Sept 20, 2022
Delivered a 0.2% uplift in conversion rate & a 2.5% growth in revenue per application
Problem.
Customers frequently misspelled their email addresses during loan applications, resulting in unsuccessful loan searches and a poor customer experience. This issue, observed through FullStory analytics and interviewing, also led to inaccurate data being shared with partners, complicating the process of properly identifying customers during credit searches.
Objective.
To guide customers in entering accurate email addresses, improving data accuracy for partners to identify customers during credit searches. Additionally, enhance the overall loan application process to increase conversion rates and achieve a measurable uplift in revenue per application.
What we did.
Behavioural analysis
Conducted a deep dive into FullStory analytics and identified that over 80% of customers used popular email domains (e.g., Gmail, Yahoo).
Solution implementation
Introduced an email suggestion feature that auto-suggests domains (e.g., @gmail.com, @yahoo.com), reducing misspellings.
Improved validation rules to check email format in real-time, guiding users to correct errors immediately.
Partner collaboration
Enhanced email verification processes to ensure partners received accurate customer data for credit searches.
Testing & iteration
Conducted usability testing and iterative design cycles to optimise the feature for clarity and effectiveness.
Outcome.
Data accuracy
Improved email validity by over 60% across all products, reducing failed searches.
Partner benefits
Delivered more accurate customer data, enabling partners to identify customers more reliably during credit checks.
Business growth
Achieved a 0.2% increase in conversion rates and a 2.5% uplift in revenue per application.
Customer satisfaction
Boosted NPS by 25%, reflecting reduced frustration and a smoother application process.
