Managing Director, Gojoko
Next-Generation Customer Experience
Gojoko 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.
Gojoko 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.
- Adobe 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.
- Lack of the ability to track customers who had stopped process at agreement stage was lacking.
- Customer 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.
- Customers are unable to get view into status of their loan application.
- Internal 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.
Evaluated 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
- Integrating channels originated loan applications
- Loan Process activity guidance to customers
- Document Uploading functionality for customer
- Separate customized Landing Pages for all internal users
- Customer Service user activity support
- Support for
- Credit Underwriter - Reviewer user activity
- Credit Underwriting - Approver user activity
- Operations, Accounting, Compliance and Collections user activity
- Task Guidance and assistant for internal users
- Loan Application Down-selling
- Abandoned customers auto follow up
- Customer Dashboard with a "Product Suite"
- Payment Ability for Customers
- Broker/Aggregator's, CU's and Reporting Dashboard
- Loan Processing time reduced by 50%.
- Introduction of a customer portal for users to submit documents themselves and track the status of their loan application.
- Information captured during the loan processing well organised
- 50% reduction in receiving documents from client.
- All mails sent to the user captured under their loan application and trail of communication maintained
- Overall loan application time on average reduced from 10 mins to 5 mins.
- 99% of the API calls are within SLA of 10 sec now.
- Loan disbursement increased by 100%
- Percentage of application getting signed increased from 70% to 90%
- Average loan amount increased by 45%
- Application signed increased by 25%.
- Salesforce as CRM
- Java Spring Boot Framework
- MYSQL as database
- Angular for front end
- AWS as deployment and cloud services.
- SVN for repo management
- JIRA for project management
Witnessed 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.
Growth and Growth potential, we still have a lot of potential in the UK credit union market.
My Community Finance is live on major channels and aggregators.
Gojoko (UK) Ltd works with UK Credit Unions and CDFIs to offer ethical and responsible financial products to the near-prime sector. Gojoko trades as My Community Finance which is a customer-facing lending platform to aggregate and allocate loans to different Credit Unions and CDFIs.