portfolio-choicepays

UX Case Study

Choice Payment Services Portfolio – Loan Servicing

Choice Payment Services, to avoid expensive replacement of legacy systems kept their banking system applications running, patching them up and circumventing them until it made sense to re-enhance the system with modern and trending technology.

I was responsible for the full-stack ux design process for Choicepays bank lending solution. The system required a new engine for the legacy based functions . It needed to add new and upgrade features like handling disputes and complaints, loan details and actions, avail statements and medallion, transactions, GL, etc.

Legacy Modernization

Captured user behavior, pain points, motivations, and needs from contextual inquires. Identify gaps, opportunities and new features.

Inflexible systems are increasingly leading to slower innovation and are deemed a poor fit with new processes and requirements, resulting in the business’s inability to keep up with modern market demands. However, companies can refrain from software modernization because replacement is simply not feasible due to the risk of data loss or incompatibility with internal processes. Betty Blocks offers organizations the ability to incrementally improve and augment without disrupting business operations, resulting in safer application modernization.

omnichannel lending solution for businesses , opening the door to increased sales and closing opportunities. This is done through an innovative, algorithm-based ecosystem and easy-to-use technology that matches customers to the right lending product in real time based upon their unique credit profile.

Omnichannel experiences

o Improved processes
Eliminated manual processes, forms, and sheets by adding modern features with online improved workflows lead to the business being more agile.

o Reduce costs
Keeping legacy systems operational was costly, low-code offered a speedy solution by providing developers with pre-set templates (design system components, tokens etc).

o Added scalability
Add branding elements (design system) and extended role-based permissions to existing applications; economies of scale; reduced production costs and increase profitability by multi-purpose merged applications i.e. saas third party. identifying key performance indicators (KPIs) scalability. Addressed metrics like revenue, profit margin, customer lifetime value, retention rate, churn rate, and net promoter score.

o Omnichannel experiences
provide omnichannel experiences by allowing customers to perform the same operations via online banking, mobile phone, call center, or bank branch. For instance, a customer can begin the onboarding process online and finish it via a call center.

o Patched security risks
Used low-code to increase security and mitigate compliance issues.

LOAN DETAILS – ADD TRANSACTION + LOAN INFORMATION