Overview

pGojoko helps a network of Community Banks/Credit Unions (CUs) to expand into modern financial institutions. It provides an easy access to its technology and services including loan underwriting and processing, client management, risk management, score card development/implementation and credit control. This allows them to overcome the constraints of CUs and amplify its strengths. They have created a cloud-based eco-system of the best software providers in their respective fields adapting them to the needs of the CUs. They provide an online lending platform which connects the loan seekers with the CUs. They originate their business of high volume loans from internet either through their own website/through channel partners/aggregator’s website./p

Supernova Award Category

Next Generation Customer Experience

The Problem

pGojoko implemented a complete online solution to provide 20 mil borrowers better access to fair credit and prevent them falling into the hand of high cost lenders. The unsecured loans market share of UK Credit Unions (CUs) is significantly smaller than the average 30% market share of CUs in US, Canada, Ireland and Australia. With £0.7B available immediately for lending if the CUs can be brought online. Current systems are about 4 years old, the architecture and application have grown organically resulting in following pain points, hindering business adversel./p ul liAdobe e-signing journey is not good. If customer doesn’t accept the quote at the time of application, they cannot come back and resume the journey later by accepting earlier quote./li liLack of the ability to track customers who had stopped process at agreement stage was lacking./li liCustomer service and underwriting team spends significant time in getting and verifying the documents required for the customers who have accepted quote because more often customers send documents through email rather than uploading./li liCustomers are unable to get view into status of their loan application./li liInternal users (Customer Service team, Credit Underwriting team) kept shuffling between internal systems to process the loan application and to perform post disbursement activities. This reduces productivity of the teams and thus increases loan processing time and ability process more applications./li /ul

The Solution

pEvaluated and decided to implement Salesforce based solution (with following features) involving website, loan originating system and customer and broker communities fixing the current problems, setting Gojoko on growth trajectory/p ul liIntegrating channels originated loan applications/li liLoan Process activity guidance to customers/li liDocument Uploading functionality for customer/li liSeparate customized Landing Pages for all internal users/li liCustomer Service user activity support/li liSupport for ul liCredit Underwriter - Reviewer user activity/li liCredit Underwriting - Approver user activity/li liOperations, Accounting, Compliance and Collections user activity/li /ul /li liTask Guidance and assistant for internal users/li liLoan Application Down-selling/li liAbandoned customers auto follow up/li liCustomer Dashboard with a "Product Suite"/li liPayment Ability for Customers/li liBroker/Aggregator's, CU's and Reporting Dashboard/li /ul

The results

ul liLoan Processing time reduced by 50%./li liIntroduction of a customer portal for users to submit documents themselves and track the status of their loan application./li liInformation captured during the loan processing well organised/li li50% reduction in receiving documents from client./li liAll mails sent to the user captured under their loan application and trail of communication maintained/li liOverall loan application time on average reduced from 10 mins to 5 mins./li li99% of the API calls are within SLA of 10 sec now./li /ul

Metrics

ul liLoan disbursement increased by 100%/li liPercentage of application getting signed increased from 70% to 90%/li liAverage loan amount increased by 45%/li liApplication signed increased by 25%./li /ul

The Technology

ul liSalesforce as CRM/li liJava Spring Boot Framework/li liMYSQL as database/li liAngular for front end/li liAWS as deployment and cloud services./li liSVN for repo management/li liJIRA for project management/li /ul

Disruptive Factor

pWitnessed a growth of 4-fold from year 2018 to 2019, and loans equal to 2019 already disbursed in 2020 despite the tough conditions in market. /p

Shining Moment

pGrowth and Growth potential, we still have a lot of potential in the UK credit union market./p pMy Community Finance is live on major channels and aggregators. /p