Understanding a new credit journey after a major market change

My Responsibilities

Key Questions Investigated

I aligned research questions with stakeholders, defined the research approach, conducted and analyzed the research, triangulated user, behavioral and market evidence, and translated findings into actionable recommendations.

Why were people seeking payroll loans?
How well did they understand rates, deductions and financial implications?
Did the experience feel accessible and trustworthy?

From audience discovery to funnel reframing

Round 1 Understanding the audience

Turning Point: Funnel Reframing

Round 2 Understanding abandonment

Survey with 807 non-customers, 5 in-depth interviews with CTPS customers, and desk research (Banco Central, Serasa, Fenabrave). Found 58% sought loans for accumulated bills and 77% had loan experience.

The first round explained the audience but revealed a vital question: if people needed credit, why were so many receiving an offer and stopping? I reframed research around funnel abandonment.

Survey with 310 non-completing offer recipients; survey with 130 customers on document verification; benchmark of Facta, Itaú and Creditas; full funnel and CX operational data.

Converging Data Sources to Identify Friction

Funnel Data

User Research

Market Analysis

CX Operations

Pinpointed exact drop-off moments after offer presentation.

Captured perception around interest rates, clarity, and trust.

Benchmarked competitor rate disclosures and CTPS flows.

Mapped post-submission expectations and confirmation barriers.

24.67%

Offer progression rate (biggest funnel drop)

48.1%

Trust weight in decision (vs 51.4% interest rate)

Creditas' observed monthly rate was 6.90% vs. 2.32%–4.99% for primary competitors analyzed. CTPS comparison reinforced price concerns.

50.34% of applicants were rejected after submitting documents and biometrics, creating elevated user expectations too early in the credit journey.

Actionable Recommendations

Project Impact Scope

1. Reconsider document verification and biometrics timing prior to initial credit analysis.

The research directly connected observed user friction to the lowest-converting funnel stage, converting multi-source evidence into two primary product priorities and two dedicated investigation streams.

2. Review rate positioning and enhance financial value communication clarity.

3. Conduct mystery-shopping research on competing CTPS offer journeys.

Post-implementation metrics and long-term financial conversion performance occurred outside the active evaluation window for this study.

4. Explore WhatsApp verification alternatives alongside existing SMS OTP channels.