January 2023 - November 2024
Emerald Advance Loan
Built by H&R Block
Emerald Advance® Loan is a fixed-rate, short-term loan designed for the holiday season, offering amounts from $350 to $1,300, and is typically repaid using the customer’s tax refund.
My features
H&R Block has offered the Emerald Advance Loan for years, but until now, applications could only be submitted in person. For the 2024 holiday season, we set out to make the loan more accessible by bringing the entire application process online for a select group of prior borrowers.
Research
After launching the new online application, our Consumer Insights team analyzed the data to measure its impact and gather feedback from our users. We received overwhelmingly positive feedback for the ease and convenience of the new flow.
Results & impact
After launching the product, our Consumer Insights team analyzed the data to measure its impact and gather feedback from our users. The push to download Spruce had a significant impact on our sign-up numbers, just in the first few days after launch.
76%
76% of online applicants chose to deposit their Emerald Advance Loan funds onto Spruce.
$700k
We received $700k in deposits to Spruce with over 1,000 new account creations in just the first few days after launching the Emerald Advance Loan.
+19.5% YoY
In satisfaction rates of Spruce users who use Budgeting features as opposed to those who don’t. 86% of Spruce Budget-feature users reported being extremely satisfied with the product overall, as opposed to 65% non Budgeting users
Methodology
Qualitative results: Data Collected 11/5 - 11/18, 2024 | Total interview sample: 1,820 | Applied in-office: 982 | Applied online: 838
Quantitative results: Numbers after first 48 hours. Date launched: Friday, November 1st, 2024
Beam me back up!