Moving benchmarking from Excel to Dashboards

Overview

Equifax Credit Insights is a data Intelligence platform that provides a self service access to lending market data to help understand sourcing, portfolio exposure and delinquency. The product is used by data analysts, product leaders and CXOs of banks and lending institutions to make strategic business decisions based on monthly market data.

For a niche B2B product like Credit Insights, deep context was a must before running a design sprint. We spoke to all key stakeholders of the Credit Insights team in advance to understand in detail about the product roadmap, use cases, personas and the feedback they have received from users.

This Design Sprint was a high stakes exercise, and we had a really solid design sprint team with senior stakeholders including their Country lead, VP - Product Development and Delivery Lead - Technology in the room.

Challenges

We started the design with expert interviews trying to unlock product goals, priorities for the next few months and pain points/feedback being received from users.


Equifax is one of the three companies approved by the government authorised to collect detailed lending data from all licenses credit institutions. Since the competitors are offering the same data, the team believed in focusing on product experience as their competitive advantage.

Here are some key opportunities the team identified to focus on during the sprint.

Team defined their “2 Year Goal” as:

We then mapped the challenge across the key elements of the user journey. Being a large enterprise product with so many different possibilities, it was a difficult one to nail.

Solution

With the team aligned on the critical problems to solve and metrics to test users on, we then worked on multiple solutions. At the end of this exercise, we had numerous unique approaches to solving the problem from different sprint members.

Each stakeholder brought a different perspective based on their background. By selecting the best of the group's ideas, we created a storyboard of new product workflow.

Prototype, test & iterate

In a day, we used rapid prototyping to create a digital prototype that can be used to test the concept and elicit feedback from real users.

We tested the product with data analysts and decision-makers from many financial institutions. Overall, the products’ new interface seemed to resonate with users, and the key learnings were related to specific use cases and the design’s feasibility of implementation on Tableau platform.

Getting critical feedback early on is crucial to ensure we are headed in the right direction. Based on the results of the first round of user testing, we were confident with the approach and identified the areas of improvement.

In the following week, we tweaked the designs and incorporated user feedback.


Here is what users’ said during the second round of testing:

“I really like the key indicators highlighted on the dashboard page. I can see various important metrics at a glance”

- 80% of the testers mentioned explicitly about the summary and key indicators being useful and a reason for them to want to come back to the platform

“I love the fact that I can create a custom dashboard and track metrics I am interested in”

- All users whom we tested with found the ability to create custom dashboards quite valuable

Working with Parallel Labs was a refreshing experience, really bringing the Credit Insights platform to life. Their methodology, the involvement to understand nuances on what we wanted our customers to take away and adhering to a tight timeline made the collaboration easy and productive. The team and very responsive, addressing queries and helping to further improve the product right up to go live and beyond.

Divya Mirchandani
VP, Product Development
Equifax India

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