Applying for consumer financing can be time consuming and complex. Consumers need guidance regarding financing/loan options to make the best choices. For each life event a consumer goes through that requires financing, they need to go through the loan application process again.
Digital/retail banks would like to increase share of wallet with their customers, and maintain long term relationships with their most valuable customers to increase lifetime value.
Our team was inspired to address these issues for consumers and digital / retail banks with a Buy Now Pay Later solution.
What it does
Effortless provides quick, simple 'Buy Now Pay Later' financing for consumers.
Effortless is a Win/Win/Win
- Simple way to apply for a loan with optimal terms and payment options, direct from their trusted financial institution
- Ability to better manage expenses and financial health
For Financial Institutions
- Increase consumer share of wallet and customer lifetime value
- Improved customer retention and satisfaction with a more personalized experience
- Reduce churn
- Improve profitability
- Guaranteed payment from a trusted financial institution
- Increase basket size for purchases
- Gain customer loyalty due to better customer experience
How we built it
The team built our the Effortless concept through a series of collaborative sessions. We focused on the business problem, proposed solution, value proposition, as well as articulating the potential market opportunity and proposed revenue model. We also built a series of wireframes and a video to demonstrate the concept.
Challenges we ran into
Our challenge was to narrow down the options to fulfill the concept in a simple, elegant fashion. We also wanted to define a solution that simultaneously fulfilled the needs of both consumers and banks.
Accomplishments that we're proud of
We are proud of the concept of providing insights and guidance to the consumer within the app regarding loan options so that they can make informed decisions about their finances.
What we learned
We confirmed that staying focused on the business problem, proposed solution, and value proposition helps to more clearly define a product.
What's next for Effortless
We would like to collect Voice of Customer, from consumers and banks, to further refine the concept, and determine if we can build a viable product to take to market.