A business finance brokerage was facing a major challenge in scaling its business without increasing its headcount. They approached Venture Motion, with a request to automate lead onboarding, pre-approval, and pre-underwriting while still providing clients access to the best finance offers available from over 30 lenders.
of applications each week
to accurately qualify and pre-approve deals
with a robust decision engine as an asset
A business finance brokerage was seeing an increase in inbound leads and business finance applications. They wanted to scale their brokerage business and operations so that they could handle more inbound leads without adding headcount.
They needed a way to automate their KYC, KYB, and pre-qualification on all leads. Ultimately to onboard approved leads and package up the deal ready to be submitted to approved lenders.
As a brokerage, they dealt with over 30 lenders, all with different lending criteria. So they needed a way to score each incoming lead automatically against the criteria of all lenders quickly and accurately.
Venture Motion conducted an automation audit to understand the processes that were all currently operated manually.
We took the audit findings and mapped out every single process of the entire journey, from the start of the lead submission on the website all the way to submission to an approved lender.
Here’s a high level summary of the flow:
Our Automation Audits enable us to intrinsically understand your current processes throughout the entire marketing, sales, operations and fulfilment journey.
We comprehensively analyse the resources that are currently needed to operate these processes, unearth the pain points and help us understand what integrations and automations need to be built and deployed to replace these manual processes. All while delivering the savings that it will bring to your business.
Companies House API Integration
Our Companies House API Integration conducts a real time lookup of the Companies House database and validates that a company exists. We can extract a large amount of company data directly from the Companies House database including filing data, insolvency cases, charges, officers and PSC data.
Experian Commercial Credit API integration
Integrating with the Experian Commercial Credit API allows us to extract over 2000 commercial and credit data points, allowing you to review a vast array of business data in real time.
Transunion Consumer Credit API integration
To soft credit check the directors of businesses, we used the Transunion Consumer Credit API to conduct soft checks of the directors to uncover credit scores, adverse credit and CCJs as well as verification of certain identified data points.
CreditSafe Connect API integration
To accompany Experian and Transunion, CreditSafe was used as an additional credit data resource to enrich the commercial credit and consumer data points.
Custom Credit Decision Engine
Taking the thousands of data points from the Custom Application Form, Companies House, Experian, Transunion and CreditSafe, all these data points are extracted within seconds and stored in the central application data warehouse.
Our custom decision engine then overlays several tiers of application and lending criteria, and the thousands of data points are scored against each criteria segment.
Criteria is set at both system and lender level and enables intricate decisioning to be made in real time and allows an immediate response to the applicant.
Document Upload – Customer Onboarding Automation
At this point the applicant has automatically passed through several stages of qualification and credit checking and scored against hundreds of combinations of criteria segments within seconds.
Once approved we start the onboarding processes and ask the applicant to upload documents that are required by the lender to support their application.
Our custom document upload solution enables a simple drag and drop and securely stores the documents that are categorised and mapped to each application.
Additional Information Collection – Customer Onboarding Automation
Depending on the matched and approved lender, some additional information may be required to finalise the application. If this is the case we generate in real time, a custom form that the applicant can complete.
Deal Packaging – Customer Onboarding Automation
At this stage the whole process, from lead submission to pre-approval and onboarding, has taken minutes. Once all data, information and documentation have been collected, the entire deal is packaged and automatically submitted to the matched and approved lender.
Salesforce API Integration
The entire application data, including all extracted data from the Custom Application Form, Companies House, Experian, Transunion and CreditSafe, as well as the criteria results and matched lender data, is all integrated into the Salesforce CRM via API.
As a result of the automation, the business was able to achieve limitless scalability without increasing any headcount competing against much larger brokers.
Our experienced team can develop a range of finance automation solutions designed to fit your business.
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