This UX project was undertaken to address the intricate and often cumbersome manual process associated with "rehashing" credit applications, a critical collaborative stage involving Dealer Finance Managers and Credit Analysts, also known as Underwriters or Captives. The primary objective of rehashing is to achieve loan approval for credit applications that initially fall outside standard criteria, necessitating the evaluation of exceptions and the potential implementation of adjustments such as tier modifications, the addition of a co-signer, changes to the down payment amount, or even a shift in the vehicle being considered, particularly if the requested loan amount is deemed excessive.
The project specifically targeted the pain points experienced by two key user groups. Credit Analysts often struggled with the need to efficiently analyze customer credit profiles to determine creditworthiness, diligently verify information to prevent fraudulent activities, effectively manage credit rule applications, and simultaneously cultivate positive relationships with dealership personnel to foster business growth. On the other hand, Dealer Finance Managers encountered difficulties in structuring the initial deal effectively, the process of gathering comprehensive customer information required for pulling credit reports and completing credit applications, and the complexities of navigating the manual underwriting process, frequently involving escalation, when an application required rehashing with a credit analyst. Recognizing that the content involved in rehashing is highly sensitive and that any miscalculation could lead to significant financial repercussions for the company, including potential damages and the loss of customers, the UX design process placed a strong emphasis on accuracy and risk mitigation.
To assist the dealer manager in successfully executing rehashing tasks without the possibility of errors, the solution incorporated a direct reference point to the lender's original proposal, enabling thorough cross-checking. Furthermore, the system allowed for the creation of multiple 'draft' proposals, facilitating comparison and informed decision-making before arriving at the final rehashed proposal. A significant insight gained from testing activities revealed that many rehashing tasks were traditionally performed manually using pen and paper while on a call with the customer. This understanding prompted a crucial design iteration that focused on simulating the impact of proposed changes on the lender's existing proposal without directly altering any of the original terms, effectively mirroring the manual process in a digital environment while providing enhanced clarity. The entire product was developed using an Experience Cloud theme for the dealer interface. This strategic choice of theme provided additional built-in assistance and task guidance, reducing the reliance on the traditional learning curve associated with Lightning design and proving to be well-received by the customer base. Ultimately, this UX project delivered a digital solution that significantly enhanced the efficiency and accuracy of the credit application rehashing process.
By providing intuitive digital tools for referencing original proposals, creating and comparing multiple scenarios, and simulating the impact of changes, the solution effectively reduces the risk of financial errors, fosters improved collaboration between dealers and credit analysts, and contributes to a more streamlined process leading to faster deal closures and increased customer satisfaction. The thoughtful implementation of the Experience Cloud theme played a vital role in ensuring user adoption and maximizing the overall positive impact of the new functionality.