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The Client
A North American financial tech firm, helping small businesses access efficient financing solutions.
The Challenge
Small businesses face significant hurdles in securing financing due to stringent criteria, lengthy approval processes, and a lack of accessibility and transparency in traditional lending solutions. Inefficient credit checks and document verification processes further prolong the funding process, while the complexity of lending solutions and a lack of tailored guidance add to the frustration.
The Solution
Acknowledging the pressing need, 10decoders implemented a sophisticated online loan application system, enhancing customer engagement and operational efficiency. They integrated automated credit checks, provided real-time updates, utilized secure cloud storage, and streamlined document verification to improve security, efficiency, and regulatory compliance.
Sophisticated Online Loan Application System:
Established a user-friendly platform for loan applications, simplifying the process for small business owners.
AI-powered Lending Platform:
Introduced an AI-powered financing platform for entrepreneurs, seamlessly integrating with SBA-US and PPP-Forgiveness programs.
Customer Self-Service:
Enabled customers to view and update their information without contacting a representative.
Advanced Marketing Capabilities:
Offered enhanced marketing insights for targeted campaigns.
Micro-Services Architecture:
Designed the platform using micro-services for scalability and efficiency.
Containerized Services:
Utilized containerized services for reliability and consistency.
Event-Driven Micro-Services:
Employed event-driven micro-services for improved responsiveness.
Integration with Leading Platforms:
Integrated with Salesforce CRM, Fundbox, Funding Circle, Plaid, and HelloSign for various functionalities.
Expanded Customer Base:
Increased customer base by enabling convenient loan application/enquiry.
Efficiency Improvements:
Achieved efficiency improvements through reduced processing time and straight-through processing.
Enhanced Risk Management:
Managed risks effectively through reduced manual intervention and compliance measures.
The Outcome
10decoders' services, dedicated to inclusivity, operational excellence, and customer-centricity, propelled the growth of businesses seeking sustainable solutions in today's dynamic marketplace.
Empowered Small Businesses
Facilitated the processing of $9 billion in SBA loans, marking a significant increase from the previous $8 million.
Enhanced Customer Base
Over 230,000 entrepreneurs utilized the FinTech platform to secure financing.
Inclusivity and Diversity
60% of loans were made to minority, women, or veteran-owned businesses, promoting entrepreneurship.
Operational Excellence and Compliance
Streamlined integration with SBA-US for Loan Verification and PPP-Forgiveness program enhanced operational efficiency and compliance.
Customer-Centric Enhancements
Improved customer experience with self-service capabilities allowed customers to view and update their information independently.
Personalized Marketing Strategies
Enhanced marketing capabilities led to more personalized and effective customer interactions, improving loyalty and retention.
Operational Efficiency
Automation of processes and real-time updates significantly reduced processing times and improved overall efficiency.
Data Security and Compliance Assurance
Secure data storage and reduced risk of errors and fraud ensured compliance and protected sensitive information
The Technology
Terraform
Prometheus
Grafana
Kubernetes
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