Tailored loan pricing - Westpac Personalized Rate
When it comes to getting a loan, many customers currently has fixed pricing, meaning everyone pays the same rate regardless of their credit history, risk profile, loan needs or income. We were looking to change that by introducing personalised pricing, which tailors loan rates to individual situations.
My role
I joined this project with the exciting task of creating UX and UI patterns (not just components) for Westpac's origination journeys. My goal was to integrate these patterns into Westpac's design system, GEL, all within a two-month timeframe.
Designers
Emma - Senior XD (lead)
Julie - Junior XD
Working with
GEL designer (Kate)
Creative director (Nick)
Accessibility SME (Michael)
Content writer (Anton)
The opportunity
This approach benefits both customers and the business. For lower-risk customers with better credit scores, personalised pricing can mean lower borrowing rates for the same loan amount. On the flip side, higher-risk customers may pay a higher rate, but this allows them to secure a loan that they might not have qualified for otherwise.
For the business, this means we are able to reach to customers that can gather more detailed insights and potentially increase personal loan approvals. Overall, personalised pricing creates a win-win scenario, fostering better outcomes for customers and driving growth for the business.
As part of introducing a personalised rate & the get quote functionality, we uplift the personal loan home page with new visuals to help customers get familiarised with the concept
Get quote
We've then added a get quote experience for customers to get their personalised rate
Desktop
Mobile
Personal loan calculator
We also uplifted the repayment calculator to accomodate the newly introduced personalised rate, allowing customers to calculate their repayments using custom rate.
