Recent technological changes in the financial system have resulted in automation accelerating business activity and connecting the formerly disparate parts of the lending system closer than ever.
Wisr, a non-bank specialising in financial services, unsecured personal loans, and secured vehicle loans, said these tech advances not only play a significant role in strengthening its relationships with aggregator and broker partners, they also enable brokers to do more in less time. And when things happen faster, clients win.
“Technology is playing a significant role in strengthening Wisr’s relationships with aggregator and broker partners,” says Wisr chief commercial officer and head of broker Peter Beaumont.
Technology weeds out work that’s unlikely to result in a successful loan application early in the process, reducing paperwork and stress on the system overall.
“Our SLAs [service level agreements] for credit decisions have been reduced through improvements in key areas; for example, we can automatically filter out loan applications that don’t meet our criteria and then automatically approve those loans that do fit, subject to verifying against available data,” Beaumont says.
As more tech is introduced into the lending process, many brokers have noticed a key difference, and that is a time dividend, which they can spend on value-added tasks.
“Time is money, and brokers are very fortunate to have a wide choice of tech-enabled products and services that give them back their time,” Beaumont says. “All these tech products and services are aimed at helping them grow their businesses via one means or another.”
These time gains can be used by brokers to converse with clients about their nascent or future lending needs in particular areas – insights that often only promptly turn up at the “coalface” when a broker directly talks about the details of a client’s situation.
Cameron Poolman, is the CEO of OnDeck, a small business lender that also embraces the advantages of technology.
“Better technology doesn’t just mean an improved back-end service, it should also be easier to use,” Poolman says.
He highlights OnDeck’s Lightning Loans that require just six months of a small business client’s bank statements to be uploaded to the OnDeck portal. “It really doesn’t get much easier than this for a broker.”
OnDeck’s KOALA Score™ risk-predicting credit model for business lending similarly allows the broker to perform important parts of the lending process without thinking about them.
New technology lets the broker get the deal done sooner, Poolman says. “This flows through to benefits for their small business clients, who often rely on the rapid delivery of funding to take advantage of time-specific opportunities such as discounts on trading stock.”
Check out the the full story here to find out how Wisr and OnDeck are using technology to fuel business growth and strengthen third-party relationships.
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