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 Pay a vendor capabilities. I worked closely with our strategy, product and marketing partners to define requirements, develope timelines and launch net new terms.
Design Manager
Strategy(4)
Engineering(8)
Product Manager (2)
Although I cannot share exact numbers, these offerings have made our product stand out among competitors’ line of credit products and increased acquisition, and origination numbers.
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
Initially, we dropped users straight into the Send a payment form but we were seeing about a 60% dropoff rate from the first page. I hypothesize that users were interested in the feature but may need more education so we launched this page for. Since launching this page, we saw close to a 10% increase in conversion.
Through user sessions, we were seeing people strugging to fill out this page. Their eyes were drawn to the blue link but missed the amount field. I proposed moving the amount field further down and we saw a significant drop in the amount field error being triggered.
We were able to add additional status badges to the payees to give more information to the users. From these status, they could fix these payees.
After
The Feature
After Launch
Before