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Project 02

Increased adoption of video KYC

SME, FD, LAS, & B2C - Bajaj Finance Ltd.

30% growth in sucessful KYC completion

18% growth in application completion

Project Overview

KYC as a process is mostly digital in Bajaj Finance Ltd. But on a closer look, the adoption of Video call to complete KYC by users is still very low. We looked at each step in the user flow and figured out the pain-points to iron out the chinks in the flow and guide them to successful completion.

Problem Statement

Many businesses like personal loans, wheels, SME, etc. could not get users to complete KYC successfully. On conducing tele-interviews with actual users we found:

Users would start the video call to complete KYC without adequate documents.

Users would drop-off as they thought the process was time-consuming.

Users wanted to complete at a time convenient to them

Industry

SME, FD, LAS, & B2C - Bajaj Finance Ltd.

My Role

Lead UX writer

Platforms

Mobile (iOs, Android), Website

Timeline

November 2024- March 2025

View user flow

View user flow

Persona

Geeta Singh

Business Analyst

Geeta is a 30 year old business analyst who lives in Mumbai. Her work hours are very hectic. She lives with her family of 3, husband and a kid who is about to go in college.

Geeta wants to take a loan to put her daughter through college starting in January of 2025. She had applied for a personal loan on the Bajaj Finserv app.

Age: 30

Location: Mumbai

Tech Proficiency: Expert

Gender: Female

Goal

Quick disbursal of loan

Wants to do KYC at her convenient time and place

Get KYC over in one go with minimal documents

Frustrations

Long wait-time for an executive to join the video call

Wasn't informed of the documents required for video KYC

Did not know weather her KYC was approved or rejected

Process

01. User Research

Conducted user interviews with 10-15 participants to understand their frustrations and preferences.

Analyzed user inputs and created a user journey to map-out frustrations and pain-points

Benchmarked KYC flows of IDFC, SBI, Amazon, etc, to inculcate best practices

01. User Research

Conducted user interviews with 10-15 participants to understand their frustrations and preferences.

Analyzed user inputs and created a user journey to map-out frustrations and pain-points

Benchmarked KYC flows of IDFC, SBI, Amazon, etc, to inculcate best practices

01. User Research

Conducted user interviews with 10-15 participants to understand their frustrations and preferences.

Analyzed user inputs and created a user journey to map-out frustrations and pain-points

Benchmarked KYC flows of IDFC, SBI, Amazon, etc, to inculcate best practices

02. Insights

Users want to have options to complete KYC

Many users would defer the process due to lack of information

For every input, there must be clear communication regarding the ouput

02. Insights

Users want to have options to complete KYC

Many users would defer the process due to lack of information

For every input, there must be clear communication regarding the ouput

02. Insights

Users want to have options to complete KYC

Many users would defer the process due to lack of information

For every input, there must be clear communication regarding the ouput

03. Content solution

Infrom users of the documents required before they start the call

Providing an option to reschedule the call

Clarifying communication through appropriate error messages

03. Content solution

Infrom users of the documents required before they start the call

Providing an option to reschedule the call

Clarifying communication through appropriate error messages

03. Content solution

Infrom users of the documents required before they start the call

Providing an option to reschedule the call

Clarifying communication through appropriate error messages

[04] Testing & Iteration

Conducted A/B testing on users, comparing the original and redesigned flows.

Gathered feedback from all stakeholders and refined the copy based on user input.

[04] Testing & Iteration

Conducted A/B testing on users, comparing the original and redesigned flows.

Gathered feedback from all stakeholders and refined the copy based on user input.

[04] Testing & Iteration

Conducted A/B testing on users, comparing the original and redesigned flows.

Gathered feedback from all stakeholders and refined the copy based on user input.

Outcome

30% more users completed video KYC successfully
18% improvment in application completion
17% increased penetration of digital KYC

Key Learnings

Communicate requirements clearly

Users can recall information better just before starting any process

Communicate requirements clearly

Users can recall information better just before starting any process

Communicate requirements clearly

Users can recall information better just before starting any process

Create a easy-to-follow experience

Include sufficient infromation through I icons, drawers, steps, FAQs, etc.

Create a easy-to-follow experience

Include sufficient infromation through I icons, drawers, steps, FAQs, etc.

Create a easy-to-follow experience

Include sufficient infromation through I icons, drawers, steps, FAQs, etc.

Must be convenient for the user

Provide alternatives within the flow to cater to negative scenarios

Must be convenient for the user

Provide alternatives within the flow to cater to negative scenarios

Must be convenient for the user

Provide alternatives within the flow to cater to negative scenarios

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