Orchard Credit

Summary

Orchard Credit is a successful family business that have been providing car loans for dealerships, consumers and businesses for 30 years.

They have strong relationships with all the major banks in Singapore for processing applications on their behalf. This is in no small part due to their rigorous processes for validating and approving loan applications.

Orchard Credit home page with loans calculator

Orchard Credit home page with loans calculator

Challenges

Orchard Credit's loan application system was based on paper forms and spreadsheets for tracking and reporting. Applicants would fill in paper application forms, and then information from them would be manually typed into spreadsheets to track the application. This caused several issues:

  • Data had to be double checked to ensure it was filled in correctly
  • It was time consuming to type into spreadsheets
  • Each bank had its own application form which made tracking the application more difficult as they had different data requirements
  • Spreadsheets had to be merged to run reports
  • Management could only see reports once per month when they were produced
  • Approvals took a long time as Orchard Credit needed to wait for paper applications to arrive from dealerships before they could process them
  • Repayments were difficult to track as they were managed on an Excel file for each customer
A persona was developed to ensure the site targeted the right audience 

A persona was developed to ensure the site targeted the right audience 

How we helped

Codestream embarked on a study of Orchard Credit's business processes in order to understand how loan applications were processed and what opportunities a technical solution would present to increase productivity.

This was done with selection of UX and analysis techniques relevant to the project at hand. The following activities were carried out with Orchard Credit:

User interviews, workshops, customer journey map, personas, competitive audit, stakeholder interviews, data definition, copy planning, sitemap, user stories, concept creation, user flows, wireframes, style guides, interaction design, usability testing and heuristic analysis

From the study a set of requirements in the form of user stories were created along with a phased implementation plan. 

The end result was a platform that consisted of 3 portals:

  1. A front facing website where consumers and businesses could complete and track an online application
  2. A dealership portal so dealerships could apply on behalf of their customers and manage all their applications.
  3. An administration portal for Orchard Credit staff to process applications according to business rules, and track repayments
Detailed wireframe prototypes were created to make the application worked well for all stakeholders

Detailed wireframe prototypes were created to make the application worked well for all stakeholders

The Results

Time to turn around a direct loan application was reduced from 5 days to 3 hours, and a dealer application from 8 days to 1 day, resulting in much higher customer satisfaction. This includes waiting time for approval from banks.

Time spent on individual applications with waiting time excluded went from 3 hours to 35 minutes.

Management time spent on producing reports went from 30 hours per month to instantaneous live view of key metrics on the dashboard.

Other benefits include:

  • Increased Brand Awareness
  • Increased Employee Satisfaction
  • Consolidated Data Source for Auto Finance Business
  • Reduced Complexity for Accounting and Finance
Loan calculations and offers on the website

Loan calculations and offers on the website