NERDWALLET
NerdBuild: Credit Builder Loan
Launched as a zero-to-one initiative, NerdBuild empowers subprime consumers to improve their credit scores through a simple and accessible solution, expanding NerdWallet's market reach and driving new revenue growth.
INTRODUCTION
Historically, NerdWallet's offerings have underserved users with limited or no credit history. This new product expands NerdWallet’s portfolio, creating a new revenue stream while offering accessible credit-building opportunities for these consumers.
MY ROLE
DURATION
End-to-end design, UX/UI, stakeholder management
Q3, 2024 - 8 weeks
TEAM
PLATFORM
1x Product Manager
1x Go-To-Market Manager
2x Engineers
1x Content Strategist
1x Brand Designer
1x Market Researcher
Native, Mweb, Desktop
THE PROBLEM
60% of consumers seeking lending are low to no credit users who have limited access to traditional products.
We aimed to create a solution that:
Empowers consumers to build credit independently and reliably
Increases the number of approved applicants by offering a pathway to improve their credit profiles
Introduces a new product that supports long-term engagement and growth within the NerdWallet ecosystem
THE OPPORTUNITY
Broadening our product offerings could drive greater consumer engagement within the NerdWallet ecosystem.
Consumer Benefits
Improved credit scores grant consumers access to better financial products, reduced interest rates, and expanded credit opportunities.
Partner Benefits:
Financial partners gain a larger pool of qualified applicants by enabling users to reapply with improved scores, fostering future approvals and growth.
NerdWallet Benefits:
NerdBuild opens a new revenue stream and user base, building brand loyalty and providing future opportunities to cross-sell other products.
FINAL DESIGN
NerdBuild: Credit Builder Loan
We launched NerdBuild with a third-party service provider, enabling rapid deployment and user validation without extensive in-house infrastructure. As a designer, I collaborated with cross-functional teams to define:
Value proposition: Clearly defining and communicating the product’s benefits.
Brand identity: Crafting a unique yet look and feel.
Copy: Aligning messaging with business goals, compliance, and user needs.
Entry Points
Users can discover NerdBuild through multiple entry points, strategically designed to introduce the product when they’re actively seeking credit-building or lending solutions
Declined traffic
For users who have been declined for lending products, the flow seamlessly redirects them to NerdBuild as an alternative solution, offering a clear path to building credit on their terms.
Application form
The streamlined application guides users through eligibility checks and setting up their credit plan, highlighting key benefits and what to expect throughout the application process.
Exit intent popup
When users show signs of leaving the page, a friendly popup invites them to explore NerdBuild’s credit-building benefits or redirects them to exploring alternative options.
SUCCESS METRICS
As a 0-1 initiative, success focuses on initial validation with minimal investment
Instead of a large public launch, we're leveraging decline traffic as our primary acquisition source. In parallel, we collaborated with our third-party service provider to reduce funnel drop-off and increase approval rates, amplifying the product’s growth potential.
Initial Traction
Acquired 50 users in the first month by focusing on top-of-funnel traffic and funnel optimization.
Long-Term Goal
Reach profitability by end of year 1 by growing our Monthly Active Loan Users to profit off of interest payments.
NEXT STEPS
Future opportunities
Product Graduation: Guide NerdBuild users to transition into products like NerdUp or entry-level credit cards as they progress in their credit journey.
Expanded Access: Gradually broaden the product’s reach to more eligible users.
Enhanced Integration: Create a landing page that helps users decide between NerdBuild and other financial products based on individual needs, and incorporate Analyze for UX optimization within the NerdWallet ecosystem.
Learnings
♟️ Strategic Portfolio Expansion
Launching NerdBuild taught me the value of addressing gaps in our product lineup. By adding targeted offerings for underserved audiences, we diversified NerdWallet’s portfolio and unlocked new growth and revenue channels.
🔄 Iterative Product Validation
Using an MVP approach with a third-party service allows you to validate 0-1 concepts quickly. This method proved effective for rapid feedback and informed future iterations, balancing speed with user impact.
🤝 Leveraging Cross-Functional Expertise
By empowering each team to focus on their strengths, I was able to quickly build a well-informed, user-centered MVP through diverse perspectives—resulting in a robust product without shouldering everything ourselves.