Reduce abandoned loan offers by 50% with fewer surprises

Hello 👋,

Happy new month and welcome to December!

We’ve finally made it to the last month of 2024—what a journey it has been! Time truly does fly, and it’s a gentle reminder that we should make the most of every moment. As the author Harvey MacKay once said, “Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it, you can never get it back.“

With this in mind, Lendsqr is excited to wrap up the year with some special gifts of our own. We’re excited to unveil new features and updates that will make your lending experience even smoother and more efficient.

Thank you for being an integral part of our journey this year. Here’s to a joyful December and a very Merry Christmas in advance! 🎄

What’s New

✅ Required questions in custom forms must now be filled before booking a loan 

We understand how important the questions in your custom form applications are and this is why we have introduced a new feature that requires you to input the required questions in your custom form when booking a loan manually for a customer. This ensures that you can review the customer’s data against your configured questions for users who are not tech savvy. 

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💡 Reduce abandoned loan offers by 50% with fewer surprises

Did you know the #1 reason customers abandon loans is because of unexpected details popping up? Surprises might be fun during the holidays, but not in lending. That’s why we’ve introduced a Loan Request Checklist. This ensures borrowers know exactly what to expect from the loan application process, building trust and keeping them on track. By reducing friction, you can cut abandoned offers by half and keep your customers coming back.

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🔍 Control how NIN verification validates your customers

National Identification Number (NIN) verification is critical, but it shouldn’t be rigid. Errors during NIN registration can lead to incorrect data, affecting your customers. With our latest update, you now have the power to determine how the NIN verification process will be done for your customers during loan application. This allows you to tailor the verification to meet your customers’ needs by deciding which data is cross-verified with their Bank Verification Number (BVN). This approach ensures compliance while providing a seamless loan application experience, all while maintaining control.

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🕒 Edit loan request schedules with ease

Plans can change, and so can loan schedules. We’ve added a feature that allows you to edit loan request schedules directly from the platform. Whether it’s a minor adjustment or a complete reschedule, you now have the flexibility to make changes without having your customers make new requests or delays. It’s a small tweak with a big impact on efficiency.

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🚀 Test environment now available on Adjutor

Innovation just got safer and compliance just got easier! Adjutor now offers a dedicated test environment where you can try out new features, simulate scenarios, or run experimental setups without impacting live operations. This means you can refine your processes and make confident updates before going live. Test smarter, launch better!

What’s Better?

📄 Get a bank-grade statement for your disbursement account

We understand the importance of transparency, especially when managing your finances. That’s why you can now access detailed, professional-grade bank statements for your disbursement accounts. The upgrade includes:

• Exporting Data to PDF: Generate and download account summaries in just a few clicks.
• Opening and Closing Balances: Gain a clear view of your account flow, making reconciliation and reporting more straightforward than ever.

With this, managing your finances has never been easier!

⚙️ We’ve made Preferences better

Your preferences, your way! We’ve given Preferences a complete overhaul to make it even more intuitive and user-friendly. Here’s what’s new:

• Redesigned interface: A fresh, clean look that’s easier to navigate.
• Improved functionality: Adjust your preferences seamlessly with a more intuitive flow.

With these changes, setting up your account exactly how you like it is now effortless.

🌐 We’ve been improving your web app experience

Your web app has gotten some major upgrades to make it faster, smoother, and more user-centric. Here’s what we’ve worked on:

• Enhanced onboarding camera design: We’ve updated the camera feature during user onboarding to make capturing and submitting photos easier and more reliable, reducing drop-offs during account setup.
• Dashboard redesign: A cleaner, more organized layout to give you quick access to the insights and tools you need most.
• Improved loan view experience: Customers now enjoy a more streamlined interface when reviewing their loans, making information more accessible and the process more engaging.

What’s Cooking?

🧾 Get mandates on all your customer accounts at once

We’re working on a significant upgrade to how mandates are set up on your customer’s accounts. Soon, you’ll be able to configure mandates across all accounts tied to a customer’s BVN in a single process. Currently, customers can only create direct debit mandates for one account at a time, but this upcoming feature will streamline the process, save time, and reduce friction.

📜 Flexible timing for loan offer letters

We’re adding more flexibility to how you deliver loan offer letters to your customers. Previously, offer letters were sent at a fixed stage in the loan process, but soon you’ll have the option to choose:

• After receiving an offer: Share the terms and conditions upfront as soon as a customer receives their loan offer, ensuring transparency and allowing them to review and decide at their own pace.
• When the loan is approved: Alternatively, you can deliver the offer letter after the loan has been fully approved, keeping the focus on finalizing the loan process without unnecessary steps.

This upcoming feature puts the power in your hands, allowing you to tailor the customer journey to fit your business model and your customers’ preferences. Stay tuned!

📅 Prepare for our webinar this month!

We have an exciting new webinar coming up this month. Stay tuned for more details and make sure to mark your calendar. This upcoming session will provide you with even more insights and tools to optimize your loan business.

For more information about these features and updates, view our changelog or to schedule a consultation on navigating them, please reach out to us at [email protected] and we’ll be more than happy to help. Remember, your satisfaction fuels our commitment to excellence.