Problems
Rejection: Thousands of potential clients are being rejected every day. Is there a way we can nurture and grow these rejected applicants? The millennials are the primary target, representing the largest generation. Millennials, however are not buying homes at the same rate as previous generations
Financial Awareness: Many of our potential clients are not prepared for the loan requirements. How can we help educate and automate the loan preparation process?
Solutions
Solution: Create a method that can reduce client fallout after rejection. We can offer a toolbox to improve the financial picture. This toolbox will provide the resources necessary to improve the likelihood of a successful application and retain the client within the Rocket brand.
Solution: Create a space that clearly displays the current financial status and how it relates to the clients ability to get approved for a loan.
Our team and my role
At Rocket I worked as an Experience Designer on the Home Buying Plan team. The Home Buying plan was a product that was already built and live but it was not performing as expected. We were brought in to improve it. Our first step was to work with the Project Managers to go over all tracked data in association with Home Buying Plan. User engagement was very low. We decided to launch a qualitative user research study. We used all of that data to inform our design decisions for a version two.
Set your goals, guide your finances
The primary objective of the Home Buying Plan is to facilitate users in establishing a concrete home-buying goal. Through the implementation of our cutting-edge Rocket Money automated savings tracking system, users can meticulously monitor their savings progress. Additionally, the system allows for the ongoing tracking of credit scores and calculation of the debt-to-income ratio. These critical functionalities collectively empower users to gain a precise understanding of their financial contributions and to construct a well-informed timeline for determining when they can secure a loan through Rocket.
Home buying factors
The approval process is a lot more simple than it seems. There are three major contributing factors to determine loan approval. These three factors are down payment, credit score, and debt-to-income ratio. We made the decision to use these as the primary focus of the dashboard. A simple elegant design element brings these to the forefront. The dashboard offers the client a clear view of the status on their progress.
View potential homes
The dashboard has provided a comprehensive understanding of your budget and location. We can now present you with a curated selection of residences that align with your budget. These properties are in proximity to your preferred location, all powered by Rocket Homes.
Link Rocket Companies
Rocket has the appropriate tools to assist users to achieve their financial fitness. We make suggestions that can connect users to every corner of the Rocket ecosystem. Under the Rocket umbrella we offer a solution to roadblocks in the way of the users home buying goals. We put together a system that can allow users to connect to those offerings so they can make educated decisions on how to achieve their goals.