Why Lending Tech Must Step Up Their Gamification Game

We are pleased to offer you a loan up to…

How many such calls and SMSs do you get in a day? Or should I rather ask, how many such communications do you ignore in a day?

It’s annoying, isn’t it? Having to deal with such an information overload of loan offers at varying interest rates, credit card applications and guess what?

As I’m writing this, I just received another personal loan call from a bank! Seriously, such companies feel like sharks fighting amongst themselves in the sea of our attention span.

But why is it that we continue to dodge their attacks? Or even if we end up going ahead with their offers, why is it that we leave? Because

1. Lending Tech Processes Are Complex

Or at least considered complex and I’m speaking for the customers. While digitization has surely provided some relief to it, people still see it as a lot of work amidst their busy lives.

I also found out that long application times, multiple steps, and verification requirements cause 70% of credit and 42% of loan applicants to abandon applications mid-way.

This was one of the reasons why I didn’t complete my Video KYC process for the ICICI credit card due to multiple to and fro. I’ve shared my experience in detail here.

2. What’s In It for the Customer?

Trust me, you as a lending tech company are one among the many that reach out to your potential customers on an everyday basis.

So no matter how good your offerings are, in the end, they always end up finding it all the same unless they are motivated to choose you.

That’s right! Until customers don’t personally see a goal to