OppLoans Enhances UX, Increases Loan App Conversions with Sphere
OppLoans is a socially responsible online lender of personal loans to credit-challenged consumers. Since 2012, OppLoans has focused on helping these consumers, turned away by traditional providers, to build a more sound financial path. The Chicago-based company originates or services personal installment loans in 38 states and the District of Columbia. Highly rated and known for its technology and innovation, OppLoans has an average rating of 4.9/5 stars based on over 10,000 customer reviews and an A+ rating from the Better Business Bureau. OppLoans has been named an Inc. 500 company for four straight years and was named the fourth fastest-growing Chicagoland company by Crain’s Chicago Business.
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.
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.