Digital Transformation: Lilab Optimizes a Financial Client’s Operations with a Digital Factoring Channel

Introduction:

A financial sector client, specializing in providing services to micro and small businesses in Chile, found themselves at a critical point. Their dependence on an external SaaS provider to manage factoring operations not only limited their autonomy but also compromised the security and customer experience.

To gain independence and optimize operations, the client embarked on a comprehensive digital transformation. This is when Lilab stepped in to develop a solution that would ensure speed, efficiency, and security in all operations.

The Challenge:

The client faced several operational issues that hindered efficiency and the ability to provide reliable service. Without their own digital channel, the company relied on an external provider, limiting their ability to operate autonomously and in a personalized manner.

Customers experienced difficulties accessing the system, registration errors, and problems with credit simulations. Additionally, the lack of proper support and an unattractive design made the user experience unsatisfactory. These issues were compounded by concerns about information security and non-compliance with the company’s internal policies.

Lilab’s Solution:

Lilab addressed these challenges by developing the project in two main phases. In the first phase, a Minimum Viable Product (MVP) was created using the client’s existing architecture, allowing for agile and efficient development. Two key platforms were designed and developed: a Client Portal, enabling users to carry out operations independently and easily, and a platform for executives to manage customer operations with greater control and efficiency.

In the second phase, additional features were added to the MVP to strengthen the system and ensure its scalability and long-term performance.

The Implementation Process:

The Lilab team adopted an agile approach based on the Scrum methodology to ensure efficient and flexible project implementation. The process was developed in several key stages:

A. Analysis and Requirements: The team began with an in-depth analysis phase, gathering key requirements from stakeholders and documenting current processes. This allowed for a deep understanding of system needs and the challenges to overcome.

B. Design and Development: Using sprints, Lilab designed an initial prototype reflecting the identified needs. During each sprint, the prototype was reviewed and adjusted based on continuous client feedback, ensuring the final solution was precise and effective. The development was carried out in iterative cycles, allowing for agile adaptation to any changes in requirements.

C. Integration and Testing: Each sprint was followed by an exhaustive testing phase in a controlled environment. This allowed for real-time evaluation of the solution and quick adjustments based on user feedback. This phase culminated in the delivery of the MVP (Minimum Viable Product) for final review.

D. Production Deployment: The MVP was incrementally launched in the production environment, following Scrum best practices to ensure a smooth transition and minimize risks. During this phase, the system was monitored and adjusted as necessary, ensuring optimal functionality.

E. Training: To ensure effective adoption of the new system, Lilab provided practical training and educational materials to end users. This included specific training sessions and ongoing support to ensure all users were fully prepared to utilize the new platforms.

Results and Benefits:

The implementation of the digital channel generated impressive results:

Cost Optimization: The digitalization of the channel led to a 55% reduction in the product’s operating costs. This was achieved by optimizing resources and internal processes, significantly increasing the client’s operational efficiency.

Improved User Experience: After specific adjustments to the channel’s interface and functionality, user satisfaction increased by 70%. Customers now enjoy a more seamless, intuitive, and user-centered experience, improving service perception and brand loyalty.

Conclusion:

This project is an example of how digital transformation, when executed correctly, can resolve critical challenges and optimize key operations in the financial sector. Thanks to Lilab, the client not only overcame operational problems but also raised the user experience to new standards of excellence.

If your company faces similar challenges, Lilab is here to help you transform your operations and achieve success.