Digital personal finance company SoFi corrects website issue for multi-million dollar savings

The Company

SoFi is a digital personal finance company that started 2011 by developing a lending solution for students with lower loan rates in an attempt to address the mounting student debt problem in the US. Now with over 1,500 employees, the San Francisco-based company has branched out into mortgages, personal loans, investing and banking—all with a digital-first approach.

The Challenge

SoFi was not aware of a technical issue on their website causing an increase in incomplete loan applications and was blind to the magnitude of the phenomenon. In fact, the issue went completely under their radar until Glassbox started to capture and visualize all of their user sessions. 

The Solution

With Glassbox’s tag-less deployment, SoFi was capturing 100% of sessions and all events and elements, including user activity and technical elements occurring behind the scenes. 

Root-cause analysis sped by real-time anomaly detection and alerts

Glassbox’s anomaly detection engine, based on machine learning, alerted the SoFi team to 546 sessions in a one-week period in which users received an error message and never completed their loan application.

Measuring the revenue impact with Cashbox

SoFi leveraged the Cashbox dashboard in Glassbox to capture the value of the user input in the loan application form. The team was able to aggregate all loan applications and track the following insights: 

• Average Loan Value
• Monthly Loan Value
• Average Monthly Loan Value
• Geolocation
• OS/Browser/ISP

By recognizing and understanding the full scope of the problem and true monetary impact of this technical error, the business team and the IT teams flagged this issue as a top priority.

By sharing session replays of the affected sessions with the production support team, the root cause of error was identified and fixed within the same day.

“Glassbox gives us the most accurate view of how our members’ experience our app and saves us countless time on squashing bugs, finding friction, and gives us confidence in how we plan our UX roadmap.”

Software Development Lead, SoFi