The Challenge
A leading financial institution aimed to develop an exceptional digital personal loan journey that would set new industry benchmarks. The key challenge was to design a seamless, efficient process for pre-approved customers, existing customers (ETB), and new customers (NTB) while significantly reducing turnaround time and customer acquisition costs.
Our Solution
Comprehensive Benchmarking
Comparative macro & micro view of different Digital Personal Loan Journeys, with clearly laid out feature-wise strengths and areas for improvement.
Strategic Recommendations
Suggestions across domains and features for implementation, along with the impact on engagement, experience, revenue and TAT.
Innovative Approach
Building strategic recommendations unique in nature for the Industry, identifying innovative opportunities for enhanced digital engagement.
Our Approach
- Identify top digital personal loan journeys, compile feature stack across variants(PAPL, ETB and NTB), map customer journeys, and create a comprehensive scoring system with weighted averages.
- Assess and score product features and experiences across journeys. Analyze onboarding journeys, steps, interventions, and convenience. Identify an innovative opportunity for enhanced digital engagement.
- Analyzed qualitative and quantitative data.
- Formulated journey improvement roadmap.
- Leveraged team expertise for roadmap and strategy.
- Encompassed areas for enhancement.
Accomplishment
We delivered a comparative analysis of over 300 product features benchmarked against the best personal loan journeys in the industry, including those from private sector banks, mid-sized banks, NBFCs, and leading fintechs. This in-depth benchmarking enabled the client to clearly identify gaps and improvement opportunities in their digital lending process. Our strategic recommendations guided the development of a best-in-class personal loan journey, driving significant improvements in turnaround time (TAT) and customer acquisition cost (CAC).
