Project

Stakeholders 

CEO (x2), Business Managers, Underwriting officer (SME).

Complex stakeholder relationships as Ratehub.ca became the first comparison service to integrate an affiliate in-house mortgage brokerage.

Team 

Lead UX (my role), product manager (1), QA (1) and full-stack developers (7)

Objectives 

Validate the assumption that mortgage seekers wanted more information and context around mortgage rates, recommended options, and wanted to continue the journey from rate comparison to application.

The challenge

Most consumers are more likely to get a mortgage with their existing banking institutions and not shop price. They aren’t aware that a mortgage comparison website like Ratehub is not just an aggregator that simply posts the rates of major lenders like big banks and other lenders across Canada. Ratehub can provide valuable insights and information to mortgage seekers on why rates vary and other related key information. With an affiliated mortgage broker, Ratehub provides end-to-end service that gives mortgage seekers rate choice, detailed information and helps them get their mortgage approved. 

Users

Focus on purchase category user segmentations including first-time homebuyers and those seeking to move or buy a second property. 

Primary users: Purchasers who already signed to purchase a property. 

Secondary users: Purchasers seeking a property in the next 6-12 months.
.

Stakeholder Interviews

Lean UX Canvas Framework

This process was used as a framework to build project alignment and guide interviews with stakeholders. Steps are outlined below:

1. Business problem

2. Business outcomes

3. Users

4. Users outcomes & benefits

5. Solutions

6. Hypothesis

7. What’re the most important things we need to learn first

8. What’s the least amount of work we need to do to learn the next most important things

Stakeholder Assumptions

Stakeholders wanted to validate the assumption that mortgage seekers wanted more information, recommended options, and a continued application process that wasn’t available on the website.

Trust: Do mortgage seekers need information about the provider? What kind of information builds trust around lenders?

Rate information: What kind of data will help mortgage seeker make their decision?

Broker or bank: Do users know about broker’s benefits? How do they want to establish a relationship?

Key Insights

Recognized brands like big banks or the lowest rate are primary motivators

There are two major types of users: one is motivated by brand and another is by lowest rate. Trust in reputable brands are important for those who drive by brand. 

Mortgage seekers want to see detailed rate information and context upfront

Both user types want to know about rate information for different reasons. The brand-motivated user group, they are quite skeptical about low rates. They want to understand what makes it low and they want to know if there are any hidden fees or rate conditions. For the price motivated user group, they want to know about rate information so they can try to maximize their negotiation and benefits. 

Service is important

Both user groups highly rate the importance of service as one of their primary mortgage considerations. A majority of users understand the benefits of a brokerage. However, they still hesitate because of the unknown. Human touchpoints and expert advice can build trust and establish a relationship between and mortgage seekers and brokers.