OppLoans provides non-prime borrowers a safe and reliable alternative to payday lending through rapid funding, significantly lower rates, total transparency and unmatched customer service.
OppLoans required a real-time, maximally granular view of datasets including credit reporting, loan performance data, marketing and product analytics.
Specifically, the marketing team hoped to optimize user-attribution to improve funnel performance, but the answer was not available internally. As a growth-stage start-up, OppLoans possesses a nimble—and busy—engineering team that cannot be burdened with building, testing and implementing a homegrown set of solutions.
“At the rate we run, we can’t dedicate in-house resources to implement tracking code. We needed something lightweight and easy to launch that also offered a more sophisticated view of attribution than just first-touch,” said CMO John O’Reilly.
For OppLoans, the optimal solution was a turnkey platform that offered robust and codeless analytics, provided comprehensive datasets, and had the capacity to iterate rapidly.
Conversion Rate Optimization
“Heap enabled us to identify and eliminate friction in the customer experience,” said Matt Gomes, Senior Director of Marketing. “When Heap showed us, with specificity, how the fourth step in our funnel was broken, we were able to make meaningful improvements to our pre-pop experience. This resulted in a seven-figure lift in new issued principal annually and a 5-percent increase in conversion rate for direct mail.”
Accelerated Partner Onboarding
After achieving success with direct mail, OppLoans saw Heap application in the partnership channel.
Previously, no OppLoans partner used their API in precisely the same way. Heap provided a standardized, user-friendly interface, and OppLoans was able to launch new partnerships faster.
“Because of the Heap offering, even our less technical partners benefit from our new API process,” O’Reilly said. “We now have direct, real-time visibility into how—and how fast—our partners interact with our system. This has yielded more than 2,000 additional apps from each partner simply because we can now onboard faster.”
OppLoans’ use of Heap has evolved as new teams have found additional ways to benefit from the platform.
“Originally, only our acquisition team utilized Heap to enable better user attribution,” said O’Reilly. “Our use case then expanded into our direct mail, business analytics and partnership teams. We’ve even begun investigating using Heap data in our fraud detection department to identify suspicious behaviors from clusters of IP addresses.”
While Heap’s data-capture capabilities have enabled faster issue detection and reduced burden on the engineering team, the ultimate benefit was a seven-figure lift in OppLoans’ annualized revenue.