Case study

Bankrate

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Bankrate is a comprehensive financial website dedicated to simplifying the complex world of mortgages, real estate, and home finance. This case study explores the key features and functionalities that have made Bankrate a leading destination for individuals and families seeking to buy a home, find the right mortgage, and make informed real estate investments. Bankrate's goal is to provide users with a seamless and centralized platform for all their financial and real estate needs.

Overview
Problem Statement
Results
Design
Gallery
Solution

Problem Statement

  • Complex Mortgage Comparison: Traditional methods of comparing mortgage options were often complex and lacked transparency.
  • Cumbersome Application Process: Users found the mortgage application process to be cumbersome and not user-friendly.
  • Limited Property Information: Users had limited access to detailed information about properties, making it challenging to make informed decisions.
  • Lack of Transparency: Users struggled to find transparent and easily comparable mortgage rates, terms, and conditions.
  • Stress and Uncertainty: The complexities of the home-buying process led to stress and uncertainty among potential buyers and investors.

Results

Objective 1: Facilitate Mortgage Comparison and Decision-Making

  • Key Result 1: Achieved a 27% increase in users directly comparing mortgage options.
  • KPI: The percentage of users utilizing the mortgage comparison feature.
  • Key Result 2: Reduced the average time spent on the mortgage comparison process by 25%.
  • KPI: Average session duration on the mortgage marketplace page.
  • Key Result 3: Increased the percentage of users who successfully initiated the mortgage application process by 25%.
  • KPI: Conversion rate from mortgage information request to application initiation.

Objective 2: Enhance Property Information Access

  • Key Result 1: Users regularly accessed detailed property information and maps, achieving an average of 500 property views per day.
  • KPI: Daily property views and interactions.
  • Key Result 2: Reduced the bounce rate on property listing pages by 15%.
  • KPI: Bounce rate on property listing pages.‍
  • Key Result 3: Increased user engagement, with a 20% rise in the average number of pages visited per session.‍
  • KPI: Average pages visited per session.

Objective 3: Centralize and Simplify Real Estate Information

  • Key Result 1: Achieved a 40% increase in the use of interconnected features, reflecting users' seamless transition between mortgage information, property listings, and neighborhood insights.
  • KPI: Percentage of users interacting with interconnected features.
  • Key Result 2: Reduced the average user session time from entry to conversion by 15%.
  • KPI: Average user session time from entry to a conversion event.

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UX Research

  1. Competitive Analysis: To gain a better understanding of existing solutions and identify areas of potential improvement, we analyzed the features and functionalities of competing financial websites, mortgage marketplaces, and real estate platforms.
  2. User Testing and Feedback Loops: We engaged in user testing sessions, allowing us to evaluate prototypes and gather direct feedback from users on the platform's usability, features, and design. This iterative process enabled us to make continuous improvements based on real user insights.
  3. Data Analysis: To comprehend user behavior and preferences, we analyzed user data and interactions on the platform. We tracked user journeys, click-through rates, session duration, and specific user actions to identify patterns and areas where users were encountering difficulties.

Design

Bankrate's design focuses on creating a user-friendly and interconnected experience. The interface is intuitive and guides users seamlessly through the entire home-buying journey. We've maintained a clean and organized layout that makes navigation a breeze.

Solution

  • Mortgage Marketplace: We developed a centralized Mortgage Marketplace that aggregates all available mortgage options from various banks and lenders in one place. This feature provides users with transparency in comparing rates, terms, and conditions, simplifying the mortgage selection process.
  • Request for Information (RFI): A key addition was the "Request for Information" feature that allows users to directly contact banks and lenders for more details or to initiate the mortgage application process. This functionality streamlined communication between potential borrowers and financial institutions.
  • Mortgage Calculator: We integrated a comprehensive Mortgage Calculator into the platform to help users estimate their monthly payments, interest, and early spending. This tool empowers users to make well-informed decisions about their budget and financial goals.
  • Real Estate Listings: Collaborating with real estate developers, we incorporated Real Estate Listings, enabling users to explore available properties, including apartments and houses. Users can access these listings directly from developer pages or from bank-related pages.
  • Continuous Discovery: To guide users seamlessly through the home-buying process, the platform was designed for continuous discovery. Interconnected features allow users to move effortlessly from exploring mortgage options to searching for properties and understanding their potential new neighborhoods.
  • Educational Content: A wealth of educational content, including blogs and news articles about affordable housing, property selection, and real estate market trends, was added to empower users with valuable information.
  • User Ratings and Reviews: We introduced User Ratings and Reviews for both developers and banks, enabling users to make decisions based on the experiences of others in the community. This feature fosters trust and confidence in users' choices.
  • Property Details and Mapping: Users can access detailed property information, including maps displaying the location of apartments and houses. This feature also provides insights into nearby amenities, schools, and crime rates, facilitating informed decisions.
  • User Experience Focus: The website's user experience was fine-tuned to be user-friendly and intuitive, ensuring that users of all backgrounds could easily navigate the platform. This emphasis on user experience streamlined the otherwise intricate processes of home buying and financial decision-making.

Process:

  • Discovery & Ideation
  • Research
  • Information Architecture
  • Design
  • Usability Testing

Tools:

  • Figma
  • Miro
  • Adobe Illustrator
  • Adone Photoshop
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