Simplifying EMI Payments
Design Timeline
1 Month (Mar'23 - Apr'23)
Highlights
Presenting to CEO, CTO & other leaders
Team Members
20+ Stakeholders: CPOs, Product Managers, Program Managers, Business Managers, Data Analysts, Engineers, Content Designers, and User Researchers
My Role
Sole Designer
Project Summary
01
Problem
How can we reduce drop-offs in the EMI payments by simplifying the process and enhancing value realization?
Final Outcome
An EMI process that progressively reveals information and an EMI 'down payment' option which reduces EMI interest rates.
Prototype
Impact in Numbers
0.56 Mil
User adoption after redesign
0.1 Mil ↑
In successful EMI orders
Context
02
Jargons Broken Down
Equated Monthly Installments (EMI)
Splitting the product cost into monthly payments. It includes the product’s cost + interest.
No-Cost EMI (NCEMI)
The interest typically paid on EMI is given as an upfront discount.
Down Payment
Paying a part of the product cost upfront when buying on EMI. Doing this reduces the interest.
How Bad is the Problem?
Usability Study Quote
“We plan big purchases 1-2 months ahead and check EMI options in stores. I haven't used online EMI, so I'm unsure."
Less than 1 in 10 people who chose the EMI complete their order with it.
Getting to the Cause of the Problem
Usability Testing
Insights from 12 participants to understand pain-points.
Data Analytics
Analyzed funnel-level drop-offs at each point in the EMI flow.
Market Research
Compared EMI flows on over 10+ shopping and fintech apps.
Research Findings
03
What's Not Working With the Flow Today?
1. Payments Page
Only 4.6% of users choose EMI as the payment option
2. Bank Page
22% of users who selected EMI drop off in this page
3. Plan Selection
49% of users landing on this page drop off
4. Final Check & Card Entry
72% of users who land on this page drop off
Time-consuming and unfamiliar process of online EMI.
Low value-discovery of offers and no-cost EMI.
Low clarity on calculations & details for decision-making.
Key Pain-Points
How do Others Address Online EMI?
-
None have an EMI downpayment option, making this a new feature.
-
Challenges with Online EMI are Unresolved Across the Market.
How might we
create a scalable flow that communicates relevant information at each stage of the EMI process in a digestible way?
Wireframes
04
Listing all Payment Scenarios for EMI and EMI Down Payment
Macro Level: Creating a Flow that Progressively Discloses Information
Micro Level: Creating Scalable Page Components
EMI options page component
Final check EMI details component to review EMI information
Final Designs
05
Quickly Access Your Preferred EMI
Time-consuming and unfamiliar process
Quick and personalized process
Old Experience
New Experience
Social Proofing to Gain User Confidence
Discover Best EMI Deals on Your Preferred Banks
Low value discovery
Find offers on your preferred banks
Old Experience
New Experience
... Quickly
Effortless Plan Comparison with Only Relevant Details Revealed
Low clarity on calculations & details
Easy to digest information
Old Experience
New Experience
Jargons Explained
Quick, Clear Summary for Confident Card Entry
Low clarity on calculations & details
Easy to digest information
Old Experience
New Experience
Takeaways
06
Impact in Numbers
0.56 Mil
User adoption after redesign
0.1 Mil ↑
In successful EMI orders
Learnings from Working with Scope Changes
-
Stakeholder Management: This project involved a diverse group of stakeholders from various teams, requiring me to articulate my design decisions to ensure alignment and understanding across all parties.
-
Project Planning: This project needed precise coordination due to a tight 1.5-month design timeline and an ever-evolving scope. With engineering execution running in parallel, I had to carefully estimate my timelines to effectively communicate with stakeholders.
-
Data-Driven Decision-Making: Throughout this project, I became proficient in understanding business metrics, using them to inform and guide my design decisions.
