How is Navi becoming the most convenient credit-based app?
At Navi, we aim to offer easy, affordable, fast, and accessible financial services to people.
Plain and simple. However, the execution, backend, and customer-friendly nature of the app that we are constantly striving for is anything but simple. We want to simplify a system that has traditionally always been extremely complicated. One vital focus of untangling the most complex problems is design thinking. Using design to reimagine the entire customer journey, service, and the very core of our product.
The Problem
- Financial Burden
Getting a personal, home, or any kind of loan in India is a complex process. When you consider the present situation where things are so uncertain, obtaining a loan has become even more intricate due to paper works, verification, and other factors involved, which takes a considerable amount of time. In the face of crises or emergencies, many people cannot afford the luxury of waiting. Hence, they fall prey to money lenders who charge heavy interest and demand high collaterals.
- Costly Health Expenses
At a time when India’s healthcare sector is severely overburdened due to the pandemic, one might feel relieved if they have a health insurance plan. But the fact is, more than 64% of the population pays the medical expenses out-of-pocket. Most of these people take high-interest loans to pay for medical expenses, making their grim situations even more severe. You can estimate how badly the majority of the population requires affordable and quick health insurance.
Challenges to Overcome
We, at Navi technologies, strive to bring financial solutions to the general public. However, there are two significant hurdles that come in the way — -
- Trust
There is a lack of awareness and trust among the common public when it comes to online platforms, especially in the case of health insurance services where they need to pay upfront.
- User-friendliness
Most banking procedures, whether they are loans or insurance, are not user-friendly or fast. Maintaining functionality is where many fintech solutions lag.
The Navi Solution
Our financial startup, led by Sachin Bansal, came up with user-centric solutions to deal with the above issues. Let’s take a look at them -
- Developed an Application for Loans
To make banking more accessible and functional through the internet’s power, we offer instant loan approvals of up to five lakhs in just a few minutes through our Navi app.
We launched the app to make the process user-friendly. One can simply download it from the app store free of cost, and after finishing the verification/KYC process, the user can get their loan transferred within a few minutes.
These personal loans are collateral-free and are designed to meet the personal needs of the user. The loans are offered with a minimal interest rate. The process begins as soon as the user chooses the amount they require along with the EMI they are comfortable with.
- Navi General Insurance
We have discussed the need for affordable and fast health insurance in India. Our financial solution-oriented company, Navi technologies, recently launched Navi General Insurance. Our company has come up with the ‘2-minutes Online Health Insurance’ service to fasten up the process.
The aim is to offer various health insurance plans ranging from Rs 2 lakh to Rs 1 crore for individuals and families. The customer can avail these services through our app, which also offers personal and home loans.
One simply has to apply for the online process, which takes just two minutes. And that’s it; the policy is theirs.
The User-centric Approach
Notably, we have successfully incorporated the three services in a single app — ‘Navi — Instant Personal Loans, Home Loan and Navi Health Insurance’. This enhances the user experience as the consumer can avail of all the benefits through just a single app.
The following factors play a pivotal role in making our Navi app user-centric.
- Cross-selling health insurance and loan services via a single app establish the user’s trust in the service provider’s offerings. Consumers are more willing to buy a different product from the same supplier due to the pre-built trust.
- Simpler interface of the app incorporates visual descriptives, guidelines, and FAQ to make the user self-serve.
- Functionality is the biggest reason which attracts consumers to the app.
- Faster results directly impact the user experience. Needless to say, the less time taken, the better the UX.
Making a difference
As of 28th February 2021, our health insurance already has one of the highest settlement ratios of 97%. The Navi health insurance policy is also available in more than 400 locations in India and features a network of more than 10,000 cashless hospitals.
By the end of 2020, Navi Technologies had garnered more than 1.1 million customers. Our goal is to continue offering real-time solutions and user-centric designs that benefit thousands of lives. We aim to reach maximum consumers and give them the benefits of our financial services through the Navi app.
“Design is not about making things beautiful. It is the capacity for integrative thinking, to make things work more efficiently than it ever has been before. To change processes in a way that was previously unimaginable and rebuild every step in the customer journey.
For Navi’s goal of revolutionizing the BFSI sector with a tech-first approach, the design was one of the most important factors for us to reimagine the trust-building process with our customers.”
