CFOWorX: Filtering for funding

BACKGROUND

CFOWorx is a provider of financing solutions for small to medium enterprises. When they approached us for user experience (UX) services, they had a clear vision of what they wanted. While this approach may seem counterintuitive to the traditional UX process, which focuses on uncovering user needs and pain points, we made sure to communicate this to the client and proceed accordingly.

CFOWorx had a clear vision for their project: they wanted a consolidated filtering function that could search all available funding opportunities for businesses based on their specific financial needs. They were interested in distinguishing between business loans, eligible business grants, angel investor opportunities, small business loans, among other options.

RESEARCH

At the heart of our design philosophy is a commitment to human-centric design principles. To this end, our research plan was designed to strictly focus on uncovering user needs, rather than assuming that the client's vision aligned perfectly with what users actually wanted.

Following our standard protocol, we started the project by conducting both quantitative and qualitative research, which included surveys, interviews, and a thorough analysis of the competition.

Ultimately, our research revealed a clear need for a financial funding filter. One of the most significant insights we gained was the fact that the landscape of business and funding opportunities is often overwhelming and complex, with a vast array of options available to entrepreneurs and small business owners.

IDEATION AND PROTOTYPING

Our ideation process led us to develop a simplified input form that effectively reduces cognitive overload by prioritising core differentiating requirements. By narrowing down the input data to only the essential elements, we were able to make the user experience more efficient and user-friendly. This approach has helped users to easily navigate through the input process without feeling overwhelmed, resulting in a better overall experience.

In order to encourage users to engage with the filter, we developed an onboarding process that guides them through the platform and directs them to their desired information.

The onboarding process and filter went through several rounds of prototyping and usability testing in order to fine-tune the user experience.

After conducting extensive research, creating detailed user personas, and mapping the user journey, our team was able to deduce that the primary issue for users was a lack of relevant, easily accessible, and understandable information. Our solution reflected this.

1. Simplified Filtering
   By streamlining the input process to focus on core information, we have enhanced the user experience by enabling them to easily access financial options that cater to their unique requirements. This approach has not only boosted the relevance of search results but also simplified the search process for users, making it easier for them to quickly find what they need.

2. Pop-up Prompt
   By utilising a delayed pop-up screen, we prompt the user to take advantage of our guided onboarding process, which provides the benefit of accessing free financial funding options for their business. A call to action then gives users the option to further discuss their options with a professional if desired. This call to action was a key priority for the client.

3. Guided Onboarding
   Our onboarding process guides the user through a series of basic questions related to their business, with the aim of providing them with a tailored list of financial options that meet their needs. The process culminates in the presentation of all their financial options, making it easier for the user to find the right funding solution for their business.