Creditstar

Creditstar is a fintech startup in nigeria creating B2B tools for financial organizations to synergize product and services. This project was contracted to waldroid consult to conduct a market research and design the product.

DATE: Sept 2020

ROLE: Product Designer

My Role

I was the lead designer in a team of three designers, a UI designer and a UX Researcher. I led the project throughout the lifecycle from the research to the handing off to the client for the developers.

Challenge

How might we create a system that predicts if a customer will default a credit payment because people take up credits they cannot pay back.

Research

According to Investopedia, a default occurs when a borrower is unable to make, misses, avoids or stops payments.

From our research which involves Bankers, Loan officers and Account officers, we were able to deduce the following:

  • 100% of the population accented to the fact that they have faced the problem of credit defaulters.
  • The prevailing methods of solving this problem are disposing of collateral and summoning the guarantor, and 67% indicated that these methods have not been totally effective.

After validating the problem through user research, 100% of the users indicated interest in a product that would solve their problem in this way, and the willingness to provide the necessary information to use such a product.

Pain Points

People don’t know what to eat when they are hungry.

People don’t have proper knowledge of what balanced meal is.

The Paper timetable get damaged or lost easily and have no way to notify.

User Persona

Solution

After intensive and extensive research and considering that the nigerian financial system does not have a credit system and run only a unique number Bank Verification Number (BVN) per individual, this will help to check any credit history with other financial institutions. We created a form that parses the customer data to consider the followings:

  1. If the User have no credit history then some prediction will be made base on their most used banks with a statement of 6 months minimum to run a turnover.
  2. if the user have a credit history the prepayment status will be checked if there is a default history.
  3. Data such as age, marital status, education and employment status will have effect on the credit limit for the customer without credit history.

Stlye Guide

Sketches

Usability Study

After the low-fidelity prototypes, the prototypes were sent to some loan managers and banker who are experienced in managing loans in their company. We also sent the forms to some people who have had experience in taking some credit in nigeria.

Key Findings

Some of these features were requested

  • Send message of response to the applicant
  • Check lists of applicants who submitted through the institution portal
  • Export applicants data

High- FI Prototype

View Prediction Form

Impact

This platform was released in 2021 and currently being used by two native banks in Nigeria including some loan companies. This reduced the number of default customers by 40%.

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