The SME lender’s loan offer tool aims to reduce time and hassle for brokers writing business loans.
Small business lender Capify has launched a new tool that provides brokers with loan offers for their clients in under three minutes.
The Real-time Offer (RTO) tool uses proprietary technology to pull from bank statement data to validate cash flow and trading performance.
It also uses business profile data, including from the Australian Securities and Investments Commission (ASIC), credit bureau Equifax, and the government’s ABN Lookup.
The tech can pull from borrowers' prior repayment data and Capify’s proprietary risk and pricing models, built on historical portfolio performance.
The business lender told The Adviser that by combining the inputs, the system automatically generates an indicative offer that is aligned to its underwriting criteria.
Capify said the tool’s ability to provide a credible offer in under three minutes, without impacting a client’s credit score, sets a new standard for speed and efficiency at the indicative offer stage, while also improving the user experience for brokers and their clients.
Commenting on the RTO product, CEO David Goldin said: “Capify is committed to supporting the broker channel by investing in technology that makes it faster and easier for brokers to serve their clients.
“Our focus is on improving every interaction and giving brokers the tools they need to deliver stronger outcomes for their customers. We’re also excited to expand our product suite, now providing funding solutions in excess of $1 million, giving brokers the ability to support even more of their clients’ growth ambitions.”
The release of the RTO tool comes as Capify prepares to grow. It was recently appointed to several aggregator lender panels, including the Viking aggregation lender panel back in August.
Capify also launched a new secured finance product, which enables businesses to access up to $1 million in funding at 100 per cent LVR.
The latest product launch by Capify comes as new research showed half of small and medium-sized businesses across Australia are actively cutting costs and renegotiating supplier terms to stay competitive, according to NAB’s latest SME Business Insights data.
[Related: SME borrowing climbs amid cost pressures]
