Vancity Fair & Fast Loan™ was created for those without access to credit, as an alternative to predatory payday lending. Our team was tasked with the redesign of this digital loan application.

Upon its first release, the digital version of Vancity’s Fair & Fast Loan™ application proved to be an essential, frequently used product. However, it became apparent over time that there were pain points for members and staff which needed to be addressed.

Our team was responsible for completing a redesign of this product, in addition to, a self-service digital loan platform where future lending products could be added.

The challenge was to automate existing processes that were time consuming for both members and staff. This included the loan interview, adjudication, document coordination, and obtaining signatures. The end goal being greater member satisfaction and cost savings on the business side. We would work closely with our stakeholders to achieve this.

Benchmark testing of the existing Fair & Fast digital loan was the first step we took to discover the specific pain points of members and staff. While performing moderated usability testing, we found that the major pain point was around financial literacy, as well as confusion from how the user flow was structured. Both of these could be addressed by the redesign.

Vancity’s Fair & Fast loans were primarily used by those looking for alternatives to payday lending, and those who had low financial literacy. Often, they were in need of funds to cover an unforeseen expense and did not have the credit to qualify for other loan products. Data determined that use was greatest among Millennials, with increasing demand among Gen Z.

We also found that members with high credit scores, who could qualify for lower rates, were using this digital loan application because of the convenience (in spite of the higher interest rate). These were members who wanted to apply for unsecured retail lending, but did not want to be inconvenienced by visiting a branch or calling the Member Service Centre. This is where the apparent need for a self-service digital loan platform came from; one that could offer various lending products, not only Fair & Fast.

The revised user flow (shown above) addressed pain points with the existing design. A few examples:

With the existing process, members had to complete half of the application process before encountering a key eligibility requirement, resulting in wasted time and disappointment for those who weren’t eligible. To address this, we created a requirements screen at the beginning of the application process.

During benchmark testing, members expressed unease when asked to state the reason for their loan, fearing it would affect their approval. To address this, we moved this input after the approval stage, clarifying that it would not impact the loan outcome.

Working in an agile method, our team was able to catch and resolve problems quickly. We tested and iterated frequently, working closely with staff and members throughout the build to ensure we were meeting all the requirements of our stakeholders and users.

Shortly before launch, member testing helped to identify subtle refinements that we could make. This involved changes to copy writing and improving financial literacy. Small, but impactful changes.

The launch proved to be a success, with praise from both members and staff for the increased efficiency. We were able to successfully tackle all of the pain points we set out to solve, delivering on time and on budget.

Statistics from the first 3 months indicated there were >46,000 applications, and 0 defects with the user interface and base code. Members were able to complete the full loan application process, including the funding of their loan, in just a few minutes.

Our team also completed the design and build for the adjudication of credit based loans, which will be released on the lending platform at a future date.