Aimed at innovating and eliminating the complexity in loan processing. Sterling Bank simplified the process of lending “Like Magic” into a five minute process by leveraging on customer insights and data.
The lending process in Nigeria is risky, tedious filled with hidden rates & fees from banks and loan sharks.
Customers are endangered species to loan sharks; they are ceded and exposed to risk with unrealistic conditions hidden within signed agreements.
Sterling Bank was out to resolve these challenges by offering customers loans, in a simple and ethical experience without flouting any regulatory policies.
In this project, I was the sole designer on the team responsible for research, user experience design, and usability testing.
I also developed the product website which is active till date.
A squad of five cross-functional teams and I was setup to challenge the industry and innovate using financial footprint data to build the first digital lending solution without flouting any financial policy. The Squad I worked with consisted of;
1. A Retail Expert
2. A Financial analyst
3. 2 Backend Engineers.
This project was approached using Lean UX approach because there was no competitor in the industry and it was a new innovate way to access loans. I adopted a few methods as we learned everyday.
Here are the methods I applied;
The solution underwent several iterations and releases from customer experience and feedback.
The experience and feedback were outstanding. Some customers were astonished on the innovative process.
The product grew organically, improved Sterling Bank financial bottomline and customer base.
Specta has disbursed N100 Billion ($263 Million) in Loans within 3 years, according to the news source from the organization.
Source: Vanguard Newspaper