Equifax Credit Insights is a data intelligence platform that provides 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 first spoke to all key stakeholders of the Credit Insights team to understand in detail about the product roadmap, use cases, personas and user feedback.
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.
We started the Design Sprint with expert interviews trying to unlock product goals, priorities for the next few months, and pain points or user feedback.
Equifax is one of the three companies authorised by the government to collect detailed lending data from all licensed credit institutions. Since Equifax's 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.
The team then defined their 2-year goal:
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 user journey to nail.
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 for the new product workflow.
Prototype, test and 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 product's 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 our approach and identified the areas for improvement.
In the following week, we tweaked the designs and incorporated user feedback.
Here is what users said during the second round of testing:
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.