Problems solved

  • Make complex multi-step form easier to digest for both users and employees.
  • Resolve onboarding client friction through digitization across three regions – North America (NA), Europe (EMEA) and Australia, New Zealand (ANZ)
  • Mitigate risk with ADA compliancy​
  • Meet federal requirements for Certification of Beneficial Ownership by reducing duplicate COBO forms

Solutions

  • Multiple applications per single user ID​
  • Copy data from previous applications ​
  • Improve ownership structure input patterns
  • Utilized progressive disclosure and sections to help manage data.
  • Solved for complex ownership structures with many layers of owners both entity and individual.
  • Proposed persona based journey/service map to measure client and employee experience at various stages.

Impact

  • 88% OCRA utilization over paper applications​
  • ~ $400 mm per year credit application funded solely through OCRA​
  • $400 million revenue growth​
  • Client phases: Discover, Engage, Use & transact, Maintain relationship​
  • Includes Distribution Finance employees (Analyst, Loan Office)​
  • Reduced customer touches and delays

Big win

Ability to submit multiple applications with a single user ID and copy information from previous applications. Tremendously reduce onboarding time. (clients with multiple LE’s previously had to create multiple IDs and applications, ie. 40 entities)

Customer feedback provided and design explorations and ideation initiated. We used WFRIA 3  framework with some customizations to achieve certain goals. Form design was used as a basis to establish a design system using the flex grid. A form builder UI was also developed based on this groundwork. Mobile optimized screens also provided.

Some major pain points with previous version:

  • Form was not easily navigable
  • Not ADA compliant
  • Error messaging did not always effectively communicate issues (ie. submit button originally disabled so users did not get feedback on required fields unless they focued on a field.)
  • Form fields not manageable, too lengthy

Solutions:

  • Enhanced progressive disclosure
  • Expand/Collapse sections
  • Navigation dropdown implemented, in addition to “Back”, Next” buttons
  • Mobile design specs and support

Problem 

Capture complex ownership structures with ownership percentages. Individuals must be captured for all entity and trust beneficial owners.

Solution

Capture ownership within a table, then dynamically display new required table to capture new owners if an owner is an entity or trust. Have system perform all complex ownership calculations.

Feature added to allow users to copy previous applications which dramatically improved the loan application experience. Many clients have several legal entities that they would need repeat the form and re-enter data several times.

Some statistics we are proud of

88

Utilization over paper, up from 57%

100

Applications submitted each month, in USA alone

400

Million revenue growth