Details

Objective
The primary objective of this project was to develop a solution that would reduce the time required for credit analysis at retail stores while also minimizing associated costs.

Mapping the Journey
To ensure project success, we needed to map the entire credit contracting journey, including the bureaucratic processes involved. Additionally, we examined the post-workday phase to identify all costs and consequences involved from end to end.

Understanding the Challenges
Initially, we accompanied customers through the credit application process, closely observing the challenges faced by store professionals. It became evident that the reliance on paper and physical signatures resulted in hours of work for these professionals, including storage and digitization tasks. We also discovered varying infrastructure conditions across different stores, with inadequate setups causing delays in customer service. Our quantitative research revealed that end consumers had diverse profiles in terms of financial education, technology knowledge, social class, and age. Moreover, a significant number of stores lacked the necessary infrastructure for efficient processes. It became clear that the solution needed to accommodate different levels of customer knowledge and be easily implementable within store structures.

Eliminating Paper and Simplifying Processes
One major issue was the storage and costs associated with physical signatures. We resolved this problem by eliminating paper from the process. While electronic signature solutions like Clicksign existed, they required technological proficiency not possessed by all consumers. However, nearly 100% of our target audience had access to a cellphone, even if not necessarily a smartphone. Furthermore, ensuring phone signal availability within stores was a manageable task. From a legal standpoint, any form of identification associated with the signatory and meeting authentication requirements, such as an SMS token, provided the necessary signature strength. This became our electronic signature solution.

Implementation and Results
The product entailed integrating SMS sending into the existing legacy systems responsible for credit approval. This approach yielded positive results on multiple fronts: the average credit approval time was reduced to approximately 30% of the previous duration, and employees involved in the process saved around 1.5 hours per day. This time could be allocated to other activities, as they were no longer burdened with document storage, digitization, and transmission. Additionally, the costs associated with paper, printing, and storage were eliminated.

By implementing this solution, we successfully streamlined the credit analysis process at retail stores, significantly reducing time and costs. The project showcased the benefits of leveraging technology and eliminating paper-based inefficiencies, resulting in improved efficiency and resource allocation.