Boosting Completion Rates and Loyalty through Seamless Application Experiences
UX/UI
Customer Experience
Digital Product Development
Caterpillar Financial, a leading finance arm of Caterpillar, provides tailored retail and wholesale financing solutions for customers and dealers investing in Caterpillar equipment. Facing high abandonment rates in their paper-based credit application process, Cat Financial partnered with Vervint to create a streamlined, user-friendly digital application. While lending for large capital equipment is more cumbersome by its very nature. Cat Financial knew this front-door experience could be digitized, capture better data, and build trust with potential customers from the very beginning.
Vervint delivered an intuitive online experience that increased completion rates and fostered long-term customer loyalty. Vervint By leveraging customer insights and integrating with Caterpillar’s digital design system
Primary Goals
Streamline the application process
Digitize the credit application to reduce abandonment and improve accessibility for customers and retailers
Enhance digital user experience
Create an intuitive, user-friendly interface with real-time validation to ensure accurate submissions
Drive long-term loyalty
Deliver a seamless, customer-first digital experience that builds trust early in the relationship
Analyzing and Optimizing the Process
Vervint began by analyzing the existing process to identify friction points and opportunities for improvement. Through close collaboration with Cat Financial, we streamlined the application workflow, introducing real-time field validation to ensure accuracy and completeness, making the process more accessible and efficient.
Integrating with Caterpillar’s Digital Ecosystem
To create a cohesive customer experience, Vervint integrated the digital credit application with the Caterpillar Digital design system, specifically Blocks 3.0. This allowed customers to visualize equipment setups while applying for financing, aligning functionality with user needs.
Delivering a Customer-First Solution
The resulting Online Credit Application was intuitive and user-friendly, incorporating real-time validation to reduce errors and a streamlined approval workflow to expedite decisions. The digital solution simplified the application process and positioned Cat Financial to adapt to regulatory changes, such as Dodd-Frank, ensuring long-term compliance and flexibility.
Results Delivered: Improved UX and Accelerated Outcomes
Increased Completion Rates: Real-time validation and a user-friendly interface significantly reduced abandoned applications, boosting completed submissions.
Streamlined Approvals: Accurate, comprehensive data from the digital application accelerated the assessment and approval process for financing.
Enhanced Customer Loyalty: The intuitive, customer-centric design improved satisfaction, fostering trust and long-term brand loyalty.
Vervint’s partnership with Caterpillar Financial transformed a cumbersome credit application process into a seamless, digital-first experience that empowers customers and drives business growth. By prioritizing user experience and integrating innovative design, Cat Financial is now poised to better convert leads into lifelong customers while maintaining adaptability in a dynamic financial landscape.
