[Customer Spotlight] Wisr gets smart with e-contracts to take on Australia’s banks
Competing for customers against some of the country’s largest and most resourced businesses requires more than just offering a better price. Wisr understands this better than most as the team of 60 competes against banks with thousands of employees and billions of dollars. Its advantage stems from using technology to deliver not just a better price, but a better experience.
Wisr is Australia’s first “neo-lender” meaning that their operations are entirely digital. Free from the distraction and costs of managing bank branches, they are able to focus their resources on the online experience and provide fairer rates.
Further differentiating Wisr are their seamless processes that simultaneously delight customers and drive efficient growth.
Greater convenience for customers
Since they launched, Wisr has modernised their agreement processes by enabling customers to sign contracts electronically. This has cut application abandon rates in half and facilitated faster approval and settlement of loans.
Incredibly, almost 85% of loan applications received by Wisr can now be processed automatically.
4x growth in broker channel
The end-to-end digitisation of applications and agreements has been equally beneficial for brokers. They’re able to get onto the Wisr platform quickly and transact with customers almost immediately.
In fact, the onboarding process is so fast that Wisr has been able to increase the size of their broker channel from 2,000 to 10,000 brokers in just six months.
With a further 30% increase in productivity across Wisr’s credit and sales assistance teams, the company is more agile than ever and ready to expand into new areas.
We’ll be watching to see where they go next!