Creating a 0>1 self-service settlements platform
Product: Web App, for release | My Role: Lead Product Designer | Timeline: 6 months | Company: Mission Lane
Intro:
When an account is “charged off,” that means a customer has been delinquent for at least six months (7 missed minimum payments). Once an account has reached charged off status, it no longer accrues any interest and the company goal becomes recuperating as much money as possible on the balance. On the customer side, it’s in their best interest to address this debt, as it’s reported to the credit bureaus and can reflect positively on a report. All credit card companies have what’s known as a “Settlements platform,” whose intention is to allow and encourage customers to sign up for repayment plans. Mission Lane needed to bring their platform in-house to address the cost, poor customer experience, time spent by agents servicing these accounts, and match or exceed the recuperation of costs.
The Problem
👎 Customers, at their lowest financial point, are not given an easy-to-use solution that helps them improve their financial situation and, ultimately, contribute to repairing their credit score
👎 Mission Lane pays an external company, Katabat, a very hefty monthly fee to service charged off accounts
👎 Katabat is clunky, a poor user experience, and its promised APIs weren’t delivering on our customer promises
👎 Agents are required to service customers, and perform a variety of manipulations and manual math to do so (read: waste a lot time, and invite mistakes)
The Team
✅ PM
✅ UX Copywrier
✅ Research Partner
🙋♀️ Designer
✅ Dev Team
✅ Stakeholders (who had not previously enjoyed dedicated tech resources)
The Results
✋ It's not live quite yet. Here's what we will be measuring that will dictate success:
✅ Number of plans signed up for (equal to or greater than the historic numbers, while accounting for seasonality/trends over time)
✅ Money recuperated (equal to or greater than historic numbers, while accounting for seasonality/trends over time)
✅ Agent time spent servicing accounts (less than current allocation)
The Process
The Solution
I designed a self-service platform with an easy, clear signup process that outlines expectations from the get-go
Selected screens from the sign-up flow
The Solution
I made sure the platform also eased tension by allowing flexible payment + scheduling edits (that also eliminate the burden of doing manual math)
Editing a payment (underpayment, in this scenario)
The Solution
I ensured there was easy access and clarity around plan details, funding accounts, upcoming payments and payment schedules
The Solution
Collaborating with my UX copywriter, we made sure to include extra help and information for customers in a fraught financial state
The Launch
Launch is planned in the next few months; the whole team (and leadership) is eager to get this out in the world and start measuring success!
If you'd like to see a timeline and overview of all the work I did over 2.5+ years at Mission Lane, please click here
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