Recently, some of our processes have been running slower than normal, resulting in it taking longer for you to sell loans and access your money early.
We’re working hard to get these processes working faster. Here, I’ve asked Senior Developer Joe Hutchinson to talk about the steps he and his team have taken to improve loan sale times.
Improving loan sale times
As Zopa has grown, and grown quickly, some of our processes haven’t scaled with us at the same rate, causing them to run slowly. For our investors, this means it’s taking longer than it has in the past to complete loan sales.
In recent months, my team and I have been working non-stop to improve this. On a daily basis, we’re making and releasing changes to bring loan sale times down. Week on week, we’re seeing big improvements in waiting times: for example, this week we’re running 10x faster than the previous week.
We saw major improvements when we reduced the time spent finding potential buyers, and streamlined the number of actions needed to complete a sale. We’ve also streamlined other processes in Zopa – which in turn has made loan sales more efficient. Additionally, we’ll continue our work to optimise the time it takes to sell larger microloans.
Over the next week, we’ll roll out a large change that will give the loan sale process more capacity on our server. We’re expecting this to improve performance significantly.
We’re making a lot of progress – but there’s still work to do. My team will continue to work this and other initiatives which will strengthen the Zopa platform and improve your experience with us.
Joe Hutchinson is a Senior Developer for the Investor team at Zopa
Update on the rebate period and ISA transfer-in
Joe and his team have made a lot of progress on improving loan sale times. However, we would like waiting times to drop even further before we launch the rebate period on the 1% loan sale fee when selling loans into a Zopa ISA. As soon as we’re happy with loan sale times, we’ll let you know when the rebate period will start.
After the rebate period, we will begin the process of allowing transferring in ISAs from other providers. Again, we’ll keep you updated on this.
Andrew Lawson is Chief Product Officer at Zopa.