Unified system for customers to submit bank credentials or documents
Reduced loan approval time from over 3 hours to under 45 minutes
For the past seven years, ForwardLine has offered businesses an online option, where they can apply and submit documents digitally. The concept is a business-friendly funding experience for clients; from early repayment discounts to a member benefits program, it’s more than just a loan, it’s a long-term investment in the success of their small business owners.
ForwardLine also used the Ocrolus solution to capture historical data, which consisted of 15,000 sets of bank statements that helped the lender build out more effective analytical models. This retro analysis is used to build out an affordability model, where ForwardLine consultants can now offer some businesses more capital and also identify certain companies that would do better with a smaller loan. There is also an element of the model that allows the lender to structure the payout and payback of loans to match their business patterns.
“Two indicators of the success of our model are lower loss rates than other online lenders and higher renewal rates among our customers,” said Mr. Kaza. “Both measurements can be attributed to our mission-based approach and our effective use of technology.” “Using Ocrolus wasn’t just about streamlining our process; it’s about helping the businesses in the way that they want to be helped.”
“Using Ocrolus wasn’t just about streamlining our process; it’s about helping the businesses in the way that they want to be helped.”
– Sri Kaza, ForwardLine CEO
Ocrolus unlocks data trapped on documents, addressing one of our core issues in operations: We need quality, consistency and accountability in data; this was tough to achieve with manual data entry. Ocrolus solves that problem by pulling data operationally at scale and consistently delivering quality data.”
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