How a fintech company reduced loan processing time by 50%
Our client is a leading Canadian fintech company, known for empowering Canadians to manage their finances and improve credit wellness. They offer homegrown solutions like Fast-Track, Score-Up, and Credit Meds, which help their customers quickly improve their credit scores—50% faster than traditional methods.
The client sought to enhance their loan management system by addressing challenges related to manual processing, lack of standardization, and incomplete data. Their goal was to implement a scalable, automated solution that could streamline loan tracking from submission to disbursement, improving customer experience and operational efficiency.
We partnered with the client to implement a customized Salesforce solution that addressed their unique lending process. This solution included automation features, centralized loan application tracking, and integrated data management. By doing so, we transformed their loan submission system and improved overall operational efficiency.
Excess time was lost due to manual verification of loan applications, requiring data to be accessed across multiple systems.
The client had no standardized system for tracking loan applications, leading to confusion and delays in processing.
Missing details and red flags in loan applications went unnoticed, causing inefficiencies and errors in data management.
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We developed a single platform that consolidated all borrower, co-borrower, and co-signer details, eliminating the need for multiple systems. This created a more streamlined process for managing loan applications.
The system was designed to flag missing details and other issues in real-time, enabling the client to act quickly and reduce errors in loan data.
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We introduced automated email notifications for different stages of the loan process, keeping applicants and team members informed and improving workflow.
We customized and implemented Salesforce to handle governance and approval issues efficiently, ensuring the client’s loan process adhered to best practices and internal controls.
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- 50% Reduction in Time: By automating and streamlining loan tracking, the time to process and disburse loans was reduced by 50%, enabling the client to handle more loans with the same resources.
- Customer Satisfaction: The improved system led to higher customer satisfaction, with many customers referring others for financial credit management services. This directly boosted the client’s customer base.
- Increased Loan Processing Volume: Automation and streamlined workflows allowed the client to process a larger number of loan applications, driving more business.
- Lowered Interest Rates for Clients: By improving the loan process and reducing operational costs, the client could offer better loan terms, including lower interest rates, to their customers.
- Improved Data Storage & Business Efficiency: The Salesforce platform enabled the client to resolve issues with scattered data, leading to a more organized system and higher overall business efficiency.
