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Fundbox intership

Redesign of the onboarding process

Responsibilities: Ux/ UI design, competitor research, problem definition& solution proposal

Fundbox intership

Redesign of the onboarding process

Responsibilities: Ux/ UI design, competitor research, problem definition& solution proposal

Project overview 

While completing my academic degree, I participated in an internship at Fundbox, a company that offers financial solutions to small and medium-sized businesses in the United States. The purpose of the internship was to redesign the onboarding process.

The problem

Fundbox is an American fintech company, that found a unique way to assess small businesses for funding without a lengthy application process. Using the app, users can apply for a loan in a simple way without submitting forms or going through complicated steps. Even so, the onboarding process has high drop-off rates.


Users start the application


Users finish the application




Users make first draw

Due to this, my goal in conducting UX research was to understand why drop-off rates are so high.

Organizational research

In the beginning, I learned what Fundbox is. What is the process of taking a loan in the USA?

If so, what makes Fundbox unique?
As a result of my research, I learned that traditional banks typically have a
long and cumbersome loan application process, which may even last weeks. Also, during this time, loan applicants must provide a lot of information. A number of small businesses will also not be able to meet banks' minimum requirements. Therefore, Fundbox offers a unique and fast way to evaluate small businesses, enabling it to provide financing in a matter of minutes. Furthermore, the service is digital-only, making it possible to request financing from anywhere.

er flow

The process can be mapped into four stages

1. Basic information

2. Accounting software

3. Bank account

4. Business details

צילום מסך 2023-05-16 115335.png

competitor research

I found direct competitors, who, like Fundbox, offer financial services. In addition, I found competitors with a long onboarding process, so that I could examine how they present it. I signed up for each of them and examined their onboarding process: the order of the questions in the process, how they are presented (number of questions in a stage), whether there is a progress bar, microcopy, the intuitiveness of the process. We also wanted to examine how they deal, if at all, with the fact that the service is only digital, unlike a financing process provided by the bank.

During the competitor research, we discovered that the competitor's design and product language is guided by three principles, which create a unique user experience.



Throughout the process, the user is informed how many steps he needs to complete, how long each step will take, and his progress is presented with a progress bar.



In order to build trust in the product, the competitors provide detailed explanations due to the sensitive nature of providing financial details.




Overall, all of the competitors utilize computerized processes with no human interaction whatsoever. However, most of the competitors employ microcopy to show there is a “human” behind the screen.



With these three guiding principles, the competitors create reliability in their products. And how do they manage to do it? By referring to three questions throughout the onboarding process:

What, why& how?


the user is required to do during the process


is the user required to perform these actions, why it's relevant to the process, and why he should do it


the company intends to utilize the information users provide during the process

Following the research, I revisited the Fundbox onboarding process from a fresh perspective. Additionally, I watched videos of users using Fundbox through FullStory to see if any other issues could be identified. Ultimately, we decided to redesign the three screens with the highest drop off rates after meeting with Fundbox's data team.

Problem statement

The current onboarding process has a high drop off rate

Since we were unable to find an unequivocal explanation for the drop off percentages, we put forward a few hypotheses:


Users are naturally reluctant to undertake financial transactions that may adversely affect their credit scores


In the absence of human interaction, online users are nervous about completing sensitive processes


Questions are not graded,

the first stage already asks about the average monthly income


There are too many steps

Therefore, I believe that by maintaining the principles we have chosen (transparency, humanity, and security), we can increase the trust of the users and decrease drop-off rates.



Merging steps and repositioning the questions
Highlight security and transparency in the process
Give the user the feeling that there is a human behind the screen


Because it is a financial process, there are a number of legal restrictions that limit the ability to change and renew it. Aside from that, Fundbox wanted a focus on UX, not a redesign. Anyway, we've made some significant changes.

Merging steps

The process will be shortened to make it easier and less "intimidating".

New Text Fields

By changing the text fields, ToolTip can be canceled and the information made available without any action from the user

Progress bar

As a first step, we created a progress bar that does not indicate the stage name, but only its number.  Additionally, the bar shows the stage's progress. We then decided that it would be important to specify the stage's name. Clicking on the progress bar also displays the progress percentage. However, the progress percentages could not be displayed for all stages, so we chose the option where the stage name is displayed at all times, as well as the progress bar being colored.

Explanation screen

As part of the principle of transparency, we chose to add a preliminary step before starting the application process. It is meant to demonstrate humanity by addressing the user by name. Additionally, it explains the steps and timeline for the process.
The first time we designed the screen, we aimed to give the user as much information as possible, but we realized it was visually overloaded. Due to this, we decided to reduce the text, address the user by his first name, and turn the screen into a pop-up. Our final choice was to illustrate the steps of the process visually as well as present a more factual reference and a timeline indication.

Preliminary screen before providing bank details

In order to reflect the security principle, we decided to explain the user what the next step will be (filling in his bank account details), and its consequences. Although Fundbox addresses the issue of security, the user must take an active step to get the information. We thought it was worth presenting it "in your face".

support icon

For the user's confidence, calmness, and to avoid frustration, we have added a support icon that will appear regularly throughout the process. When the user clicks on it, a contact box will appear. A reference to customer service or a Q&A  page is also provided, so the user can get all the help he needs.

last screen redesign

This stage is only available to users whose loan requests have been approved. However, at this point, the user is presented with two financing options. In order to refine the selection options, both options are presented on the same screen, and the user can select. Additional information can be accessed by clicking the arrow.