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Unlocking efficiency: How Ocrolus streamlines top-of-funnel SMB lending workflows

15 Feb 2024
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Every day, small business lenders receive applications in multiple ways, varying from their method of submission to their applicants’ provided documentation.

To enable financial services providers to easily and efficiently process these applications, document automation solutions must offer customizable options to fit their needs.

For example, Independent Sales Organizations (ISOs) are a very common source of these submissions. ISOs connect small businesses in search of capital with lenders and financial services providers.

The convenience offered by ISOs hinges on efficiency of a lender’s top of funnel workflows. Streamlining these workflows at the initial stages of the lending process is crucial, leading to efficient application screening, quicker approvals, reduced costs and offering SMB lenders a competitive edge.

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The need for efficiency at the top of the lending funnel

The way small businesses engage with lenders during the early stages of the process can significantly impact the overall efficiency and success of their journey down the lending funnel. Obstacles like lengthy application processes and inefficiencies at the top of the funnel can lead to missed opportunities and increased overall costs for lenders.

Every lender reviews applications in a different way, making flexibility and customization essential to match their workflow. By aligning technology with their unique process, lenders can help ensure a seamless, efficient experience for both their teams and their customers from the start.

For example, using cash flow data from the outset can decrease costs and increase efficiency in early stages of application review, while also helping to minimize risk.

This is why Ocrolus gives lenders options to choose to receive Classify results before moving forward with data Capture and the full document processing workflow, allowing for faster decision-making earlier in the process with a more tailored approach that fits their needs.

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Optimizing ISO workflow efficiency in the early stages with Ocrolus

Ocrolus helps lenders adapt and thrive with comprehensive solutions that streamline the lending experience and provide faster top-of-funnel decisions. This is especially important for lenders who deal with ISOs and need an efficient process to evaluate and secure small business lending opportunities.

In the past, managing ISO applications was inconvenient, often requiring lenders to log in to a secondary organization and causing confusing multi-step workflows. Now within Ocrolus, lenders can configure processing for ISO applications at the book level within a single  unified workflow, streamlining decisions at each point of the process.

Within these workflows for small businesses, lenders also have the flexibility to choose how applications are processed at the document level. This enables lenders to classify results and review the types of individual documents within an application before deciding whether to proceed with data capture processes, offering unparalleled speed and efficiency while managing costs.

As ISOs continue to connect small business owners to lenders, the need for logical workflows in the early stages of lending becomes more and more obvious. Ocrolus enables lenders to streamline their top-of-funnel workflows, increasing their capacity and significantly improving lending operations right from the start.

Book a demo to learn how Ocrolus’ industry-leading, AI-driven document automation can help small business lenders develop workflows tailored to their unique needs.

Key takeaways

  • Efficient top-of-funnel workflows are crucial for small business lending success, enabling quicker approvals, reduced costs and a competitive edge.
  • Small business lenders need customizable document automation solutions that align with their unique workflows to ensure seamless integration and efficiency.
  • Ocrolus’ enhancements streamline ISO workflows while enabling small business lenders to choose the most appropriate processing type at both the document and book level, offering unparalleled speed and accuracy while efficiently managing costs.