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A radically simplified commercial lending experience

Oct 16 - March 17

Project

Simplifying commercial lending

For business customers, finding the right borrowing solutions for their business is important - and it should be simple and easy. The challenge was to simplify and transform the business lending experience by reimagining customers’ borrowing experience & improving staff experience through reworking processes, technology and policy components.

After an intensive research period with business owners, lending advisors and brokers, we mapped their current state journey and pain points. Next step was to validate these insights with the stakeholders and identify the opportunities for transforming the customer experience. Of course operational design and technology capabilities played a key role in defining and iterating the future state. We presented the future of the lending experience with a prototype showing the flows of various customer scenarios. The launch of the new commercial lending experience was possible 3 years after this project was finalised.  

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Current State Journey Map

Current state service 

The objective was to inform the ideal business lending customer and staff experience to help grow Bank’s market share in this space. We interviewed 20 customers and 27 staff members. We shared the research insights with the wider project team, established agreement on customer and staff pain points, opportunities for improvements. We ran several workshops and a number of expert discussions on how we could reduce turnaround time and optimise customer-staff interactions.

The team started believing we could change things for the better - and reduce the turnaround time from 89 days to 5 days, or maybe even less for simple customer cases.  Here are some of the ideas we discussed:

  • What if the existing bank customers could be pre-approved (based on existing data) before they apply for a loan?

  • What if there were fewer documents or no documents at all initially - with a view to complete documents after pre-approval?

  • What if we could give new and existing customers a decision on the spot - with a seamless and automated process?

 

Future state service

We discussed and iterated the future state process flows, triage options, blockers, staff behaviours, technology and platform considerations via several workshops. Then we worked on describing the future state customer experience via journey maps, storyboards, and clickable prototypes demonstrating specific lending scenarios. 

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Service Blueprint

Prototyping

After validating the future state journey and storyboards with the operational and technology teams, we produced a clickable concept prototype to demonstrate the online self-serve experience. We have prototyped five different scenarios covering simple to complex cases (e.g. pre-approved customer, existing or new to bank customers) . See below glimpse of the screens created and tested.