Car loan finance approval can take anywhere from three hours to ten business days depending on the t...
Technology is crucial to what we do at Grow Finance and is the enabling factor that allows us to deliver on our promise to make the lives of brokers and their customers easier.
Over the past 2 years, we have been developing a new, fully integrated platform, which is designed to make it easy for brokers to onboard customers and for customers to use after that.
The platform works with our CRM system Salesforce, credit decisioning engine Interflow and loan servicing system to automate a range of functions including commercial and consumer credit checks, fraud analysis, know-your-customer, and title searches, and contract generation.
The platform allows us to adopt an entirely paperless secure application process, reducing the time to decision by removing the need to enter data multiple times across different platforms.
Where the product differs from others in the market is the ability to offer clients a single view of all their funding lines with Grow. So instead of clients logging into different portals for different products, they can log into one portal and see how much funding they have available across all products. This a great selling point for brokers.
The product also provides us and our end users with greater visibility over our deal pipeline – allowing us to quickly and efficiently address bottlenecks – while delivering faster approval times and a more seamless user experience to our clients.
The development of this innovative platform is just the latest in a series of technological enhancements we’ve made recently, including the launch of Consumer Asset Finance for Solar and Passenger Vehicles. As part of this, we integrated a live feed of Redbook data into our asset valuation process for passenger and light commercial vehicles up to 10 years old.
We also recently launched an online accreditation process for brokers, vendors, and suppliers which uses artificial intelligence to identify, rotate, crop, and parse driver’s license information without the need to take a picture of the driver’s license at a specific orientation.
Additionally, we’re currently developing an end-to-end solution to work hand-in-hand with our risk team during credit determinations. The system uses a variety of application programming interfaces to automate workflows, with machine learning embedded to assist in the delivery of credit assessment outcomes.
In addition to a smart technology platform, all our products are developed to help us to streamline the application process and provide an easy-to-use experience for our brokers.
For example, invoice finance is a massively underpenetrated market in Australia, despite businesses right across the country being able to attest to the frustration that comes from not being able to access funds while waiting for an invoice to be settled.
Historically, invoice finance has been a difficult product to market and manage. It was operationally intensive and was typically the last point of call for SMEs who couldn’t access funding from another source.
However, the advent of cloud-based accounting solutions has changed this, with the vast majority of SMEs’ financial information now digitised and cloud-based, enabling funders like Grow to access highly structured client data and deliver seamless financial solutions with far greater speed. Now, invoice finance is one of our most popular product offerings, and the market is growing.
Developing and harnessing technological advancements and producing innovative, easy-to-use products is an ongoing journey for Grow. We are committed to being early adopters and staying ahead of changes in the market. But what will never change is our commitment to meeting the needs of our brokers, and the customers they serve.