HyLend

Project overview

HyLend is a platform created to help businesses discover funding options and connect with lenders. The project's primary objective was to develop a seamless, user-friendly interface that simplifies securing business loans and other financial support. Additionally, the platform aims to streamline the process for lenders to review and approve loan requests. This case study details the design process, challenges encountered, solutions implemented, and the overall impact of the HyLend platform.

My role

Sole Product Designer - UX/UI

Initial findings

Problem Statement:

Businesses, particularly small and medium-sized enterprises (SMEs), often struggle to find suitable funding options. The process is typically time-consuming and complex, involving numerous lenders, varied requirements, and extensive paperwork. On the other hand, lenders face challenges in efficiently managing and reviewing numerous loan applications, ensuring compliance, and reducing risk.

Objectives:

  • Simplify the process of finding funding options for businesses.

  • Provide a user-friendly interface for businesses.

  • Connect businesses directly with lenders.

  • Ensure transparency and ease of use throughout the platform for all users.

  • Streamline the review and approval process for lenders.

  • Enhance efficiency and compliance for lenders managing multiple loan applications.

Borrower Platform

The borrower platform within HyLend is designed to empower businesses by offering a comprehensive suite of tools and features that streamline the funding process. Key functionalities include:

1. Multi-Product Applications: The platform enables borrowers to apply for multiple financial products simultaneously. This feature saves time and effort by allowing users to submit a single application that can be considered by various lenders for different types of funding options, such as loans, grants, and credit lines.

2. Data Storage and Management: Borrowers can store their business data securely within the platform. This data storage capability simplifies future applications, as users can reuse their stored information, reducing the need to repeatedly enter the same data for different applications.

3. Company Structure Monitoring: The platform provides tools for borrowers to monitor and manage their company structure. This includes tracking key financial metrics, organizational changes, and other relevant data. By maintaining an up-to-date profile, businesses can ensure that their information is always accurate and ready for lender review.

 

Lender Platform

The lender platform within Hylend is tailored to meet the needs of financial institutions, enabling them to efficiently manage and expand their lending operations. Key functionalities include:

1. Financial Product Creation: Lenders can create and customize their financial products on the platform. This includes setting terms, conditions, interest rates, and other relevant details, allowing lenders to offer a diverse range of funding options to meet the needs of various businesses.

2. Application Review and Management: The platform provides comprehensive tools for reviewing and managing applications from multiple borrowers. Lenders can easily track the status of each application, assess the risk, and make informed decisions based on the detailed information provided by the borrowers.

3. Collaboration Tools: The platform supports collaboration between different roles within the lender’s organization. Team members can share insights, discuss applications, and coordinate efforts to ensure a streamlined review and approval process. This collaborative environment enhances efficiency and ensures that all relevant stakeholders are involved in the decision-making process.

4. Enhanced Communication: Direct communication channels are available within the platform, enabling lenders to interact with borrowers in real-time. This feature facilitates quick clarifications, negotiations, and provides a transparent process for both parties.

5. Compliance and Risk Management: Integrated compliance tools help lenders ensure that all applications meet regulatory requirements. The platform also includes risk assessment features to evaluate the creditworthiness of borrowers, helping lenders make safer lending decisions.

 

User flows that accommodate various roles and permissions, enabling effective collaboration.

One of the most challenging aspects of the project was conceptualizing and designing complex user flows that enabled different team members within lender institutions to collaborate effectively throughout the application review and approval cycle.

 

a comprehensive design system that ensures consistency and efficiency across the entire platform.

A significant challenge of the project was creating a comprehensive design system that maintained consistency and efficiency throughout the platform. This design system had to accommodate the diverse needs of both borrowers and lenders, providing a cohesive user experience while supporting the complex functionalities required for effective collaboration and streamlined processes.