terms.

We launched to 25% of our user base to gather initial data points. In partnership with data analytics as well as tools like Heap and Fullstory, we were able to see conversion rates and watch user sessions to note any friction and bugs within the flow. I was able to work with the team to launch quick fixes as well as enhancements.

Enhancements

A new empty state where we saw close to a 10% increase in conversion.