Overview

Mobile Retail Loan Origination is a complex digital journey that allows a customer to apply for a loan personalized to their needs. By first inserting data into a simulator, the software returns a tailored loan product to fit the scope and needs of an applicant. Throughout the process, the identity of the customer is checked and they can choose the amount, period and added benefits or even opt for credit cards and debit cards. At the end of the process a current account is opened, the money is disbursed to an account and if selected a credit/debit card is shipped. The journey has elements such as gamificationClosed The application of typical elements of game playing (e.g. point scoring, competition with others, rules of play) to other areas of activity, typically as a technique to encourage engagement with a product or service. introduced into the flow as a solution for reducing the waiting by presenting the user with a game. Lastly, to ensure the customer experience is enjoyable a feedback form was inserted to collect the opinion of the user and the possibility to invite a friend by inserting their email address and get a discount applied. All these elements, ensure a round flow with milestones, achievements and user-friendly visual elements.

The user is an Un-Authenticated Customer (a new customer to the bank, un-authenticated in the Portal) and the customer segment is retail individuals.

The digital journey is built for mobile mode with a user interface easy fitted for smaller screens. The journey can be used in desktop mode as well, cross-platform with slight modifications on the flow on the step Know Your Customer.

Business Pain Points

The Mobile Retail Loan Origination digital journey by FintechOS is aimed at resolving some of the pain points when applying for a loan:

  • the application takes time to fill in;
  • requires various documents to verify identity;
  • customers rely on information received from clerks;
  • to many fields to be configured and data to be collected;
  • multiple steps to be performed by the user.

The Mobile Retail Loan Origination journey by FintechOS solves these pain points by offering a fully digital seamless way for your customers to apply for a loan.

Advantages of the Mobile Retail Loan Origination:

  • Digital - the application is 100% digital as well as the disbursement. The result is a fully functional loan, personalized and generated without the need for a lot of documents.
  • Time-efficient. The process has only a few steps with instructions to easily navigate.
  • Personalization. This digital journey is highly configurable and can be further enhanced via FintechOS Studio to adapt it to your business requirements.
  • Advanced formula for calculation. The processor Configuring the Business Formulas offers an intricate method to build a formula that can calculate the interest rates.
  • Unassisted. The journey does not require the assistance of a bank employee for the user to receive their loan. It can be done by any customer.