How our members helped us create a brand new loan application
What if getting a car loan was as easy as choosing a new car? Applying for a loan can make finding a new vehicle easier. But it shouldn’t. To help you speed up your new car, we recently developed and launched new online loan applications for auto loans, credit cards, and more. Spend more time having fun. And focus on the joy of creating new memories.
We understand that creating great membership experiences comes from all the interactions you have with us, not just at our affiliates or over the phone. Knowing that you are looking for a simple online solution to meet your financial needs, our digital expertise team took on the challenge of building all of our online applications in-house. This decision would allow us to create an individual solution for our members. However, before we started designing and building our new applications, we first looked at how to take advantage of this opportunity to improve the overall quality of loans for our members.
We got some disturbing results thanks to member feedback and internal testing. Our accreditation process was too long, some deadlines were unclear, redundant information was required in the application, and the experience was the same for current and future members. We attribute these results to a high percentage of rejected applications.
Instead of acting as a partner and helping him, our online loan application turned out to be a roadblock. Sometimes at a crucial time in his life, when he desperately needed help. While we want to support your goals, these results and a high application abandonment rate have shown that we are not achieving this goal. We knew we could do better.
Focus on the experience
Some of the best ideas come from questions. While we improved our online loan applications, we discussed how to build trust, provide transparency, and give you more control over the credit process. While the outcome of this project would undoubtedly benefit our internal teams, we wanted to ensure that the member’s experience was the basis for all decisions.
“The objective of this project was to strengthen the members. In addition to speeding up and facilitating the loan process, we wanted to help members feel more connected to the process and have more control over their financial journey and well-being, ”said Marco L., Vice President of Lending at Bridge Payday.
That’s why we consider everything from app design to functionality and prepare to create a simpler and more intuitive online experience.
Learn from each other
We are fortunate to have an internal Bridge Payday digital expertise team that can self-research, design and build custom applications. As part of the collaboration between this team, the Information, Lending, Member Experience, and Marketing and Innovation Services teams, we spend more time researching and reviewing a member’s journey from multiple sources. Together, we set ourselves the goal of creating a complete experience for you. We also learned from each other.
“The project involved various points of view that looked at the process from many different angles. It was not the person or the team who decided what the application would look like or how it would run. It was a collaboration between many team members and departments, ”says Andrea.
We ended up creating some new online applications tailored to each of our loan products. In addition to creating a shorter process, we fix the project, simplify the language in the applications and make sure that the process of applying for a loan on a phone or tablet runs as smoothly as on a computer. Documents can now be securely downloaded to any application (as opposed to scanning documents and sending secure emails or faxes), with less processing time. Your time is precious. And we respect this time.
Although our first revised online lending application was launched in October 2019, the importance of this new process was really appreciated in 2020. The ease of use of each application allowed you to ask our members for fast financing. COVID-19 pandemic. In addition to your convenience, you can now apply for bridging loans online with faster pay. The approval process is also faster and allows you to get the financing you need as quickly as possible.
In recognition of our new experience, we recently received Listmaker 2020 as the best 1 credit platform at the Benzinga Global FinTech Awards. Benzinga is a Detroit-based financial data and media technology company. Benzinga Listmakers is one of the world’s most famous awards for FinTechs (FinTech companies). We are honored to be the only publicly traded credit union, alongside startups and other innovative companies that focus on people’s financial well-being.
This award demonstrates our commitment to innovation, even as the most recognized institution. We can all make a difference. For our members. For our communities. Is for you.