success story

Leading US bank boosts auto loan applications by 40% with reinvented digital experience

New digital services are transforming customer expectations across all industries-automotive finance included. With today's consumers already accustomed to accessing products and services online at the touch of a button, they are now demanding a similarly responsive and personalized lending experience. What's more, they aren't afraid to move swiftly to another provider if their lender fails to live up to these high expectations. The client is a leading US bank that provides deposit, lending, insurance, investment management and cash management services to millions of private and corporate customers. This bank's automotive lending division recognized that if it failed to adapt to changing customer dynamics, it risked being overtaken by more nimble competitors. Virtusa helped create a more intuitive and streamlined user experience that revved up customer satisfaction and helped boost digital applications by 40%, driving revenues and growth for the bank.

 

 

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The Challenge

Several years ago, the bank introduced a digital platform that enabled customers to apply for automotive loans online and on mobile. While the auto loan platform represented an important step forward for automotive lending, issues soon started to emerge. A lack of integration between online and mobile channels made for a disjointed user experience. Customers also found the platform difficult to navigate, leading many to abandon their applications altogether. Concerned that these customer experience struggles were damaging satisfaction and causing it to lose business, the bank set out to overhaul the end-to-end application process and looked for an experienced partner to help guide this transformation.

The Solution

The bank engaged Virtusa to redesign the auto loan platform, creating an all-new digital experience that makes it quicker and easier for customers to apply for loans. Working with Virtusa, the bank tightened integration between its online banking application and mobile app, allowing users to switch seamlessly between the two channels. A new single-sign-on (SSO) capability means that registered users who are already logged into online banking can avoid re-entering their credentials when accessing the auto loan platform. In addition, the bank introduced several enhancements that made the application process much more streamlined for existing customers. 

Today, the platform uses existing customer information to pre-fill sections of the application form (such as addresses and telephone numbers). Registered users can also save an unfinished application and pick back up where they left off later. Similarly, the bank taps into customer data to provide targeted promotions for loans and other financial products. The new version of the platform also harnesses location-based services; for example, to adjust annual percentage rates (APRs) for loans based on which US state a customer lives in.

The Solution
The Benefit

By working with Virtusa to reinvent its auto loan platform, the bank has transformed loan applications into a responsive, friction-free digital experience. Today, customers can switch seamlessly between online and mobile channels, giving them the flexibility to complete applications in the way that best suits their needs. Likewise, user interface enhancements mean that the loan application process is faster and more straightforward than ever before, saving customers time and avoiding frustration. This reduces the risk of applicants abandoning the process or having to get in touch with customer service for help-boosting customer satisfaction and helping the bank to win valuable business.

The bank achieved a 30% lift in successfully completed loan applications and a 40% increase in applications via online and mobile channels since working with Virtusa to redesign its auto loan platform.

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