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In the dynamic world of financial services, where customer needs and market demands are constantly evolving, Lendo/Mybanker is a symbol of innovation and customer focus.
Navigating a market characterised by rapid digital transformation and rising customer expectations, the company recognised the imperative need to improve operational efficiency and customer engagement. This recognition led them to look for solutions that could transform their approach and set new standards for customer experience within the financial sector.
We talked to Marlene Jacoby, Head of Product at Lendo/Mybanker about the transformation journey they have embarked on with Uniify's API solution.
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Challenges
The financial sector, driven by rapid digital change, presents unique challenges, particularly in terms of customer data management and processing efficiency. Lendo/Mybanker, which operates at the heart of this sector, found itself up against these challenges head-on.
Initially, their application process required manual entry of financial data by the customer, which was laborious and error-prone: "Before Uniify, the process was quite cumbersome for customers, who had to fill out the application form manually, leading in some cases to drop-outs or inaccurate data entry."
Data quality is essential for Lendo/Mybanker as they act as an intermediary between banks and consumers. “If we don’t receive accurate data from the customer, we don’t provide accurate data to the banks, which then make credit assessments based on invalid data.”These difficulties not only impacted on the customer experience, but also tied up some of the company's resources, reducing its ability to provide fast and accurate services.
Solution
The turning point came with the integration of Uniify's API solution: “Our application process used to be quite manual, so we were looking for ways to enrich part of the application form with third party data, and Uniify enabled us to do that.”
The solution simplified crucial data collection steps, significantly reducing the burden of manual data entry for customers. "Adopting the Uniify solution marked a turning point in our customer journey.” said Marlene Jacoby, Head of Product at Lendo/Mybanker.
“It fits perfectly with our goal of streamlining our processes and putting customer needs first.” The solution has been designed to be intuitive, so that customers can navigate the application process with ease and confidence.
“Uniify's technology has not only transformed our operational approach, it has also brought a new level of quality to our services, making them simpler and more efficient.”
Outcome
The implementation of Uniify's solution within Lendo/Mybanker's operations marked a pivotal moment in enhancing their service delivery. Analysis was segmented into two distinct groups: one adhering to the traditional process and the other utilising the new system with eSKAT data retrieval via Uniify.
Marlene Jacoby, reflecting on this strategic shift, noted, “Improving our application process has led to a significant increase in customer satisfaction and our conversion rate.”
The streamlined application, now quicker and more efficient, stands as a testament to the effectiveness of the new process. The reduction in manual errors and the increased pace of processing have led to a noticeable improvement in the overall customer experience. The customer service team at Lendo/Mybanker echoed this sentiment, reporting a substantial decrease in the time required to assist each customer once they have already collected their eSKAT data.
This not only signifies enhanced operational efficiency and more qualified guidance, but also allows the team to focus on other critical areas of customer service and engagement.
Marlene Jacoby further highlighted the positive effect of this change, particularly in their interactions with banking partners. “The feedback from our banking partners has also been very positive, because the more accurate and valid the data we provide, the less time they have to spend on leads that don't work out,” she said.
This improvement in data quality has been instrumental in fostering stronger, more productive relationships with banks, enhancing the overall efficiency of the loan application process.
The impact of these changes is most evident in the improved conversion rates, a crucial metric for Lendo/Mybanker's success.
“When we look at the metric of the conversion rate from when the bank gives an initial offer to when the bank pays out that offer, there's a significantly better conversion rate from offer given to offer paid out.” This improvement is a direct result of the more accurate and reliable data now available, thanks to the Uniify solution.
Moreover, customers have responded positively to the enhanced accuracy of initial loan offers. “Customers are also happy about the fact that they get more accurate offers from the outset, allowing us to align expectations in a much better way”.
This alignment of expectations has led to a more transparent and trusting relationship between Lendo/Mybanker and their clients, further cementing their position as a customer-centric organisation in the financial sector.
In summary, the adoption of Uniify's solution by Lendo/Mybanker has brought about significant improvements in operational efficiency, customer satisfaction, and conversion rates.
About Lendo/Mybanker
Lendo/Mybanker, a well-known player in the Danish financial landscape, excels at putting customers in touch with financial institutions. As part of the Schibsted Group and the Lendo family, their commitment to providing transparent, efficient and customer-focused financial services is unwavering. Renowned for their accessible and understandable communication style, they play a vital role in helping customers navigate an often complex financial sector.
The partnership with Uniify has not only transformed Lendo/Mybanker's operating model, but has also strengthened their position as a leader in the digital transformation of financial services.
