Moneyline Digitizes Loan Application Experience with Lightico and Shortens Completion to Minutes
Choppy, Semi-Digital Originations Journeys
Moneyline is a UK-based not for profit that offers small cash loans to help customers by not basing their decision just on their credit score. The company prides itself on its social mission and excellent customer service. Yet several years ago when we started our partnership, Moneyline realized that its customer journeys were choppy and convoluted. Customers would be able to start the loan application process online, but were bounced to a branch or forms sent in the post. This made for a frustrating and time-consuming experience.
Customers would be able to start their loan application in branch, by telephone or online, but then bounced to another channel such as paper application forms in branch to complete the loan process. The forms then had to be scanned to a central library, sent in the post and attached to emails making it difficult for customers to understand where they were in the process.
Moneyline did use a legacy eSignature provider to collect customer consent, but its functionality was limited. It was a digital bandaid on an otherwise semi-digital, confusing journey. Moneyline began the search for a vendor that could support fully digital customer originations journeys — beyond the eSignature.
Time is of the essence for Moneyline customers, and thanks to Lightico’s Digital Completion Platform, we’ve been able to digitize the entire loan application process, and offer a fast and simple way for our customers to apply for a loan in minutes from their chosen device. This has strengthened Moneyline’s reputation as an approachable, customer-first lender.
Lightico’s Automated Workflow for Originations
Ultimately, Moneyline replaced their previous eSignature solution with Lightico, which it uses to support the full loan application process. Moneyline was immediately impressed with the better user experience. With Lightico, Moneyline could finally digitize the entire customer experience, with eSignatures being just one component.
A typical Moneyline interaction works like this: A company advisor sends a text message or email containing a link to a virtual session is sent to customers from the loan management system. Once inside, the customer can provide their signature, and supporting documents (e.g., bank statements, utility bills, proof of income), approve a pre-contract form, and accept terms and conditions.
All of these elements fit together into a single automated digital workflow, ensuring customers stay in the journey until the end. Moneyline’s customers can now complete their loan applications in one shot without bouncing between channels, and without stepping foot in a branch.
“I wanted to feel we had a real partner that could tailor a solution to us. Now we can do a lot of the configuration together with Lightico without restrictions. With the workflow configurator, we have the freedom to build a digital experience that works for us and our customers.”
97% eSignature Completion Rates
Moneyline is delighted to be able to digitally transform entire originations journeys with Lightico. While their previous eSign solution provided a standalone eSignature tacked onto an otherwise choppy journey, Lightico’s automated workflows ensures every step of the originations process is seamless. With Lightico, Moneyline customers glide through a fast, fully digital journey.
The ROI was felt immediately. 97% of eSignature requests are completed, and 92% of documents are signed within an hour of being sent. On average, application forms take just 7 minutes and 15 seconds to complete. All customers that start a Lightico session complete it from the digital channel they start from — there have been zero branch visits for originations since Moneyline adopted Lightico. And once the loan agreement is finalized, it takes just 45 seconds for customers to provide consent to Terms and Conditions.
Moneyline has been using Lightico for over two years, and since then has only strengthened its reputation as a customer-first, approachable not for profit social lender.