The finance simulator experience suffered from a lack of context, with no unified user experience and poor usability that created friction for users. Additionally, the low number of simulations and poor communication led to an extremely low lead conversion rate.
To redesign the entire autos financing experience within OLX.
Idea - To create a new autos financing experience that meets the needs of buyers as well of private and professional sellers.
For who - Buyers and Sellers.
Ideal outcomes - Increase in financing simulations and delivery of leads to partner banks.
Users with fewer doubts about how the financing simulation process works.
Based on the insights collected during the market research, internal dynamic and perception tests with users, 3 core opportunities emerged:
01. Dividing the experiences
02. The contact points
03. Unifying the process
Dividing the experiences
By analyzing data from customer support, we understood that the biggest issue was the lack of effective communication between OLX's financing environment and sellers. Doubts regarding the private, professional and overall financing process remained.
“Professional users do not want their customers to think that they are offering financing through OLX, as they were not asked if they wanted to nor see benefits in having this option on their ads”
“Professional users already have their own simulations to offer (which are usually higher in value) which ends up frustrating buyers who arrive at the store with the OLX simulation in hand”
“Sellers have doubts about the safety of the process due to lack of understanding of it”
On the other hand, buyers who arrived at OLX's financing simulation environment also had many doubts about the process as a whole.
“Buyers don’t know how to follow the simulation they just did, in addition to not understanding how the process works”
“Buyers don’t feel supported during the journey and often end up giving up and turning to other players”
“Buyers find the simulation flow very confusing, as some banks ask for one set of information to give a credit analysis, and others ask for another, making the flow repeat itself. In addition to being confusing, it’s frustrating and many end up giving up and turning to other players”
When creating an ad, whether private (where the seller is an individual) or professional (where the seller is a store or dealership), OLX would ask through the initial add form if that vehicle could be purchased via financing, meaning that potential buyers could simulate financing installments with OLX's partner banks. This way, we maintain transparency with our seller users asking what they want first.
Defining the experiences
With 3 main “entry points” the flow of the new financing experience was defined. In both Autos home page and Financing home page, the user would have 2 first steps:
01. Choose how to simulate (through value or brand, model and year of the vehicle),
02. Choose who to simulate from (through private, professional or both types of ads). From there, each flow goes its own way.
In the Adview's case, the prior calculation of the installments would be generated with the entry price imputed by the user on the screen itself, followed by the entry in the financing simulator (form).
The contact points
Defining the contact points
Putting together the listed points and feedback brought from the perception tests, we started to understand what could be redesigned to improve the communication between OLX and its users, as well as the user experience and general satisfaction within the autos finance environment.
A new fixed menu was built to meet the needs of all categories within OLX. The services tab would be an entry point to the landing pages for services in each category, including the financing page within the autos category.
The autos home page, which until then was under construction, gained a section called “Finance a vehicle today”. The idea is that the first and second steps of the process could be done on the page itself, since the section makes both lines of simulation lines available (vehicle value or vehicle brand, model and year) and ad types (private, professional or both) for users to choose from.
Financing home page
This page was created with the intention of being the financing home within the autos category. On it, the user would find a section demonstrating the general financing experience, followed by a section that explains both lines of simulation available (vehicle value or vehicle brand, model and year) with a step-by-step explanation of each one.
A financeable ads section was also added, where through a filter the user would see 7 ads with the characteristics imputed by them on the page itself. In addition to being good for buyers, this would generate a profit increase for OLX as well, since each ad shown there would have high visibility and advertisers would pay more for the space.
All partner banks would have their own page within the platform, where their financing processes would be explained, such as restrictions, deadlines among other things. This way, we would manage to bring more credibility to the OLX financing simulator.
Built for users
An FAQ section was added in an attempt to help resolve doubts about the financing process, its restrictions, specificities, among other issues on the bottom of the page. If the user did not find their question answered, a link would be provided to open a chat box with an OLX representative.
When finalizing a financing simulation, the buyer receives the proposal review by email. In addition, the simulation history area was created with the intention of keeping a record of the simulations made over time. The page can be accessed through the services tab within the autos and accessories category.
Unifying the process
Creating one form
One of the biggest problems in implementing new bank partners in the OLX financing environment was that each bank had its own form and number of inputs that needed to be answered. Therefore, while talking to the comercial and product teams, we decided to create a single form, which would be shown to all users who reached this stage of the process and their data would be sent to the banks' repository collectively, being enough for them to give a credit analysis.
This form would be divided in 3 main groups:
01. Vehicle values (vehicle info)
02. About you (personal data - for credit analysis)
03. Simulation results (proposals from bank partners and chance of approval)
A new listing
The listing was restructured to cover all categories within OLX. The fixed tab filter on the left side would show the main sections of the category. The right side filter that could be closed would be the ad filtering. And in the middle, we would have, in addition to the ads, tags referring to a previous filtering pinned to the top and a title referring to the user's previous steps.
In the following scenarios, we have users that simulated chances of approval for a vehicle worth up to R$ 140,000 in Rio de Janeiro and users that simulated a 2021 Toyota Hilux (private ad) in Rio de Janeiro as well. After going through the form, the platform searched for vehicles in the approximate inputed conditions.