Role:
Product Designer
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Platform:
Web
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Industry:
Banking
Exploring mortgage loan options can be overwhelming for first-time homebuyers. This project helps them understand their choices and find the best fit.
To achieve this, we were tasked with optimizing the mortgage simulation and pre-qualification flow on the public website to increase the number of pre-approvals.
BBVA México Mortgage Loans Website
That is the website where users begin their journey to obtain a mortgage loan online.
With this project, we aimed to increase the monthly conversion rate from 2.7% to 4.0%.
To achieve it, we proposed the following based on our user profile:
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Guide users toward the credit simulation flow.
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Make it easier to evaluate loan offers.
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Add the option to offer advisory services.
This is our target user profile
Key characteristics
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Has a credit history
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Monthly income over 18,000 Mexican pesos
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Employed
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Contributes to Infonavit or Fovissste
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Aged 24 to 40 years
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Looking to buy a house
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First time applying for a mortgage
Needs
To obtain a mortgage loan.
Motivations
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Wants to build wealth for their family.
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Feels at ease owning a property.
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Aims to achieve a life goal.
Actions being taken
Exploring options digitally.
Pain points
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Perceives the process as complicated.
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The language used is unfamiliar.
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Unclear on which offer is the best choice and why.
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Lack of transparency in the information.
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Fear of misunderstanding the data.
How to address it
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Provide support throughout the process.
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Eliminate the sense of commitment.
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Offer a simulation tool to let them experiment with their numbers.
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Provide information that helps clarify the language used.
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Present offers in a more structured way.
Guide users toward the credit simulation flow
To achieve it, we made two adjustments to the home banner
1. Refined the copy of the main banner
Control (A)
đŠ
The message does not communicate any valuable benefit to users.
Variant (B)
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We highlighted the benefits of running a simulation and that it can be done without commitment.
Testing
An A/B test was conducted over 28 days (from October 21 to November 18, 2022) to verify that the adjustment indeed led to an improvement. The results were as follows:
Visits
CTR
Reached the simulator
Control (A)
4,789
37.96%
1,818
Variant (B)
5,653
41.43%
2,342
The variant generated a 3.5% increase in clicks to the simulator.âââ
2. Rearranged elements on the website.
Control (A)
đŠ
There are elements competing for attention, making the decision to carry out a simulation more complex.
Variant (B)
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By removing the competing elements, the effort to carry out a simulation is reduced
Testing
In this case, another A/B test was conducted for 28 days (from January 16 to February 13, 2023) to verify if the rearranging increased visitors to the simulation flow. The results were as follows:
Visits
CTR
Reached the simulator
Control (A)
14,584
43.46%
6,338
Variant (B)
14,920
49.36%
7,364
The variant generated a 5.9% increase in clicks to the simulator.âââ
Make it easier to evaluate loan offers
Before
đŠ
Showing the information as a table makes it difficult to compare offers.
The least popular offer is highlighted.
There is no CTA (Call to Action).
After
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The offers are presented as cards to make comparison easier.
The most popular offer is placed first.
We use the word "Continue" as the CTA to encourage people to proceed with the prequalification.
Add the option to offer advisory services
Simulating a mortgage is a widely used feature by those exploring options. However, BBVA didn’t have a way to follow up with users who completed a simulation.
To address this, we added the option to offer guidance during the simulation flow, allowing BBVA to follow up with those who showed interest in its mortgage offers.
Option added at the start of the simulation
Option added on the offers screen
“I want to receive guidance from an advisor" and "Leave us your details" display this contact form
"Talk to an advisor now" displays a contact phone number.
Project result
This is the combined outcome of the advisory service option, the redesign of how loan offers are presented, improvements to the copy and element hierarchy on the homepage.
Starting point
Average monthly conversion rate
first quarter 2022
2.7%
This represents:
350
Pre-approvals on average per month
(Considering an average of 13,000 visits per month to the mortgage simulator)
Result
Average monthly conversion rate
first quarter 2023
4.1%
This represents:
564
Pre-approvals on average per month
(A 60% increase compared to 2022)
(Considering an average of 13,770 visits per month to the mortgage simulator)
Thank you for reading!