Digital Business Lending Center
Digital Business Lending Center
Lucro needed to provide lending institutions with an easily configurable, turn-key solution for an online commercial lending application system.
In this digital age, younger business owners prefer to bank online and after working hours (including applying for loans). A lack of a modern online platform that was easy to use made attracting new customers more challenging and increased the potential to lose customers during the loan application process.
The absence of systematic and automated processes delayed the lending operations for Lucro partners’ customers, questioning their reputation and transparency.
Developers
UX Designer
Frontend Designer
Tester
Development Weeks
Goals
- Easier access to the Lending Institutions services.
- Enable competition with much larger/more professional banks.
- Improving efficiency in core services’ operations.
- Service differentiation for Lending Institutions compared with other offers that require walking into an office.
- An efficient and transparent way to get loans for customers.
- Give the borrower a sleek and modern application feel.
Solution
Truewind conceived, designed and implemented Digital Business Lending Center (DBLC) which consists of 2 major platforms: the Borrower App and the Service Organization Front Office.
The Borrower App allows busy business owners the flexibility to apply for financing 24/7, without the need to take time out of their day to visit their lender face to face.
Service Organization Front Office provides a streamlined solution to facilitate quick credit decisions for lenders leveraging Lucro’s expertise on loan underwriting, through a process of financial review and risk assessment of applicants’ personal and business credit metrics. When needed, the platform also provides a means of contact with the lending institution and applicants to process information more efficiently and to facilitate the smooth continuation of the lending journey
Results
Younger business owners prefer to bank online, including applying for loans outside of business hours. Having the platform available online increased the chances of partner institutions winning these businesses as a customer.
The DBLC platform increased partner efficiency by allowing loan officers to focus on building relationships, not filling out paperwork. In fact, the automated application process in the DBLC is expected to give back roughly 20% of a loan officers’ time.
It would take the Institution 2 hours to interview the applicant and collect financial information (thousands of hours a year), that will now be performed in a self-service way by the customer. This increased efficiency and accelerated the overall loan evaluation processes, improving customer satisfaction, for both the borrower and lender.
Partnering with OutSystems and Truewind enabled us to keep innovating ahead of the market, and focus on what’s most important to Lucro: our customers and the best service we can provide them.
Lucro Commercial Solutions (Lucro) is a service organization started in 2003 with a desire to help credit unions and community lenders thrive by maximizing one of their most lucrative lines of business…commercial services. Since then we have grown to serve partner credit unions and community lenders across the country ranging in size from $5 million to more than $4 billion in assets with their business lending needs.
Lucro is wholly owned by Corporate One Federal Credit Union. We provide services to natural person credit unions and are structured as a limited liability company pursuant to the laws of the state of Florida.
