Digital Maturity Quiz: Where do you fall on the digital maturity matrix?

Digital Maturity Quiz

In answering the questions below, please consider your institution’s existing processes and activities, and select the answer that best matches your current situation.

Please consider your current processes for acquiring and onboarding customers.

Question Title

* 1. What is the primary way that customers find out about your institution?

Exclusively in-person marketing techniques (such as loan officer sales, market storms, etc.)

Blend of in-person marketing techniques and more conventional mass marketing (such as radio and TV)

Mostly digital marketing channels (such as SMS blasts, search engine optimization, online banners, social media campaigns, etc.)

Exclusively digital marketing channels

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* 2. What is the process for applying for a product or service at your institution?

Application process is paper-based and manual – a customer must complete a form with a loan officer in person, and provide a physical copy of all relevant documents.

Application process is partially digitized, but still requires manual steps – customers provide basic application data through formal digital channels, but the majority of data and documentation is supplied manually.

Application process is mostly digitized, with few manual steps. Customers provide most application data through formal digital channels, with limited data and documentation supplied manually.

Onboarding process is fully digitized, with no in-person interaction required. Physical touch points exist only for complaint resolution or additional support.

Please consider your current processes for analyzing and approving potential customer applications.

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* 3. What data do you use to underwrite clients? Select all that apply.

Data from client application form and credit evaluation

Existing internal data sources (e.g. core banking system)

Credit bureau data

Some additional data sources, such as electronic invoicing

Multiple additional data sources, such as e-commerce or mobile money transactions, call data records, and/or call data records

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* 4. Do you use scorecards as a part of your underwriting process? If so, what level of confidence do you have in the process?

We do not use any scorecards

We have low-medium confidence in our scorecards. Our underwriting process relies on manual checks to verify information and confirm decision

We have medium-high confidence in our scorecards. Our underwriting process has a few manual interventions to confirm decision.

We have high confidence in our scorecards. Our underwriting process has no manual interventions.

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* 5. How automated is your underwriting process?

Completely manual

Partially automated

Mostly automated

Completely automated

Please consider your current processes for disbursing loans and receiving repayments.

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* 6. How do you disburse loans, and collect repayments from clients?

Entirely in cash

Mostly in cash, but some digital disbursements and repayments via mobile wallet or bank account

Primarily digital disbursements and repayments via mobile wallet or bank account

Exclusively digital disbursements and repayments. Cash-in and out handled via partners and external to business model

Please consider your current processes for collections.

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* 7. How does client data inform your collections process?

Limited data analytics in delinquency workflow management. May deploy simple processes to remind clients about repayment

Data-driven delinquency workflow management with use of basic analytics and delinquency scorecards to drive standardized collections strategies.

Data-driven delinquency workflow management with use of advanced analytics (e.g. chat bots or Artificial Intelligence) and delinquency scorecards to drive customized collections strategies.

Please consider your current processes for interacting with and engaging your customers.

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* 8. How can your customers interact with your institution – to manage their account, ask questions, or make complaints?

Exclusively through physical channels (via loan officer, coming to the branch)

Basic account functionality (e.g. check loan balance, repayments history) is available via digital channels (e.g. SMS, mobile app, internet page)

Majority of interactions via digital channels (including issue resolution, document access). Physical assistance is available if requested

Customer can (and is expected to) manage all account functionality through digital channels. There is no need to come to a physical location (although physical assistance may be available if requested).

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* 9. How do you interact with your customers – to provide support, send reminders, or build engagement?

Exclusively through physical channels (loan officer or other staff, branch network)

Mass communication via digital channels (e.g. SMS blasts)

Basic customized communication via digital channels at key moments (e.g. repayment reminders, renewal offers)

Data-driven communications via digital channels throughout the customer lifecycle (e.g. support messages, customized product offers based on behavior)

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50% of survey complete.