The Challenge

Since OppLoans provides non-prime borrowers a safe and reliable alternative to payday lending, the online approval process is an integral part of their business. The consumer journey through the application process drives customer retention and ultimately revenue.

OppLoans had been experiencing a larger than desired drop rate of applications. The company determined the deterrent in the user experience was due to a cumbersome step in the process involving bank verification. To enhance the user experience and increase the number of application conversions, OppLoans turned to Sphere Software for a quick solution.

How We Solved It

After discussing with OppLoans, Sphere developers brainstormed a solution to streamline the application process. The developers proposed to integrate Plaid, a third party application. This allowed for verification of borrower assets and bank balance verification in real-time, and authentication of accounts of the applicant, in a seamless process.

The Results

Sphere’s deployment of the third application resulted in a less complicated and more efficient application process. With the addition of Plaid, the previous five-page registration flow was reduced to three pages. Application conversions increased, as borrowers were seen less likely to abandon the workflow mid-application.

With a smart user experience enhancement in its application processes, OppLoans is poised to capture prospective clients at a higher rate. Since deployment, overall revenues for OppLoans has increased incrementally.