WILMINGTON, Del. & FARMINGTON, Utah–(BUSINESS WIRE)–Best Egg, the leading financial confidence platform, and LoanPro, the API-first, modern lending and credit platform, are pleased to report on the exceptional results delivered through their strategic partnership focused on providing a best-in-class customer experience. This collaboration has empowered Best Egg to rapidly innovate lending experiences and achieve remarkable outcomes even during challenging times, notably throughout the COVID-19 pandemic.
Through this strategic partnership, Best Egg has achieved a top-10 spot in the J.D. Power Award for overall customer satisfaction among consumer lenders for two years in a row, notably securing the #2 placement in 2023. Best Egg won this award for its borrower experience, which is powered by LoanPro. There are many factors that contributed to Best Egg’s success:
- Decreased agent turnover rate to less than 3% by increasing morale and productivity through guided workflows on LoanPro’s platform;
- Decreased default rates and alleviated financial stress for customers by launching three hardship programs within 60 days of the pandemic’s start, including a skip-payment option, interest-only period, and flexible payment choice program;
- Redirected 78% of due date changes to Best Egg’s customer portal, significantly freeing up agent time; and
- Reduced time to resolution on certain loan modifications by over two days, enhancing customer satisfaction.
Looking ahead, Best Egg and LoanPro are focused on driving a best-in-class borrower experience built on a modern lending platform. “It’s good to have a strong partner that focuses on technology and building an infrastructure platform,” said Alex Rhodes, Chief Operating Officer at Best Egg. “We could build a loan management system, but it’s not what we do every day. We’re not in the business of having a system of record or a loan management platform. We get more leverage out of having a partnership than building something internally.”
About Best Egg
Best Egg is the leading financial confidence platform that provides flexible solutions to help people with limited savings confidently navigate their everyday financial lives. Best Egg supports customers through a growing suite of personal loans, credit cards, flexible rent, and financial health tools. Leveraging real-time customer insights and data engineering, Best Egg gives more people access to the resources they need to be money confident. For more information, visit www.bestegg.com.
