challenge
The accelerating growth of a leading national consumer lender specializing in the home-improvement industry meant they needed to modernize their processes. They wanted to enhance the user experience for both their borrower and dealer network users by creating two new applications. These featured electronic statements, provided enhanced onboarding, displayed payments and history and improved views of the dealer’s application lending pipeline and status. They were currently mailing customers loan statements and because of the high volume, they were spending between $250,000-$300,000 in postage fees each month. Visibility was also a challenge, because customers would have to pull out their paper statements to view any information pertinent to their loan. It wasn’t a user-friendly experience. For their dealers, our client wanted to create a dashboard that provided a single source of information for every loan a dealer had through them. Our client continues to grow and has realized significant cost savings to fuel greater investments to spur even higher growth and access to information by borrowers and dealers.
solution
Our team worked on the project independently from the client’s existing IT team and applications. This ensured that net-new state of the art technologies, processes, UX/UI and security lifted their capabilities for the borrower and dealers, while also improving compliance. An Agile approach was used throughout the work with our team assuming the product owner role. We worked closely with their IT leader and C-level executives to ensure ongoing alignment and clear roles/responsibilities. The user experience for the borrowers used a component-architecture for the React UI work leveraging a .NET common-services-gateway (CSG) for all backend integration. Our team partnered with our client on building new services while also assuring logging to meet regulatory requirements. A collaborative design/build approach for the UI leveraged a lender UX professional into the Agile process to frame new workflow, enhance ADA compliance, and the user interfaces. This addressed all payment programs, marketing program support, payment history and loan details for the borrower. We designed and built an onboarding process for borrowers that was leveraged for the design pattern of the dealer portal. This allowed a pilot and migration to the new portal using the same business practice for onboarding per our client’s IT policies.
results
Both applications provided a better experience for their users and helped resolve many of the compliance challenges that were happening for our client. The consumer application gave customers more visibility into their loan and it allowed our client to put the right people into the customer support function for optimal customer care. This led to improved customer service scores on sites like Better Business Bureau (BBB). It also saved our client over $3,000,000 annually in postage fees. The dealer application is rolling out to the top ten dealers to validate improvements and enable a wave of migrations for the remaining 10,000+ dealers.
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