Transforming Financial Inclusion: Leveraging Customized Apps to Enhance Customer EngagementFinance
Our client, a leading online lending marketplace, has been a key player in connecting borrowers with lenders for over a decade.
Founded with the mission to simplify the borrowing process, the client has evolved into a comprehensive platform offering a wide range of financial products, including mortgages, personal loans, and credit cards. The platform serves as a bridge between borrowers seeking financial assistance and lenders offering competitive rates and terms.
challenge
- Gaps in Identifying Customers The client sought a reliable technical solution to facilitate the collection of customer data & target customers within the fair and poor credit score range who are currently not matched with lenders.
- Enhancing Usability, User Experience, and Customization The client prioritized improving the usability and user experience of their online lending marketplace platform to gain a competitive advantage and drive higher business growth. This included customizing the user interface (UI) and refining offered rates across various financial products to better meet diverse customer needs and market demands.
solution
- Identifying Underrepresented Customers We employed optimized solutions like Debt Analyzer, Debt Relief, Credit Repair, and Debt Management to appeal to customers with fair and poor credit scores. Additionally, we integrated analytics tools to monitor user engagement and pinpoint underserved segments.
- Enhanced Customization of UI and Rates We utilized Vue.js, jQuery, HTML5, Bootstrap, and CSS to tailor the user interface for our products, ensuring speed and responsiveness. Dynamic pricing algorithms were integrated to provide competitive rates personalized to each user’s credit profile.
- Agile methodology Our team followed a Dual Track Agile methodology, where two tracks of Discovery and Delivery ran in parallel. The Discovery track was used to ideate improvements to existing processes and to create new solutions, while the Delivery track would bring those ideas into fruition. We collaborated closely with Data Analytics to identify and improve areas. User interviews provided immediate feedback.
Outcomes
- Enhanced Customer Experience Implementing the customized application significantly enhanced the overall customer experience, increasing it by 2x times. Users reported smoother navigation, intuitive interfaces, and a more streamlined process for accessing financial services.
- Expanded Market Reach and Service Accessibility The customized application improved access to diverse financial services by connecting customers directly with lenders, increasing our client’s market reach by 25%.
- Accelerated Business Growth and Revenue Our client experienced remarkable growth with a huge increase in lead conversion ratio, leading to a $1M increase in annual revenue.
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