Moneybarn News // 20 August 2019
Back in May of this year, Moneybarn were crowned the winners of Non-prime Lender of the Year at the Motor Finance Awards 2019. Across the year of 2018 we saw our business grow by continuing to take on new customers. We believe this is down to our improved end to end customer experience and technological innovation.
We truly care about our customers; everything we do is powered to help people move forward for a better road ahead.
With the FCA announcing new affordability regulations last year, we took this as our opportunity to redesign our customer onboarding journey. Using new affordability checking systems we could provide immediate, committed credit decisions for the first time, to many customers who may have struggled to get finance from mainstream lenders.
With such a large amount of our new customers enjoying the ease of our new customer onboarding programme, we saw our Feefo rating soar, reaching 4.9 out of 5 during 2018. Comments left by customers showed that our new onboarding processes hadn’t gone unnoticed, with many commending the fast-initial process. Throughout the last year we halved the average time of the process from 7 days to 3.5 days, with some customers receiving their new cars within hours of their initial interaction with us!
This also led to us being awarded with a Feefo Gold Trusted award.
To increase our use of technology in our customer journey we partnered with ClearScore. This is an organisation that lives and breathes the values of a strong user experience and customer satisfaction, so we instantly knew that this was a good choice of partnership. We integrated our affordability checking systems with the ClearScore application, making us the first to offer select users ‘pre-approved’ vehicle finance.
We understand that our customers have most likely been rejected from credit applications in the past, so we were extremely passionate about creating a positive yet responsible interaction with them. We believe that the partnership with ClearScore was the first step in our journey in achieving this.
To support our plans to continuingly improve our customer experience, a Customer Experience Director was hired, to ensure we listened to our customers on a deeper level than ever before.
We’ve always considered the entire customer journey throughout everything we do, however with the expertise of our new Customer Experience Director we can really get to the grips of how to better our service from beginning to end for all customers. This way we can ensure we offer a premium service throughout the duration of their time with us.
We feel so passionately about focusing on this area as an organisation, we have since embedded it into our company ethos, ensuring the customer is always at the forefront of our minds; putting the customer on our team.