Axo Finans streamlines operations and boosts customer satisfaction with new Low-Code back-office system

Axo Finans, the largest financial agent in the Nordics, has been helping hundreds of thousands of clients secure consumer loans, refinancing, and credit cards since 2008 by providing easy and straightforward access to the best loan terms tailored to each client’s unique needs.

Challenge

Axo Finans needed to replace its back-office system, which handled crucial functions like invoicing and customer communication for their insurance products (representing approximately 15% of their revenue). While off-the-shelf solutions offered a quick implementation path, they proved too expensive and failed to meet Axo's specific requirements. 

There was initial scepticism towards low-code development, but Product and Tech Lead Aleksander Borander, familiar with its potential, recognised it as the ideal approach. This was particularly relevant given Axo’s in-house IT department, which could leverage low-code for future projects.

A key advantage of low-code development was the rapid time to market. This, combined with the ease of implementing iterations and Axo's straightforward UI needs, made it a perfect fit. Borander recognised Appfarm as the ideal platform and Zebra Consulting as the right Appfarm partner to execute the project.

Cost-effectiveness was a crucial factor. Unlike off-the-shelf solutions with volume-based licensing fees, Appfarm's fixed per-license pricing model offered predictable costs, regardless of transaction volume or revenue growth.

Solution

The collaborative partnership between Axo, Zebra Consulting, and Appfarm, in addition to the speed of low-code development was instrumental to the project's success. This project felt like we were changing the wheels while the car was moving.  We delivered a seamless transition from the old system to the new one within a tight three-month timeframe. "It has not been the typical consultancy project. We experienced a true cooperation from the very start, working together as equal partners with a high level of competence," says Borander.

Zebra Consulting provided valuable project methodology, incorporating their Monday Commitments and Friday Wins approach. Axo provided a clear business vision for the solution, and the combined expertise of the team ensured efficient execution. "It is good to have a partner like Zebra as a risk mitigator and having more people who know the solution," adds Borander, highlighting the value of Guro's experience, technical competencies, and project management skills.

“I am really proud of what we’ve made” - Aleksander Borander, Product and Tech Lead, Axo Finans.

Results

The new system is now fully operational, delivering significant improvements across multiple areas:

• Increased Payment Rates: Payment rates in Norway have increased by 15-20% due to improved functionality like automated notifications.
• Enhanced Customer Satisfaction: The new solution provides Axo with a centralised information hub, enabling faster and more effective responses to customer inquiries. This has resulted in a remarkable 90% reduction in customer complaints.
• ‍Improved Operational Efficiency and Risk Mitigation: The streamlined system allows for rapid adjustments and a less complex setup, reducing operational risk and improving overall efficiency.

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