When we first talked to the client, we learned that traditionally the way they generate student loan refinancing applications from the customers was to invite the customers to the office and have a conversation with them. By doing so, the client helps the customers to find the best rate and go through the application process with them by filling out a series of paperwork.

With the increasing clients’ number, this traditional method is no longer efficient enough. Therefore, the request and challenge were to migrate this experience to an online platform for efficiency and easy management.

The digital platform contains three parts to replace the traditional approach, which are a rate search form, an application portal, as well as a user portal/dashboard.  

The Rate Search Form is where the customers can enter their loan-related information and see their refinancing rate options. The Application Portal is where the user selects a rate, fills out the application, and reads all the disclosures. And the third part, the User Portal, is where the user will upload requested documents to finish the whole progress.

In the refinancing world, a happy journey would always be that the user finds the best rate, applies alone, and gets the loan closed. However, the reality is not always on the happy journey’s track.  There are many more scenarios that could happen, for instance, the customer is denied, or the customer wants to apply with a cosigner to get a better rate. The digital platform has considered all different scenarios and makes it easy for the client to manage.