In our Stars of the Accelerator series, we explore the transformation journey of the participants in the Leadapreneur Accelerator.
From the anxiety of waiting for answers, to the pile of paperwork that needs to be filled, applying for a loan can be a long and tedious process. The consequent frustration is not only felt by the customers, but also by bank staff.
Personal Loans Product Manager, Trixia, set out to find a solution to make this process smoother and faster. She noticed that there are two key issues with the existing process:
- Manual processes contribute to a long Turn Around Time (TAT)
-The need for sales people and processing officers at various stages of the process translate in incurring high expenses
Trixia joined the Accelerator to challenge herself by transforming a business model that had been running on traditional methods for several years. Her project is to revamp and digitize the process using existing tools that the bank already has.
Moving forward, existing bank customers can use a digital platform to apply for a personal loan online. This project has been valued at the astounding amount of USD 5 million in projected sales volumes for 2019!
The online portal will drastically improve customer satisfaction because:
- Customers will be able to receive the banks decision on their application almost instantly
- They will no longer have to scan and email documents to the bank
- They can apply for loans anytime, from anywhere.
As for the bank, the advantages are tremendous:
- The bank will save money by eliminating paper application forms
- Fewer human interventions mean decreased costs
- Bank staff can focus on other more fulfilling tasks instead of mundane ones
- The project will ensure the bank’s longevity and relevance in the market
- Greater profits will be generated since the bank will be able to process a higher volume of loans
- Reduced overall TAT
Trixia set out to become a game changer and has literally become one. This is only the beginning, as she is now empowered with confidence and drive. She credits the support and encouragement from her cohort and Leadapreneur Coach, Kar Fei, for helping her maximize her potential.
Her motto is One Step At A Time.
Congratulations Trixia in becoming a Star of the Accelerator!