Streamlining Bank PAN's Payroll Loan flow for 28 million customers

Context

Bank PAN is a leading digital bank in Brazil, serving over 28 million customers as of 2023, an impressive 18% growth in just one year. With a robust portfolio that includes digital accounts, investments, and credit cards, Bank PAN’s Payroll Loan stands out as a flagship product, providing accessible credit for individuals managing bills and daily expenses.

Problem

Despite the Payroll Loan’s strategic importance, the digital application journey was significantly underperforming compared to traditional offline channels. We identified several critical challenges: Low conversion rate, high drop-off rate, and unengaging user experience.

The team

Myself as Senior Product Designer
1 Product Manager
1 Data Analyst
1 Scrum Master
1 User Researcher
8 Engineers

Discovery phase

Funnel analysis

We analyzed the conversion funnel over a three-month period to identify the steps with the highest drop-off rates. This helped us map out where users were disengaging and provided a foundation for further investigation.

Survey

We conducted a survey targeting both users who completed the funnel and those who abandoned it. With 526 responses collected, we gained quantitative insights into user motivations, frustrations, and needs.

Interviews

To dive deeper into the “why” behind the data, we conducted interviews with customers. These conversations allowed us to explore the pain points identified in the funnel analysis and survey.

Key findings

During the analyzed period, the landing page received an impressive 590,000 visits. However, 69% of users left without interacting, indicating low engagement or unclear messaging

Among those who began the application process, only 1.5% successfully completed it. When asked why, 89% of users cited unanswered questions, highlighting a lack of trust and confidence in the process

The highest abandonment rates occurred at steps requiring users to input fields with precise formatting (e.g., decimals and commas)

47% of users were applying to cover bills and daily expenses, underscoring the importance of clear communication about eligibility and benefits.

Many users left the process to search for missing personal information, but our funnel analysis revealed that most never returned to complete their applications.