RedCarpet
RedCarpet is a next gen FinTech startup in India that does instant credit scoring and identity validation for consumer credit / loan requests using advanced AI. They specialize in credit scoring and assessing credit risk of individuals who have never had a prior banking or credit history. By building better credit & lending infrastructure, they aim to enable more people to access credit (usually the ones that .
The composition of the consumer base of Red-carpet users stood at the above numbers at the time of making this project. As a part of the user research, I aimed to identify the existing expectations and tastes of the user base to create a familiarity in the new experience.
Neglected Credit Score
The Idea of RedCarpet's credit score simulator was conceived in an effort to work around the limitations that a bad credit score put on many users applying for access of credit at RedCarpet. Since these users had a bad credit score, the AI algorithm Marvin by RedCarpet would not qualify them for access of credit based on their risk profile.
At this stage there was hardly anything that the app could offer to such Users.
A Colser Look
A closer look at the situation affirmed the fact that all users denied credit on the basis of a bad credit score were not likely to be potential defaulters. It was clear that many of these users can be converted into eligible credit users but there was no system in place to single out potential users and then to verify that action.
Communicating the benefits of Good Credit Health
We set out to make an effort to educate the rejected users about the importance of their credit score. RedCarpet Score Simulator provided a live status of their credit health and a carousel below it would communicate why their score mattered and how they could benefit from increasing it.
A Gamified Path to Credit Health
Along with educating people about importance of credit, it was important to ensure that the users actually took steps to increase their credit score. I came up with a gamified system of tasks with rewards, live feedback and progress bars to keep the users engaged and motivated on their path to good credit health.
Short term incentives to fuel long term Goals
The Reward program would keep the users motivated in the short term. The incentive of winning cash rewards in return of referrals was aimed to give short bursts of motivation to the users to keep them from dropping off during the process of increasing their Credit Score which would usually be a more time taking process and hence the long term goal.
Giving Users a Challenge
Along with acting as a side quest to the main goal of the users, the reward program aimed to acquire more users in a digitalized version of word of mouth. The users would be shown a progress bar of 3 stages their referral had to go through to be successful. They were also given an option to remind their referral to complete this process who would also be rewarded for a successful completion. This would provide users with a challenge to overcome in order to earn their cash rewards.
Something for Everyone
RedCarpet Score would offer value to all user segments of the app.
For Existing Users
It kept the users already able to access credit, engaged with the app, enabled them to monitor their credit health and feel capable of changing it if they desired and rewarded them for doing so.
For Rejected Users
On the other hand it would offer value to users that were rejected access to credit and offer a path to a healthy credit score that would intern make them eligible RedCarpet credit users. Rewards program would contribute to their long term goal of a good credit health and help keep them motivated throughout the process
For RedCarpet
Apart from benefiting users in the aforementioned ways, it would help RedCarpet in converting previously marked 'Risky Users' to potential users that can contribute to the revenue model. The Reward program would insure against drop offs and help compound the number of new potential users.
