EG

Finance

Small Business Lending

How might we digitize data collection to expedite the underwriting process to relieve Small Business Lending during a global pandemic?
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Role
UX Lead, Omnichannel Originations
Timeframe
1-Week
Platform
Web & Mobile
Tools
Figma & Atlassian Jira
1
The Challenge

Background

Amidst the Covid-19 global pandemic, a $2.2 trillion coronavirus stimulus bill was signed into law by President Donald Trump in March 2020 to set aside $349 billion for a new small-business loan program.
In an effort to service our Small Business Clients, a team of business, technology and design partners were tasked to convert SBA Paycheck Protection Program Borrower Application Forms into a digital experience to streamline the underwriting process and expedite reviewal and approval for funds.

UX Goals

  • A 100% SBA guaranteed loan directly from KeyBank that is possibly eligible to be forgiven and requires no other collateral or personal guarantee.
  • Intended to cover costs related to payroll expenses, continuation of group health care benefits, lease payments, mortgage interest payments, utility payments and interest on other pre-existing debt obligations.
  • Loan forgiveness amount will be equal to the amount spent on payroll costs, mortgage interest payments, lease payments, and utility payments during the 8 weeks following the loan origination date.

UX Constraints

  • 1 Week Turnaround
  • Strict scope leveraging existing UX Patterns and technology framework
  • Implementation before user testing
  • SBA guidelines referenced to inform acceptance criteria changed 3 times during design and implementation.
UX Approach

The Hook Model

Trigger

Banker Experience: Bankers can enter streamlined application in Small Business Originations platform for prospects and clients.

Client Experience: Bankers can send email link for prospects and clients to enter at home digital experience.

Action

Client received email with new digital application to complete for more convenience and faster processing. Must be a current KeyBank client to apply.

We'll start reviewing applications once clients submit and will get in touch as soon as it's processed.

Applications need to be completed within 30 days of starting.

Investment

For businesses and non-profits with 500 or fewer employees

Opportunity for complete loan forgiveness

Any amount not forgiven after Dec 31 , 2020 is converted to a term loan not to exceed 10 years or 4% interest

Variable Reward

Loan amount is the lesser of: $10,000,000 or 2.5x the total average monthly payroll costs incurred in the 1 year prior to origination

Monthly payments are deferred between 6 and 12 months

The model comes from the book Hooked: How to Build Habit-Forming Products by Nir Eyal which talks about things like — why do some products capture widespread attention while others flop and what makes us engage with certain products out of sheer habit. (Book Notes)

Analysis

User Flows

PPP_UserFlows
Ideation

Key Features

Account Summary

Client Facing Get Started Call-To- Action

Employee Admin Portal

Legacy System - Invitation Modal

Loan Invitation

1 of 5 Triggered Emails
Ideation

Select Screens

Sign On Screens

Ability to distribute access to loan application via email (as well as from existing Keybank Business Online account.

Welcome Screen

Ability for clients to start the application, save it and resume.

Electronic Disclosures

Ability to digitally accept terms and conditions.

Multiple Owners

Ability to collect up to 5 business owners.

Identity Verification

Ability to authenticate clients prior to signing ceremonies.

Document Upload

Ability to upload documents that demonstrate small business number of paid employees along with their total wages, tips & other compensation.

Sign & Submit

Ability to submit application information to the SBA loan processing system to trigger DocuSign.

Confirmation Screen

Ability to confirm application received, accompanied by email campaigns with next steps.

Results

Closing Remarks

In a week, we delivered an end-to-end digital application process that allowed more than 28,000 small business, commercial and institutional clients to apply with a historically high 91% click-through rate.

We processed more than 40,000 loans totaling $8 billion in funding. We ranked #7 in the nation for the Paycheck Protection Program.

Lessons Learned

  • Find ways to maintain morale, even when powering through 2-3am deadlines for 10am user acceptance testing.
  • Remain empathetic and remember the users/clients this digital experience will impact amidst a global pandemic.
  • If training or guidance is required in order to effectively streamline use of tools, arrange a training of sort and share recording with summarized notes to reference continuously in handoff deliverables.
  • A design system played a critical role in streamlining UX patterns with existing, functional components while maintaining brand standards.

Next Steps

  • Advocate for user acceptance testing to ensure deployment reflects design prototypes at various device sizes and maintains usability standards.
  • Iterate and test UX Patterns for Multi-Owner Enrollment Flow.
  • Review OpinionLab (Saas) Feedback Reviews to expand on drop-off data and unmet user needs.

Dollar Video by Cotton Bro from Pexels

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