Transforming the Digital User Experience (UX) with Online Credit Applications
Caterpillar Financial was created to provide customizable financial solutions to customers and retailers to suit their unique needs. See how we helped them create a digital credit application that improved digital UX and increased completion rates, turning leads into lifelong customers.
What We Did
Vervint helped Caterpillar Financial analyze their credit application process and create an online form for a digital user experience (UX) that was streamlined, user-friendly, and resulted in more completed applications and therefore, more lifelong customers.
Digital Product Development
Software Development
user experience
About Caterpillar Financial
Caterpillar Financial is a leading finance company developed to meet the unique needs of Caterpillar customers and retailers investing in Caterpillar equipment. The company provides retail and wholesale financing solutions and extended protection products to Caterpillar customers and dealers, with customizable financing, payment, and protection agreements.
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Large Equipment Financing with People at the Heart
At Caterpillar, they understand that each customer, whether private, retailer, or wholesaler, has their own unique set of needs and circumstances that must be managed. That’s why they created Caterpillar (Cat) Financial, an alternative to a traditional bank or insurance company, one with a deep understanding of customers and their requirements.
However, Caterpillar realized that often, credit applications were abandoned before completion. This drop-off meant potential customers were left without access to necessary equipment, and valuable leads were lost.
Rethinking Credit Applications for Better Digital UX
Other lenders, for example, in the automotive or home mortgage industries, had previously adopted digital applications. It was time for Cat Financial to do the same to improve accessibility, user experience, and accuracy of information submitted. A digital version of the One-Page Credit Application would streamline processes, reduce the number of forms abandoned, and help Caterpillar create lifelong brand loyalty across customers and retailers.
Drawing on years of partnership across a wide variety of projects, Cat Financial selected Vervint to help digitize the credit application process. First, we analyzed the process to identify opportunities to streamline it and improve efficiency. Then, we worked with Caterpillar to optimize the application process to improve the digital user experience and activate real-time validation of fields, ensuring that all necessary information was included.
Connecting Strategy to Functionality
In addition to digitizing the credit application process, we also integrated Cat Financial with the Caterpillar Digital design system so that customers could visualize their equipment setup to ensure the best functionality for their needs. This integration made the best use of both the credit application and design components to create a unified, cohesive customer-first digital user experience.
We facilitated meetings between Caterpillar Financial and Caterpillar Digital stakeholders and even arranged for a demonstration of the Blocks 3.0 design system so that they could experience the vast amount of work requirements themselves. These engagements sparked excitement and confidence from our Cat Financial partners, knowing there was robust support for future projects from the design team.
Ensuring Long-Term Success
Cat Financial’s commitment to enhancing user experience and digital transformation will positively impact the business over the long term. Benefits include:
Increased leads
By making the credit process more accessible and user-friendly, Cat Financial will likely benefit from an increase in the number of leads generated. Prospective customers are more inclined to initiate the application process because it is simplified and user-friendly, contributing to a broader pool of potential clientele.
Higher form completion rates
The incorporation of real-time field validation within the digital Online Credit Application led to a substantial increase in completed applications. With mandatory fields automatically checked, the number of inaccurate or incomplete forms will be reduced – and the necessary effort on Cat Financial’s part to follow up on, investigate, and correct any errors submitted will be reduced as well.
Streamlined approval process
A streamlined approval process was made part of the Online Credit Application workflow, making the process faster and more efficient. Completed applications contain accurate and comprehensive data, expediting the assessment and approval process for Caterpillar Cards and machine financing.
Adaptability to regulatory changes
Cat Financial’s commitment to iterative design will allow the company to integrate changes necessitated by regulatory updates, for example, to Dodd-Frank regulations. This adaptability ensures compliance while maintaining a user-centric application process.
Better customer satisfaction
The intuitive nature of the Online Credit Application will not only improve completion rates for the application form but will also reflect positively on the brand. This helps to foster brand loyalty and a trusting, positive relationship between Caterpillar Financial and its customers with a superior digital user experience.
Cat Financial’s journey from paper-based credit applications to a streamlined, digitally enhanced process exemplifies the power of customer experience design in reshaping customer interactions. By embracing innovation, adaptability, and user-centricity, Cat Financial will meet objectives of accessibility, optimization, and digital transformation.
