Early repayments: improved way of repaying the loans
CONTEXT
Elfin Market offers a hybrid between credit cards and personal loans therefore repayments are completely flexible, with no overpayment charges. Unfortunately, friction in the repayment journey created frustration for borrowers and lead to customer support tickets.
PROBLEM
Friction in repayment of loans with poor experience
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User — Frustration and uncertainty
Users trying to repay early or settle their account had to manually copy account details and include a unique reference number, which led frustration and uncertainty
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Business — High number of customer support tickets
The reference number has often been forgotten or misspelled by users leading to customer support having to match the repayments to relevant borrowers
SOLUTIONS
Introducing Instant Payments
Instant payments (we call it Easy Bank Transfer) allow repayments through user's banking app. It's a relatively new form of payment online, so users can be unfamiliar and wary. As an alternative we have still retained an upgraded manual transfer version.
01
Instant Payments (Easy bank transfer)
Instant payment through 3rd party provider highlighted as a preferred option with UI cues
UI elements to clarify the process and reduce anxiety
Before starting the instant bank transfer journey, user is informed of what to expect — they'll be sent to their own banking app.
The payment is often instant however can take some time. Not having their balance update instantly can create user anxiety — this confirmation screen reinsures this process is not out of ordinary.
02
Manual Bank Transfer
To support flexibility for borrowers who are not familiar with instant payments, manual repayment stayed as an option with improved UI.
The hierarchy between text, reference number box and bank details box makes sure the user is not overwhelmed with information and is directed to the most important part.
IMPACT
Improved trust and reduced frustration. Borrowers have a secure way to repay early through their banking app
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01 Business impact
Reduction in customer support tickets and manual work for support team meant valuable support time can be dedicated to more vulnerable customers
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02 User impact
Easier way to repay the loans is not only convenient, but it also increased flexibility on borrowing which is a core USP of Elfin Market
Relevant case studies
