Transforming Financial Inclusion: Leveraging Customized Applications to Enhance Customer Engagement for A Lending firmFinance
The client is an online lending marketplace headquartered in Charlotte, NC.
The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc. We helped them to enhance their services by making an in-depth analysis of the customer data and designing an engaging GUI.
challenge
- Gaps in Identifying Customers The client was looking for methods to identify and target customers within the fair and poor credit score range who are currently not matched with lenders.
- Need to Understand the Customer better They need to conduct comprehensive research to understand the specific financial needs and preferences of individuals with fair and poor credit scores, including their borrowing habits and pain points in the lending process.
- Lagging Lender Engagement The client was lagging in strategies to convince lenders to participate in the Credit Service program, considering the higher risk associated with lending to customers with low credit scores.
- Less customized UI They lacked a user-friendly interface and established a pricing strategy while allowing for customization based on product type and customer risk profile.
solution
- Identifying Underrepresented Customers We utilized optimized products such as Debt Analyzer, Debt Relief, Credit Repair, and Debt Management to attract customers with fair and poor credit scores. Implement analytics tools to track user engagement and identify segments that are currently underserved.
- Lender Engagement and Buy-In We helped to showcase the success of the optimized products in improving user credit scores to potential lenders. We leveraged .Net technologies and design patterns to demonstrate the reliability and efficiency of the services offered.
- Enhanced Customization of UI and Rates We worked with VueJs, jQuery, HTML5, Bootstrap, and CSS to customize the user interface of the products, ensuring a fast and responsive experience tailored to the needs of customers with fair and poor credit scores. Implement dynamic pricing algorithms to offer competitive rates based on individual user profiles.
- In-depth Customer Analysis The optimized products helped to gain insights into the specific needs and pain points of customers with low credit scores. We collected feedback through interactive features and surveys embedded within the products to understand the customer.
Outcomes
- Enhanced Customer Experience The implementation of the customized application resulted in a significant enhancement of the overall customer experience, increasing it by 2x times. Users reported smoother navigation, intuitive interfaces, and a more streamlined process for accessing financial services.
- Improved Access to Financial Services By bridging the gap between customers and lenders, the customized application facilitated improved access to a wide range of financial services, increasing the client’s reach by 20%.
- Revenue Boost The success of the customized application contributed to the growth and sustainability of the business, enhancing the growth by 25%.
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