Introduction
Lendsqr, a leading Lending-as-a-Service (LaaS) platform, enables lenders and loan businesses to build, launch and scale their lending businesses easily and profitably. With over 3,000 lenders utilising their automated end-to-end digital lending stack, Lendsqr prioritises providing streamlined loan experiences with optimal usability for their clients.
As Lendsqr expanded its capabilities and offerings, more complexity was introduced into their user flows and presentations, leading to a poor user experience.
Assurdly was brought in to review and optimise Lendsqr’s customer experience on the Lendsqr Admin Console. This case study presents the findings and outcomes of Assurdly’s Usability Testing service conducted on Lendsqr’s Administrator console, which is accessed by their lending clients.
Problem Statement
Lendsqr’s customer support team was increasingly overwhelmed by lenders with what they considered “simple problems.” According to Lendsqr, lenders complained of not being able to effectively navigate the platform despite guides and information within the console. The Growth team also noticed an escalated rate of churn during the onboarding process, with many lenders not completing the sign-up process.
Lendsqr engaged Assurdly to carry out usability testing on its platform to address the usability concerns that arose from its users.
Methodology
To deliver on Lendsqr’s request, we defined a methodical evaluation guided by the identified problem statement, focusing on a comprehensive examination of the user experience.
Focus Areas
The problem statement was categorised into 5 focus areas to guide our assessment and reveal friction points:
Next, we developed a customised questionnaire targeting specific elements of the defined focus areas.
This approach allowed reviewers to provide objective and detailed feedback on their experience with the product.
Reviewer Selection
For the assessment phase, we deliberately selected reviewers who had little or no prior experience with the product or the lending industry, enhancing the efficacy of the test. In the reassessment phase, a mix of reviewers with and without prior experience with the platform and lending were selected.
Reviewers were briefed to use only the Help and Support mediums on the product and not approach any Lendsqr staff directly, ensuring an unbiased assessment. We needed the reviewers to experience the platform as first-time users who stumbled across the platform.
Usability Matrix
To guide these reviewers on how to go about the test, we curated a questionnaire within the context of the focus areas. Reviewers were asked to rate their experiences across each touchpoint with using a 5-point matrix system defined below:
Testing Phases
The usability test was approached in 3 iterations, each phase driving the next, as shown below:
Breaking down the evaluation into these phases facilitated a focused analysis and gathering of detailed insights into specific areas of concern.
This structured approach not only enhanced the effectiveness of the usability test but also provided a clear and organised framework for addressing identified issues and improving overall usability.
Usability Test Execution
Having decided on our approach guided by the problem statement, we proceeded to conduct the usability test in a phased manner. The details and outcomes of each phase are outlined below:
Assessment Phase: Identifying the Usability Gaps
Having decided on our approach guided by the problem statement, we proceeded to conduct the usability test in a phased manner. The details and outcomes of each phase are outlined below:
Remediation Phase: Resolving Identified Issues and Addressing Recommendations
Armed with insights from the Assessment Phase, the Lendsqr team swiftly took action to address the identified friction points, engaging Assurdly’s testing and management services to ensure issues were resolved promptly and met the desired expectations.
Based on the recommendations from the Assessment phase, Lendsqr realised that their well-intentioned presence of guides within the console, “were overwhelming users with an excessive amount of information.”, and so our collaboration with the Lendsqr team focused on simplifying processes related to navigating the Lendsqr admin console, managing loan options, enhancing clarity with subscriptions and notifications, and improving support and accessibility across the platform in a bid to make learning to navigate the platform more fun and actionable.
After identifying the issues in the assessment phase, we successfully addressed them in the remediation phase, resulting in the following scorecard:
This effort eventually led to the revamping of the portal’s user interface and user experience which addressed the majority of the issues raised.
Reassessment Phase: Assessing to see if remediating the issues made a difference
This phase aimed to assess the impact of the improvements made in the remediation phase on both previous reviewers (who raised issues in the assessment phase) and new users approaching the new improved platform for the first time.
To achieve this, we selected 4 out of the 8 previous reviewers and recruited a new set of 4 reviewers with no prior knowledge of the platform or lending background. This approach was used to assess if existing users had a better experience and to evaluate the experience of first-time users with the new product iteration.
Previous reviewers reported significant enhancements in the platform across the different focus areas, particularly in the Help/Support and Notifications/Messaging areas, with marginal improvement in Subscription.
New reviewers experienced a notably optimised platform compared to their counterparts in the previous phase. This indicates that the improvements made during the remediation phase were impactful.
Overall Outcome
The comparison of average ratings across all focus areas between the Assessment and Reassessment phases revealed promising progress in the platform’s overall usability.
There has been significant improvement in Help and Support, as well as Notification and Messaging, for both previous and new reviewers.
Takeaways
Performing usability testing on the Lendsqr admin console highlighted the importance of user feedback and iterative improvement. Taking a user-centred approach and promoting continuous enhancement is paramount in delivering exceptional user experiences.
- Client Adoption: Lendsqr’s commitment to improving user experience and implementing our recommendations led to successful remediation and retesting phases.
- Improved Usability: The three iterations of Usability Testing led to a significant enhancement in the overall usability of the Lendsqr platform and user satisfaction. The outcomes show improved usability ratings indicating a successful project.
- Our Delivery: We seamlessly integrated a range of our service offerings to achieve successful project delivery. Our core services included: Quality Assurance, ensuring the product’s usability and functionality. Additionally, our adept project management played a pivotal role in guaranteeing the timely delivery of each project phase.
We complemented these efforts with strategic product advisory services, guiding Lendsqr in the adoption and implementation of the recommended outcomes.
Conclusion
Through meticulous testing and strategic remediation, the Lendsqr admin console underwent a business-focused transformation. Our collaboration with Lendsqr not only improved the platform’s usability but also fortified user trust and engagement.
Looking ahead, we recommend ongoing usability testing and feedback gathering to ensure sustained improvement. Regular assessments will enable Lendsqr’s products to remain responsive to user needs and maintain its position as a leader in the lending platform market.
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