Being a company that operates on a mobile app to provide financial services to students, we always ask ourselves what could possibly be the best features we could add that would appeal to our customers. Through our journey for excellence and diligence, we’ve learned a few things about how apps operate and how an app centered around Student Loans should operate. Here are some of the most important features that a good student loan app should possess:
1. Good Customer Support and Follow-ups: A big part of our business is customer retention and it is apparent through our research that the best way to ensure customer retention is to provide them with a positive experience. As a result, Customer Support and Customer Feedback is heavily focused on by our business and is an integral part of any good app in general.
2. Well-Designed and Easy To Maneuver UI: The more complex your product is to understand and use, the harder it will be to gain customers. This is the same for every type of business that exists in the current market and is applicable to the User Interface employed by mobile apps as well. The most important part of a Student Loan app is to make sure that it is easily accessible and convenient to use on the part of consumers.
3. A well-defined system of loan approval: To fully optimize the process of lending a loan to an individual, the process should be streamlined and redundant parts should be cut out. A standardized method of approving and lending loans would cut the amount of time required to complete the process by roughly 50%-70% which will eventually lead to the ability to process even more loans and increase business by the substantial amount.
4. Maintenance and Updates: The most important part of an app is the ability to adapt to whatever the user requires. Through customer feedback and comments, appropriate features can be added onto the app in future updates. Beyond that, the functionality of the app is essential to the business as well. Common technical issues such as bugs and glitches should be patched out as quickly as possible in order to avoid a substantial loss within the userbase of the app.
5. Data warehousing and Machine Learning: Users that conduct transactions on the app should be recorded and stored within a database which can be utilized in the future for purposes such as product recommendations, product offers etc. Data models based on machine learning and trend analysis can also be implemented which will streamline these processes to a great degree.
6. Security of Transactions: Data Encryption models should also be implemented in order to ensure the security of transactions within the Student Loan App. The strength of the data encryption is directly proportionate to the comfort and usage of the consumer on the app, especially in the case of apps focusing on financial functions. It would be wise to invest a large amount of capital and resources into setting up a powerfully built data encryption system.
7. Optimization for the Mobile Platform: In the current day and age of technological innovation, apps are becoming easier and easier to develop and publish. With this being said, it is also important to note that despite the number of apps that are available in the market, it is only a few of them that are properly optimized and designed to run smoothly on a mobile platform. An app that runs poorly or that requires a large amount of power and resources on the part of the mobile phone is usually very unattractive to any sort of consumer. Therefore, it is important to ensure the proper working of the app on all fronts before it is published for download on the app store.
It is a very competitive market currently for apps and achieving success with these apps has become more difficult as technology has progressed further. However, with a well-designed app, achieving success becomes twice as easy and is mainly dependent on how well the service is conducted.
Tags-Anatomy Of A Great Student Loan App, Essentials of a great student loan app, Characteristics of a great student loan app, Features of a great loan app