what metrics would you use to evaluate modalku's borrower onboarding process?

Introduction

Evaluating Modalku's borrower onboarding process metrics is crucial for optimizing user experience and business performance. To approach this product success metrics problem effectively, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Modalku is a peer-to-peer lending platform in Indonesia, connecting borrowers with lenders. The borrower onboarding process is a critical funnel that determines the platform's ability to attract and retain quality borrowers.

Key stakeholders include:

1. Borrowers: Seeking quick, accessible loans
2. Lenders: Looking for reliable investment opportunities
3. Modalku: Aiming to grow its user base and loan volume
4. Regulators: Ensuring compliance and consumer protection

User flow:

1. Registration: Users provide basic information and verify their identity
2. Loan application: Borrowers submit financial details and loan requirements
3. Verification: Modalku reviews application and conducts credit checks
4. Approval: Loan terms are presented to the borrower for acceptance

This process is crucial to Modalku's strategy of expanding financial inclusion while maintaining a healthy loan portfolio. Compared to traditional banks, Modalku offers a more streamlined, digital-first experience, competing with other fintech platforms like Investree and Koinworks.

Product Lifecycle Stage: Growth - Modalku is established but still expanding its market share and refining its processes.