Dividend Finance is a technology-enabled finance platform supporting solar energy transition with lending and other financial solutions.
Challenges
In order for installers and contractors to convert estimates into invoices while in-the-home, a finance platform to offer loans to home owners for solar and home improvement projects was needed. The product must provide an easy-to-use platform for borrowers to apply for loans and get pre-approved in real-time while installers are working with them on project estimates at the kitchen table. Additionally the multi-sided product must streamline the underwriting and approval process for loan applications for the operational team at Dividend Finance.
Process
Through the research and discovery phase, the team identified the ‘kitchen-table’ experience which became a corner stone of our user centered designs. This in-home meeting between installers and potential borrowers highlighted the need for access to finance tools to close deals.
Solution
To begin, we focused on the borrower to designed a user-friendly platform that made it easy for borrowers to apply for and manage loans with installers are still in the home. This included a simple application process, clear loan terms and rates, and an easy-to-use dashboard for borrowers to track the status of their loan and, make payments. The platform was designed to integrate seamlessly with existing solar installation companies and contractors, allowing for a streamlined process for borrowers.
Next the we app, needed UI for both the installers (customers) and Internal operational team to manage the loan process. Key features include interfaces for providing and reviewing documents, managing change orders, and facilitating payments to distributors and installers. The team implemented an semi-automated underwriting and approval process to reduce the time it takes for loan applications to be approved.
The first designs for the finance platform were initially launched 4 years ago and has since the platform had helped thousands of homeowners and installers with finance tools to support solar panel installations and home improvement projects.
The platform has received positive feedback from installers for its ease of use and streamlined loan processes. The platform also enables management of a high volume of applications and loans for the internal operation team.