What features could Lendable (London) add to its mobile app to increase customer engagement and loan repayment rates?

Introduction

To increase customer engagement and loan repayment rates for Lendable's mobile app, we need to identify key features that address user pain points and align with the company's goals. I'll analyze the current situation, propose solutions, and outline a strategy for implementation and measurement.

Clarifying Questions

• Looking at Lendable's position in the fintech market, I'm curious about the current user base and retention rates. Could you share some insights on our customer demographics and churn rates over the past year?

Why it matters: Understanding our user base helps tailor features to their needs and preferences. Expected answer: Primarily millennials and Gen Z, with a 15% annual churn rate. Impact on approach: Would focus on features that appeal to younger demographics and improve long-term engagement.

• Considering the goal of increasing loan repayment rates, I'm wondering about our current repayment performance. What's our current on-time repayment rate, and how does it compare to industry standards?

Why it matters: Helps identify the scale of the problem and benchmark against competitors. Expected answer: 85% on-time repayment rate, slightly below the industry average of 88%. Impact on approach: Would prioritize features that nudge users towards timely repayments and financial responsibility.

• Given the competitive landscape in fintech, I'm interested in our unique value proposition. What do our users consistently cite as the main reason they choose Lendable over competitors?

Why it matters: Helps focus on enhancing our strengths while addressing weaknesses. Expected answer: Quick loan approval process and competitive interest rates. Impact on approach: Would look to streamline the loan process further and potentially gamify interest rates based on user behavior.

• Considering the mobile-first approach, I'm curious about user engagement patterns. What's the average time spent in the app per week, and which features see the most usage?

Why it matters: Identifies areas of the app that are working well and those that need improvement. Expected answer: 10 minutes per week, with loan application and repayment features being most used. Impact on approach: Would focus on increasing time spent in-app through additional value-added features.