Sunbit’s Vision for the Future of CX
I recently joined Sunbit as its first Chief Customer Officer. I jumped on this opportunity because, as someone who’s been in fintech for a long time, the thing that has astounded me is that even when there are credit products that can save people hundreds or thousands of dollars compared to their current credit products, many people won’t even consider them. And the number one reason they give? The fear of getting declined.
Who likes applying for credit? The experience is often humiliating, confusing, dehumanizing and judgmental — even terms like “credit-worthiness” reflect that — especially when you put in the effort to apply just to be told that you’ve been rejected.
Sunbit technology is removing the biggest pain point from this experience and making transparent, affordable payment options available to everyone. For me, that’s really exciting.
I grew up in a small city in Iowa and saw over and over again that for many people, what you can afford to pay today often determines what you can do, even for pretty serious things like dental work, car repairs, and healthcare. One of my childhood friends left a broken arm untreated for three weeks because, without a credit card, and with not enough cash, he waited until he had the money. As a teen, I personally drove around with a front headlight duct-taped to the mangled body of the family car after an accident left me with a $3,000 post-insurance bill. It probably wasn’t safe, and it definitely was embarrassing.
Buy Now, Pay Later (BNPL) Overload
Right now, I think that the biggest customer experience (CX) challenge within buy now, pay later (BNPL) is its fragmented ecosystem. I’m kind of a computer nerd, I was shopping online for a computer a few days ago and the product page was crowded with — no joke — four different icons for BNPL offers. It was very confusing. How do I pick? I’m in the industry and I don’t know! Each one is a new account, a new qualification — it’s a lot to juggle.
Then there’s the much larger space of businesses that don’t offer a BNPL option at all. The ecosystem is very heavy on ecommerce, and in the few cases where it exists, the in-person experience with QR codes and the like isn’t the best.
Through Sunbit technology, 90%+ of applicants are approved quickly with fair and transparent rates — and the whole game changes. It means that customers who walk into an auto service center, dentist, or optical retailer can be told that they don’t need to pay for everything right away. It means that merchants can offer the same thing to everyone, integrating the option to buy now, pay later (BNPL) into their sales process, helping everyone feel included. It means that all this can be done without data entry or creating a long line at the checkout counter.
And that’s just where we are today.
The Future of Sunbit CX
Sunbit is starting with an incredible first experience.
Next, we want to carry that through beyond the purchase. The number one thing customers request when using a payment plan is flexibility. We understand there is not a one-size-fits-all approach, and I’ve seen firsthand during the pandemic how there is just as much of an opportunity to create a ‘wow’ experience after the purchase by treating customers like people, understanding their situations, and working with them. I mean, when is the last time you’ve heard someone rave about loan servicing? When it happens, it can be as meaningful as getting that first approval. (I’ve seen this hundreds of times — people actually write letters!)
From there, we can earn the trust to be the preferred way to pay, beyond their first purchase. We already see many returning customers, I’d like us to really extend that into a relationship our customers can take with them anywhere.
On the day that I joined we had an all company meeting and the title was “Sunbit for everyone, everywhere.” I think that really puts it nicely. We have the unique opportunity to be the best way to pay for everyday needs, everywhere, and importantly, for everyone.
