Redesigning the application Approach
Applying for financial products and services has remained unchanged for ages. You indicate your interest and then get sent a paper form which takes a long time to complete and is always highly repetitive. This is despite technology leaps and better access to information and databases.
Why should we still be filling in these forms which ask the same monotonous questions? Surely it would be better for your customers if most of the information was captured automatically and you could then fill in the missing information or update any changes?
Innovation Agency was recently engaged to develop an innovative approach to signing up financial services customers for one of our clients. We used design thinking to look at the problem from a different perspective and developed an intuitive approach that automated most of the form completion by allowing the information to be prepopulated. Spending just 8 weeks in design and development, the mechanism had to promote integrity and reliability in the manner in which data was captured as well as make the process itself more customer centric.
We created a link into FICA and RICA databases that contained almost all the mandatory information and then included a digital KYC upload and scanning function for the submission of your supporting documentation. The outcome of this initiative was an enormous reduction in application time, which cut the process down from 7 days to just 7 minutes! There was also a massive reduction in capturing errors, illustrating how new thinking make a big difference.