The business lender has rolled out a new broker platform, as it has boosted investment in its technology division.
GetCapital has launched a new platform offering same-day accreditation and the ability to connect brokers with suitable products for their clients within eight clicks.
The platform has also integrated with the Australian Business Register and ASIC to reduce manual input, alongside offering real-time updates, so brokers can see the status of their requests.
GetCapital sales director Kristian McCausland commented that GetCapital had started the journey last year of re-examining its platform and considering what it should look like, with the broker experience in mind.
Cutting down on time needed for the application process was among the lender’s priorities.
“The feedback has been pretty constant, and what we’re seeing – particularly this year with a number of conversations we’ve had with brokers, both in the commercial sphere and the residential sphere – is the challenge they’ve got is finding time, because they’re busy with their primary product range and product suite,” Mr McCausland said.
“And finding time to take opportunities and assist their clients, beyond their primary roles has been something that we’ve been conscious of throughout the development of this.”
He added same-day accreditation had been important to achieve, particularly as it can be a “pain point in the market” for many brokers and aggregators. Once the accreditation process is complete, the platform will allow brokers to immediately start offering products to their customers.
“Historically, the accreditation process has been a very manual process. It’s paperwork, you’re providing paper-based certificates and accreditations and things like that,” Mr McCausland noted.
“So, this is really just taking away from the PDF format and enabling you to be moved along a lot swifter. Because you would always be checked by somebody else at the background, and then at another funder, it could take days, it could take weeks to get an accreditation.”
Other factors that GetCapital had learned mattered to brokers included certainty around outcomes, with no surprises along the way, visibility around the process and simplicity, with only essential information needing to be submitted.
The lender has signalled there will be further updates for the platform, responding to ongoing feedback from brokers.
Reflecting on past conversations, Mr McCausland said: “There’s a significant number of funders in the marketplace, there’s a significant number of brokers in the marketplace and enabling something that was simpler and more efficient, was also at the forefront of a lot of conversations we’ve had.”
“There’s further iterations of what we’ve put in place, now to come. And we’re engaging regularly with brokers.”
GetCapital has expanded its technology team by around 20 per cent in the first half of the year, with chief technology officer Eldar Averdi stating the company expects to repeat the same growth again by the end of the year.
“Our focus is on scaling up our engineering, product and UX teams as we add even more features to our platform and evolve our backend tech stack,” Mr Averdi said.
The technology powering the new platform is all proprietary, with Mr McCausland noting the larger team allowed the company to build it internally.
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