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First of its kind mobile app offers personal loans in minutes.
Challenge
In a saturated personal finance market, our client, a leading bank in the GCC, set its sights on disrupting the manual, paper-based financing process. We helped our client distinguish itself from competition with a real-time lending app that makes the personal finance experience more efficient and enjoyable.
After helping this bank become a digital leader in the GCC, we targeted the transformation of their customers’ personal finance experience. Traditionally, the whole process is long, uncertain, and stressful. For bankers, paper-based manual applications take time, focus, and energy away from other responsibilities; for customers the process is unfriendly, stressful, and inconvenient.
Strategy and Solution
We deployed a digital finance platform that reduced wait times from about five days to just 5 minutes by enabling the bank’s customers to receive a decision in as long as it takes to buy a coffee. With just their phone or tablet, a customer’s entire application experience was vastly improved.
On our platform, customers enter personal information and details about their active liabilities, then select the existing liabilities they have with other institutions that they would like to settle. From there, they can then review the various financing amount options based on the terms of each option that suits them best. Within minutes, the customer can submit the financing request application to get real-time instant approval.
We enabled instant decision management using our Digibanc™ SmartRules engine – an ensemble of credit administration and intelligent proprietary lending algorithms – that connects with the credit bureau, allowing us to underwrite financing using preconfigured rules. We fetch the customer’s existing liabilities to calculate what the limit the customer can get in real time.
Our concept was an application experience that’s seamless, streamlined and intuitive.
Transformation
Our client attracted new and existing customers to the app, slashed operating costs, and vastly reduced manual processes, effectively bolstering its lending book and bottom line. Banks in the GCC now have to scramble to catch up.
Providing financing decisions instantly and reducing loan paperwork proved beneficial for both customers and the bank—improving customer experience and innovating the personal finance application process. The new digital platform has also enabled customers to settle their existing liabilities from other institutions at the push of a button.
Since its launch, more than 50% of new personal finance applications are done through the app, proving that if customers have an option for an easier, more intuitive way to submit applications, they’ll take it. Not only is our client seeing more overall applications through the app, but processing time has also been dramatically reduced by over 95%, and an overall disbursement turn-around time reduction of over 60%.
The successful launch of our client’s digital instant lending platform resulted in happier, more engaged customers, and a bank that stands above the regional competition in the digital space.
Our client attracted new and existing customers to the app, slashed operating costs, and vastly reduced manual processes.
