Increasing the conversion of home loan sanctions through DIY journey
Client background & brief:
The client is a leading NBFC and has a large portfolio of financing products. The client pioneered a digital home loan experience for their home loan seekers to get a hard loan sanction letter within 25 mins. However, due to the need of documents and various other issues there are a lot of drop out and the lead to conversion ratio through the digital DIY channel is very low.
How might we redesign the DIY digital home loan experience for home loan seekers to increase the lead to conversion ratio
How did we support:
- We suggested a Design Thinking approach to get the outcome with agility and worked with the business leaders on the following activities:
Step 1 – Setup & Planning (Objectives, Cross functional teams, Sponsor orientation)
Step 2 – Design Sprint planning
Step 3 – Conducted a 4-day design sprint
Journey outcome:
Simplified home loan journey with a smaller number of fields to be filled by the customer
Bringing emotional connect in the DIY journey customer stickiness
Early collection of documents to increase customer stickiness
Benefits:
- Qualitative:
Under assessment
- Quantitative:
Customer experience improvement
Increase is customer stickiness
