SmartAsset Mortgage Widget Redesign

Summary

Task: Along side my team, I researched and redesigned the mortgage rates widget for SmartAsset to improve click-through-rate, improve customer satisfaction, and gain deeper insight into this unique user group.
Methodology: competitive analysis, personas, user interviews, A/B testing, and usability testing.
Insights: My research uncovered that this user group has hyper-specific needs as they are looking for a "starting point" to mortgage research and have generally low financial literacy.
Results: By simplifying our inputs and creating a defined hierarchy, I was able to deeper improve the usability of this widget which increased conversion by 15%.
Impact: This widget has since been used by over 13 million users and implemented in partnership with CNN and Forbes Finance.

The Background

The mortgage widget serves as a calculator providing competitive mortgage rates on SmartAsset websites as well as on advertising platforms. However, the existing widget faced significant challenges, characterized by minimal user engagement and low satisfaction rates.

Goals

Identify and improve usability for unique user group

Increase click through rate (CTR)

Improve customer satisfaction (CSAT)

Methodology

Competitive Analysis: A thorough analysis was conducted, comparing the mortgage widget with similar offerings from competitors such as Ad Practitioners, BankRate, and Brown Bag. This examination aimed to identify strengths, weaknesses, and opportunities for improvement.
User Interviews: In-depth interviews were conducted with users to gain insights into their expectations, preferences, and specific needs regarding a mortgage calculator. This approach aimed to uncover valuable user perspectives and guide the design process.
A/B Testing: A comparative A/B test was performed, pitting the current mortgage widget against the offerings from Ad Practitioners. This test allowed for a direct comparison of user engagement, satisfaction, and overall performance metrics to assess the effectiveness of the current widget.
Usability Testing: The usability of the existing mortgage widget was evaluated through rigorous testing sessions, observing users as they interacted with the widget and collecting feedback on its usability, functionality, and overall user experience.

By employing this multi-faceted methodology, a comprehensive understanding of the mortgage widget's performance and user requirements was obtained, enabling data-driven improvements and informed decision-making.

Research Results

To highlight the key differences within our main consumer base, I developed basic personas that outline the characteristics and traits of these consumers. This approach helps us gain a deeper understanding of who they are and enables us to tailor our strategies accordingly.

👨

Ryan | 45 | Utah

Achieving recent financial stability by reaching a savings milestone and becoming debt-free.
Experiencing a lack of familiarity with financial terms, resulting in concerns and apprehensions when it comes to initiating the mortgage process.

👩

Kathy | 35 | Ohio

Seeking a starting point with real-world numbers for informed decision-making, while preferring a straightforward approach.
Exhibiting a critical stance towards security, requiring a clean and professional design to establish a sense of trustworthiness.

Redesign Plan

Maintain all information within individual offers while implementing "chunking" techniques to reduce visual noise and enhance readability.
Establish a cohesive flow for the input section by utilizing consistent input types such as drop-downs and text boxes, promoting usability and cleanliness.
Streamline the experience by eliminating extraneous noise and complex information, resulting in a faster and more enjoyable user experience.
Develop a dedicated design tailored specifically for mobile users, ensuring a seamless and optimized experience across different devices.

The Redesign

Below is the previous version of this widget. As you can see, the left aligned input panel was full of various input types and visually overwhelming.

In order to account for our subset of users, I simplified inputs and redefined the UX-writing. I retained all previous complex features for potential advanced users but hid it in a drop-down to improve conversion time for other users by reducing cognitive load.