Online small business lender Prospa is blitzing the market with a potent CX formula of speed, simplicity and seamless channel integration. Leading Prospa’s direct customer acquisition strategy and marketing is Prashant Mohan, who gave Matchboard this exclusive interview.
You recently won a national award for having the best digital and omnichannel customer experience. What differentiates Prospa’s approach?
At Prospa, we’re constantly pushing the boundaries on how to integrate technology experiences with real people-to-people experiences. Digital and omni channel customer experience was an apt category to top, because Prospa’s mission is to change the way small business experience finance.
We offer something completely different by combining CX across digital and the contact centre channels to ensure continuity. Our customers know they’re talking to a real person who cares about their business every time they interact with us. Thanks to our company culture, the team works across departments well to prevent silos and avoid the walls that many big companies end up building around individual functions.
Which direct-to-market channel has been most successful for Prospa in acquiring customers, and why?
We undertake advertising on a number of channels including online (Google, Facebook) as well as traditional media like TV and Radio. We take a test and learn approach and are always looking for new ways to be found by our potential customers when they’re at that point of needing a solution. Given fintech is a relatively new industry, traditional media plays an important role in raising awareness of the Prospa brand as well as the entire category.
There is no single magic silver bullet in terms of success, but our best advocates are always our customers and partners. We give them a great finance experience, and their feedback helps us improve our offering and service, and win new customers.
We also work with a number of trusted partner brands that have large small business customer bases. We are present in their ecosystem so we can provide a finance solution when and where small businesses need it.
What are the most common reasons for people seeking finance from Prospa?
Research by ASIC shows the biggest problem for small business owners is access to finance – either to seize an opportunity or manage cash flow. However, despite their important role in the economy, small businesses have long been starved of the ability to access unsecured funding, because the loan amounts are low, and their business activity can be inconsistent.
Small business owners are also time poor. Traditional bank loans typically take up to six weeks to apply for and be approved, whereas funds from Prospa can be in your account within 24 hours. Prospa has filled this gap left by traditional banks.
Why do your customers love Prospa so much?
We make the experience of getting a business loan fast and simple. A quick online application process is supported by our customer service colleagues who are there for a business owner every step of the way. We take the time to understand their business. We believe in them. This is very different to the type of service they might experience with a bank, and it shows. Prospa has an NPS score of 77 (one of the highest in the world) and is also the #1 Money brand in Australia on TrustPilot, an independent customer review site.