The traditional lending market often denies access to affordable loans for millions due to outdated credit scoring models. Fintern aimed to address this issue by using real-time bank transaction data and AI to make more accurate and fair lending decisions.Fintern looked to revolutionise consumer lending by leveraging AI and Open Banking technology to provide affordable and accessible loans, especially for those underserved by traditional credit scoring methods.
I collaborated with Fintern (now Abound) as a consultant to develop a digital lending platform that offers a fairer and more inclusive approach to consumer credit. Fintern was founded in 2020 by Gerald Chappell and Dr. Michelle He, who brought extensive experience from McKinsey and EY, respectively. The company’s mission was to transform the financial well-being of individuals by moving beyond traditional credit scores and focusing on affordability.
- The app achieved over 10,000 downloads on Google Play with a remarkable 4.3 rating and over 20,000 downloads on the Apple App Store, boasting an impressive 4.6 rating. These numbers reflected the app's success in delivering value to users.
- During fundraising, our app's UX and visual design received acclaim as significant contributors to the positive response. This recognition reaffirmed the impact of design on the business.
- The app design introduced delightful ways for users to explore real-time financial data, cash flow trends, spending behaviour, and affordability assessments based on open banking connections. These features empowered users to make informed financial decisions effortlessly.
Fintern integrated AI with Open Banking to analyse consumers’ financial data in real-time, providing a comprehensive view of their affordability and spending behaviour. This approach enabled Fintern to offer loans based on actual financial health rather than static credit scores, significantly reducing the default rates compared to industry standards.
As a consultant, I executed user journeys, wireframes designs based on the team’s Banking, technical and regulation understanding. I ensured that the user experience was intuitive and user-centric, helping to create a seamless and engaging platform for borrowers. This included developing a native app and a marketing site built on Tilda, ensuring a consistent and accessible user experience across all digital touchpoints.
To ensure the team could continue to develop and iterate on the platform efficiently, I created a design toolkit. This toolkit included design guidelines, reusable components, and best practices, providing the team with the resources they needed to maintain design consistency and efficiency in future developments.
I led multiple research initiatives to understand the needs and challenges faced by our target users. We used these insights to design and refine our lending platform, ensuring it was user-friendly and met the expectations of our customers. The lending platform helped users understand their borrowing capacity and manage their finances better.
Working closely with co-founders and senior leadership, I helped align our technology strategy with business goals. We maintained regular communication with investors, securing significant funding to fuel our growth. In 2021, Fintern raised £32 million, and in 2023, they secured an additional £500 million to expand operations and improve the technology platform.
