UK retailers will now be able to offer an augmented finance experience to consumers following the launch of Deko’s new version. The solution is the fully managed end-to-end checkout finance product from Deko, the multi-lender Buy Now, Pay Later (BNPL) platform.
This is the fourth iteration of its flagship software, featuring best-in-class UX developed by Deko’s leading in-house product design team, and built with its decade-long expertise in delivering embedded credit solutions for retailers. Additionally, Deko’s multi-lender technology has been deployed within a new, next generation architecture, using a flexible and modular workflow engine and lender integration layer to enable a streamlined application experience for every consumer. This way, different lender application forms and data entry requirements appear in a single, consistent journey.
The new solution brings together checkout finance design insights from Deko’s heritage in Point-of-Sale lending and means that consumers can breeze through loan application requirements quickly, clearly, and seamlesly.
Company officials said that version 4 of their checkout technology represents a milestone investment in unlocking augmented finance experiences connected to a range of lenders. They have completely rebuilt their platform from the ground up to work seamlessly across lenders while delivering a single, complete, end to end mobile and online checkout lending experience.
Deko’s representatives added that their strategy started with their new embeddable finance calculator that can sit within the merchant website, on product pages or in checkout itself, guiding customers on available offers. In turn, this leads to a fully orchestrated application journey, regardless of the underlying lender. By reassuring customers of their finance eligibility and better directing them through a consistent application experience, Deko’s new technology acts as a toolkit to lower levels of cart abandonment.
For merchants the new version comes complete with a rapid integration library to instantly embed these finance details and offers on individual product pages as well as the ability to launch the companion finance calculator and quickly browse loan options, helping convert more customers and increase basket sizes.
Deko has also transformed the multi-step application workflow to capture customers’ personal, residential and employment data via dedicated, dynamically generated screens which present tailored questions based on prior responses, an approach known as ‘progressive disclosure’. It is part of Deko’s strategy to ensure that applications can be completed quickly and accurately - further supplemented by clear, signposted forms and a live look-up address finder for as-you-type auto-completion. In addition, the new platform enables ‘in principle’ lender eligibility decisions in seconds and a full loan completion experience including collection of bank details and e-signing, all within checkout.
This solution delivers rapid customer outcomes for consumers and merchants alike, backed by a new dedicated retailer dashboard to view, search, manage and export applications quickly and easily. This means merchants can not only view loan applications, but filter them by status and stage within the sales funnel, as well as directly marking orders as fulfilled or refunding or cancelling others.
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