The client - a branch of one of the biggest UK banks - allows customers to upload documents required to apply for a loan through an online platform.
Before our cooperation, a human employee had to download each file from the app and manually feed them into the system.
This slowed down interactions with customers, including communication about next steps, and caused additional time spent by the client’s team on processing documents.
The client wanted to broaden their reach and be ready for more customers in 2020. We helped them achieve this by building a mobile app and introducing process automation.
Improving lending through digital transformation
The original goal of the project was to build a simple document scanning app. This was delivered quickly and the client saw an opportunity in our cooperation.
By applying a more comprehensive solution, they knew they could streamline their lending process, which would in turn increase retention and help the client’s team close more deals.
Reaching this goal required a multifaceted approach from the Netguru team:
- Building a mobile app,
- Improving user experience of the core service,
- Ushering in a digital transformation,
- Performing a security audit.
The project’s scope expanded over time.
Designing the UX of a 21st century banking platform
The app solves two major problems: it removes the client’s office from the flow of the lending process and it allows for effective communication with end-users. It does so through the introduction of a proper banking system with digitization and automation.
Over the course of the project, Netguru’s experts focused on several areas to best meet the needs of the client:
- KYC (know your customer) guidelines,
- Offer prolongation,
- Offer reception,
- Document signing,
as well as communication with end users, which was made more proactive through push notifications.
Preparing a bank’s online lending platform for future growth
The project’s biggest challenge was implementing business logic. Though the app is not very complex, cases for multiple user types needed to be covered. Working with an unstable external API made the team’s work even more difficult.
The result is a proper example of digital transformation, with efficient, automated processes and reengagement tools. The client’s team can now focus on bringing more users to the platform.
In the future, the client wants to improve user identification, which will likely require replacing their current provider.
Closing the distance between a bank and its clients
One of the major KPIs for the project was improving the client’s visibility on the mobile market. The attractive new app has achieved this.
End-users also enjoy better communication and guidance regarding what is needed for the lending process and what next steps they need to take. This means a better experience for customers, better engagement, and improved retention.
Finally, the client is able to sell more loans while engaging fewer people in the platform’s core process, lowering costs through optimization.