Supply Chain Finance - Creating Onboarding Framework for Vendors
CredAvenue is reshaping the supply chain financing landscape by developing a fully integrated platform that connects businesses with a diverse range of lenders. This case study outlines the design process and outcomes of creating a user-friendly experience for borrowers and vendors on the CredAvenue platform, emphasizing the importance of streamlining the onboarding process and enhancing overall operational efficiency.
Lead Product designer
4 Months
Remote
Company
CredAvenue
Fintech
Challenge
The development of CredAvenue faced several significant challenges:
Complex Vendor Onboarding: The initial onboarding process for vendors was complicated and time-consuming, requiring extensive documentation and manual validation. This complexity delayed access to funds, which was critical for timely procurement.
Lengthy Payment Cycles: Many businesses experienced long payment cycles that negatively impacted their cash flow, making it difficult to procure goods and services promptly. This situation created a bottleneck in supply chain operations, affecting overall productivity.
Limited Visibility into Financing Options: Borrowers often struggled to find suitable financing options due to a lack of transparency regarding available lenders and their offerings. This limited access hindered their ability to make informed decisions about funding.
Need for Real-Time Solutions: As businesses faced increasing demands for quick turnaround times, there was an urgent need for a platform that could provide real-time access to multiple lenders and financing solutions.
Research & Analysis
To tackle these challenges effectively, comprehensive research was conducted, which included:
User Interviews: Engaging with stakeholders to gather insights about their pain points and expectations from the platform. Users expressed a strong desire for a faster, more intuitive onboarding experience with reduced paperwork.
User Journey Mapping: Detailed maps were created to visualize current user flows, identifying specific bottlenecks and inefficiencies in the onboarding process. This analysis revealed critical stages where users experienced frustration or delays, such as document submission and approval processes.
Feedback Loops: Establishing mechanisms for continuous feedback from users during the development phase allowed the team to make iterative improvements based on real-world experiences. This approach ensured that user needs were prioritized throughout the design process.
Key insights from this research emphasized the necessity for an intuitive interface that simplifies vendor registration, minimizes documentation requirements, and provides real-time access to multiple lenders.
Taskflows
After identifying the most feasible and workable user flow, it's time to move on to task flows. By focusing on task flows, we can minimize downtime spent drafting separate information architecture, detailed user flows for every module, and even wireframes, as we cover all necessary aspects here. This approach allows us to close the loop on the entire user journey. Below is an example of a task flow we have drafted.
Visual design (Onboarding Module)
Based on the research findings from personas and task flows, and after validating with various stakeholders, we drafted the visuals that align with the design guidelines of CredAvenue.
Result
The development of the CredAvenue platform resulted in several significant improvements:
Streamlined Onboarding Process: The new onboarding framework enabled vendors to register with minimal documentation, reducing processing time from several days to just hours. This change allowed businesses to access funds much more quickly.
Enhanced User Experience: A user-friendly dashboard was implemented, allowing borrowers to easily navigate financing options and select suitable lenders based on their specific needs. The dashboard provided real-time updates on application status and funding options, improving transparency.
Faster Access to Funds: The average time taken for vendors to receive funding was dramatically reduced from weeks to mere hours, facilitating quicker procurement of goods. This improvement allowed businesses to operate more effectively during peak demand periods.
Increased Engagement: With an intuitive interface and streamlined processes, user engagement on the platform increased significantly, leading to higher transaction volumes.
90%
Process Reduction time
5X
Quicker Transaction time
40%
Increase in Funding Access
Conclusion
The development of CredAvenue's platform successfully addressed critical challenges in vendor onboarding and access to financing by building a solution from scratch that emphasized efficiency and user experience. By implementing a user-centric approach that prioritized ease of use, CredAvenue not only enhanced user satisfaction but also significantly improved operational metrics. As of January 18, 2025, these advancements position CredAvenue as a leader in supply chain finance solutions, fostering stronger relationships between businesses and their lenders while ensuring timely access to essential funding resources.