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Qapital: Credit Toolkit
Credit scores are an important part of anyone’s financial life and Research has also shown that creditworthiness features, including credit score management and loan repayment support, were highly important. Usually, the process is opaque, complicated and confusing, leaving users frustrated with the experience. We then decided to bring credit score into the Qapital app — letting people check theirs in just a few taps.
First things first
Over three months we built out a completely new product for Qapital. We partnered with Array to provide customers with credit information.
We regularly heard from customers that people don’t know what credit scores are, what they mean, and why they’re important. So we worked hard to repackage Array's raw information into an experience that helped our customers.
We focussed our efforts on giving customers the information they wanted to know while also providing identity protection as part of the package — up to a million dollars worth.
Challenges
In order to use the Qapital KYC instead of the Array KYC process we needed to get our KYC process approved by the credit bureaus, which would take us a while. We decided to proceed using our partner's KYC, by creating a native and seamless experience.
Outcome
We released the first version of our credit score product to 10% of Qapital users, as a MVP. We allowed people to check their credit score with just a few taps — and helped people to understand credit scores.
