Bolder thinking
needs bolder banking

The story

OakNorth Bank was built on the foundations of frustrations. Rishi Khosla and Joel Perlman studied together and in 2005, they tried to get capital for their data analytics company, called Copal Amba.

One of the biggest hurdles at Copal was the capital. UK banks weren’t willing to lend them despite their obvious success. Why was it so difficult for a profitable business with impressive cashflow, retained clients, and clear commercial success to get a loan? The industry was too focused on financials from the past, rather than potential in the future.

So, what if there was a bank, founded by entrepreneurs, for entrepreneurs? Hence, they decided to come up with the lending portal that solved this problem.

Hypothesis for MVP

Loan Origination Hub

Simplify tasks with a single tool. ONB customers demand an all-in-one solution for seamless loan origination processes.

Bridging ONB Products

Customer application will be an upstream extension of Lending Customer Portal which will help bridge the gap between all ONB products.

Harmonious Ecosystem

The Lending Portal in collaboration with other ONB portals, establishes an expandable and sustainable ecosystem for optimal performance.

Problems

Various communication modes complicate interactions

Absence of an audit trail raises accountability concerns.

Documents lack a central hub, causing disorganization.

Dispersed entry point, causing inefficiencies and navigation challenges for users.

Userflow

User Research

What was being tested?

We tested the MVP version of OakNorth’s digital loan origination platform designed from scratch with initial hypothesis. Considering this was a manual journey earlier, our tests will help us better understand the transition from manual to digital experience.

What were the key takeaways?

While the users appreciated the user interface but faced a major issue with excessive form fields, causing fatigue and task completion challenges. The copy used technical language lacked storytelling, failing to engage and ease users.

Re-imagine

Market shift

According to research, the UK has approximately 5 million private rental sector (PRS) homes, with an estimated 60% utilizing buy-to-let loans for financing. ONB has strategically shifted its focus to cater to portfolio landlords seeking loans above £3 million for multiple properties. This targeted approach aligns with the evolving dynamics of the buy-to-let market.

Value Proposition

We may not always be the cheapest, but our pricing is always competitive and transparent.

We will provide a streamlined experience from start to finish, focusing on digital-first service delivery.

Our product will become an ecosystem for property investors rather than an intermediated service between providers.

Re-designing the journey

A - Selecting loan type

Customizing the journey

Asking the preferred BTL type at the initial step to customize the whole journey and providing the flexible option of having both refinance and new purchase under one umbrella.

Conversational UI

The copy is kept more casual and conversational. Displaying form fields progressively to avoid information overload and user fatique.

B- MODAL WINDOWS

Introducing Modal windows

Breaking different steps and displaying them under the modal windows to break the monotony of filling form fields and reduces the information overload

C - Adding properties

Flexibility

Asking the preferred BTL type at the initial step to customize the whole journey and providing the flexible option of having both refinance and new purchase under one umbrella.

Sytem optimiztion

Providing a downloadable template to the user to avoid any extra backend work to add new or unwanted data.

Other product segments

Internal tools

We were introduced to the UX/UI overhaul of the credit tool through a collaborative effort within the team. Recognizing the need for a fresh perspective, we delved into revamping the designs to enhance the user experience. The goal was not only to modernize the interface but also to streamline navigation and functionality.

Reflection & challenges

Navigating the intricacies of another country's banking regulations posed a considerable challenge. Our primary objective was to create user-friendly forms, simplifying the process to encourage user engagement and information submission.

Emphasising efficiency, we learned the importance of leveraging established design patterns, acknowledging their reliability. However, we also recognised the value of judiciously pushing boundaries and introducing innovative elements where appropriate, striking a harmonious balance between familiarity and creative exploration.