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Re-engineering the loan application process

Re-engineering the loan application process

Digital Experience Labs helped Money3, an ASX-listed specialist non-bank credit provider, streamline their multi-channel application and assessment process, driving performance and setting a technical foundation that allows the business to scale.

Loan Application Flow Illustration

Business Transformation / Process Automation / Personal finance


For Money3, building and maintaining a competitive advantage is always on the agenda. Having grown and evolved from humble origins, the team at Money3 have made a habit of innovating their products and processes to ensure they keep up with the ever-changing needs of their clientele.

Money3’s introduction to Digital Experience Labs was prefaced by recognising the need to rethink how they do things and the role that technology could play in building a sustainable, innovative business that can scale predictably, cost-effectively and without compromising the experiences of both customers and employees.

2020 is focused on eliminating friction in the multi-channel application process and dramatically reducing overall assessment time. Ultimately, Money3 needed an efficient and robust solution that was tailored to their business model. The result would give their teams control over a data-driven workflow, automate the processes that mattered, capture insights that would feed continuous innovation, and establish a technical foundation that would allow the business to scale efficiently for the future.

To deliver such a solution, Digital Experience Labs needed to apply an integrated range of capabilities to fully assess the loan application journey and decision process and create a comprehensive yet flexible roadmap that would support rapid, iterative delivery.


We brought together a range of key subject matter experts from across the organisation to map out the current processes and documented the full end to end application journey. This enabled us to uncover key friction points for differing users; from end customer, their broker partners, the application processing team through to assessment team.

By understanding the varied needs of each participant and what they are trying to achieve at each step of the process, it became evident there were immediate short term processes to optimise, as well as longer term strategic transformation objectives that would require a more robust solution.

We believe actions speaks louder than words, so we built a proof of concept that:

  • Applied the right technology in the right way
  • Improved data accuracy
  • Accelerated and automated decisioning
  • Streamlined the overall process to a more consistent and reliable one
  • Allowed Money3 to see the opportunity through our eyes

Our ‘one team’ approach to project delivery meant we always ensured Money3 were aware and in control, allowing theto guide the development and delivery process at each step of the way and ultimately allowing them to own their solution. 


While their transformation is an ongoing journey, we’ve helped Money3 make significant progress towards their goal of a faster approval through the delivery of an intelligent application process – digitising data collection and automating validation, verification, identification and key lending decisions.

By getting to understand their business from the inside-out, working as one, and delivering on promises, we have given Money3 confidence in their strategic direction and sparked a new wave of innovate thinking from their leaders.