Conversion Optimization
Financial institutions often face revenue losses due to inefficiencies in loan application processes, including low approval rates and poor conversion of approved applicants.
Financial institutions often lose significant revenue due to inefficiencies in the loan application process, but optimizing approval workflows and improving conversion rates can capture more potential revenue.
Strategically setting new standards for efficiency, cost control, and decision-making in retail operations.
PROJECT TYPE
DATE
The Problem
The Bank generates 65% of its income from loan interest and experiences steady demand. However, inefficiencies in the loan application process were leading to significant revenue losses:
Only 60% of applicants were approved, limiting the eligible loan pool.
Only 40% of approved applicants converted, meaning a substantial drop-off in potential revenue.
As a result, the Bank was losing out on approximately $105 million in potential revenue due to inefficiencies in applicant quality and conversion rates.
The Strategy
The goal was to maximize the applicant pipeline by removing friction and reducing time-to-completion, ultimately improving the overall user experience and lowering abandonment rates. The strategy focused on streamlining the application process, simplifying decision points, and eliminating barriers to conversion. Phase two would focus on attracting more qualified and creditworthy borrowers to further increase conversion quality and revenue potential. To address this, I led a cross-functional product and process optimization strategy.
The Result
Boosted web loan application conversions by 40% with an MVP rollout.
Added $65 million in potential monthly loans to the pipeline.
Successfully optimized applicant quality and streamlined approvals, improving overall revenue capture.
A 20-point increase in NPS, all without compromising security.
My Contribution
Discovery & Research:
Conducted a competitive analysis to benchmark MCU’s application process against industry leaders.
Developed user personas to understand applicant behaviors and motivations.
Facilitated focus groups and process studies to uncover friction points in the user journey.
Redesign & Optimization:
Collaborated with Legal and Auditing to streamline loan requirements and reduce unnecessary complexity.
Led card sorting exercises and usability testing to improve the loan application flow.
Worked with UX teams to modernize the user interface, making it more intuitive and reducing abandonment.
Execution & Business Integration:
Worked with Loan Operations to automate supporting processes, improving backend efficiency.
Partnered with Marketing to optimize applicant targeting and drive traffic.
Coordinated with Workforce Management (WFM) to prepare for increased application volume post-launch.
