Online Apply & Buy increases ATV by 8%, plus a 172% uplift in new applications

“(There are many benefits to instant credit)….Absolute sales, level of participation in the business, the average transaction value and average frequency of spend of those cardholders…they like us, they like our product and like to have an affiliation with us so they spend more and shop more often.”

Steve Challes, Group Business Development Director

apply and buy

The Challenge

Enhance the New Look customer experience, give their customers what they want, on their terms, by significantly reducing the length of time between credit application and first spend.

The Solution

Ikano Bank conducted research to better understand the needs of New Look and their customers. First, we established that customers want access to credit, rating the ‘ability to purchase using credit’ highly.

The customer is always at the heart of what we do. Research(1) tells us the customer wants:

  • flexibility to use retail finance across channels with repayment options
  • simplicity and ease of use across the customer journey
  • transparency in T’ & C’s, benefits, and access to ‘My Account’
  • control - when and how they use retail finance

Starting with the needs and wants of the New Look customer, Ikano Bank then developed apply & buy.

The Ikano Bank retail finance solution was tested rigorously and devised as an effortless and integrated customer journey.

Apply & Buy is:

  • mobile optimised & accessible across multiple platforms
  • fully integrated into New Look’s website
  • simple and clear with intuitive screens

Ikano Bank offers e-signature as standard to retail partners:

  • customers sign their application immediately
  • their application is processed on the same day

Previously, applying for instant credit online was anything but instant taking up to thirty days to first spend. E-signature removes this barrier to spend and gives the customer the control and use of credit they want.

The Result

Ikano Bank created an interactive reporting tool and built a suite of fully automated reports. Key performance indicators can be monitored daily.

Apply & buy gives New Look customers greater choice. They now have more opportunities to spend and more control over how and when they spend. New cardholders have the added benefit of taking advantage of time sensitive offers.

Since the launch of apply & buy, there has been:

  • 76% reduction in the average number of days to first spend
  • 8% increase in first spend ATV (average transaction value)
  • 172% increase year on year for instant credit applications
  • 36% increase in card activation

Get in touch @

Relaxing in bed with a baby

“All of our evidence is, [that for credit users] their average transaction value tends to be higher, they tend to be New Look loyalists. They like us, they like our product, they like to have affiliation with us so they spend more and shop more often”

Steve Challes, Group Business Development Director


(1) New Look, Retail Credit Exploration, Relish Research, June 2015 Additional research & analysis conducted by Ikano Bank 2016