At WSECU, I really enjoy the encouragement we are given to find new and improved ways to offer products and services to our members. We are frequently talking about how to enhance our members' experience with the newest technologies available to us. In 2015, the Pew Research Center released a research paper regarding smartphone use. This research paper identified that 64% of consumers have some form of smartphone. This information really sparked an interest in what our member experience was when accessing our site through digital devices, such as smartphones and tablets.
We identified our loan application as a huge opportunity to improve. The application required 51 clicks and took on average over seven minutes for members to complete. In addition, it was not responsive, meaning members using mobile devices had to view an image sized for a desktop computer on their much smaller smartphone screen.
This spurred conversation surrounding the advancement in smartphone and tablet technologies. Seeing the opportunity and the advancement in technologies we committed to building something better. SO WE DID! A group of seven individuals began meeting and brainstorming what a new approach to a loan application could look like. We kept in mind WSECU's brand - i.e., the look and feel - along with our goals to make the experience faster, easier and more intuitive.
A lot of hard work went into making these ideas a reality and on January 6 we rolled out a brand new loan application experience for Personal Loans! Since then, we have also added Personal Line of Credit, credit card, and vehicle loan applications.
The application is now down to 18 clicks and only takes approximately 2-3 minutes to complete! Based on our relationship with you, we fill in most of the application information for you. For the questions we need to ask you, we use dynamic logic to tailor what we ask to your unique situation so you don't have to answer anything that's unnecessary. Not only that, you can now easily and comfortably use the loan application on your desktop, tablet, or mobile device. No more resizing or squinting!
After completing the first round of changes we said to ourselves "This is good, but what do our members think?" So we got a group of 10 members together to walk through the application and share their feedback. We went into this process excited for the opportunity to better understand additional changes we could implement to make the application an excellent tool for our members. Ultimately the feedback we received was phenomenal! Some actionable ideas, some kudos on the design, and some ideas for the future.
So what's next?
Right now the pilot application is only accessible to members who access it through our website. This defined point of entry allows us to review feedback and resolve any issues we find before opening this up to our entire membership. Our next stage is launching the new digital lending application to all members through both Online Banking and our website.
Down the road, we'll continue seeking feedback from our members and inspiration from innovations out in the technology market. WSECU is committed to incorporating ideas like these into our products and further improving the experience for each and every one of our members.
Consumer Loan Systems Manager