American Express
Business Line of Credit - New Loan Offerings
Offering business owners a new way to finance and manage their cash flow with net term payment loans
Overview
Team
Results
American Express Business Line of Credit(BLOC) offers small businesses access to funds they can repeatedly draw from. As a product designer on the BLOC team, I led projects that expand our loan offerings to give business owners more flexibility. These projects include new 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, develop timelines and launch net new terms.
Product Manager(3)
UX Researcher(1)
Copywriter(1)
Engineering(8)
Product Manager (2)
Marketing Designers(2)
Data Analytics(2)
Compliance & Risk(4)
$9.8 mil +
in new loan originations using single repayment loans
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. On top of adding this new capability, we also wanted to introduce a new type of loans - Business owners could borrow funds for 1,2 or 3 months without any monthly repayments up until the end of the term.
A key focus/challenge of my design was to educate the user clearly on the difference between the new type of loans compare to our traditional monthly installment loans while maintaining high conversion rate through our loan flow.
+8%
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, I was able to track 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 follows as well as enhancements.
Enhancements
A new empty state where we saw close to a 10% increase in conversion.
applications for BLOC with additional of single repayment loan on marketing landing page
60%
Move amount field lower because users were missing it when it was on the top of the page.
Conversion rate through loan flow maintained
Added additional status badges to the payees page.
Solution