Kunai Partners With OFG Bancorp to Provide Customers Modern Loans Processing Digital App
OFG Bancorp, is a bank holding company founded in 1964 with its principal subsidiary being Oriental Bank. It operates in Puerto Rico, Virgin Islands, and Florida employing approximately 2,400 employees across its locations. OFG Bancorp provides a range of banking services including personal banking, business banking, and mortgage services. The bank offers deposit accounts, such as checking, savings, and time deposit accounts, as well as loan products, including consumer loans, commercial loans, and real estate loans.
As one of Puerto Rico’s top three banks, OFG’s customers rely heavily on their loan servicing services. However, this service has always been provided through in-person bank branches. OFG recognized that modernizing this service would increase customer satisfaction, maintain customer retention, and drive revenue. They desired to make it easier for customers to apply to loans, pay their loans, and see status updates or progress of the current loans they have through OFG.
OFG decided to create a Borrower Portal that customers could access via their computers and mobile devices. To help design the portal and provide OFG’s internal team a development roadmap, Kunai was brought in to tackle a design heavy initiative to design a mobile application specifically for Loan Servicing.
Kunai began by interviewing key stakeholders from OFG’s teams and leadership. With their ideas and guidelines, designers got to work outlining a prototype for OFG.
After eight, 1-week long intensive strategy and design sessions, Kunai’s design team delivered full wireframes of design proposals of the OFG Borrower Portal and a clickable prototype in Figma. These deliverables gave the OFG team ideas on how to further develop the platform in a way that facilitated meaningful interaction with their customers.
The delivered prototype shipped with the following functionality: tracking progress of loan repayment, loan applications, fraud, payments, and more. Alongside core functionality, the demo also showcased a unique theme designed to entice users. By adding gamified elements to the layout of the portal, it set itself apart from competing platforms.
Kunai’s compliance expertise informed OFG’s teams of regulation-minded development of the Borrower Portal, taking into account all of the relevant legal information necessary for the Borrower Portal to safely and securely facilitate loan applications.
With the new design proofs in hand, the OFG Borrower Portal team advertised to their customers that a Borrower Portal would be made available through mobile devices so that customers would no longer have to go into the bank to take out a loan.
In the future, the Borrower Portal would serve as a one-stop-shop for loan servicing and education. The platform would provide resources to educate users on their loans and the loans process as a whole. FAQs, documentation, and other information will be made available through the portal in order to answer any possible questions users may have.