Nov 8, 2024
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Requesting access to an account. Will it ruin application rates or power an 85% conversion rate like Kabbage? Learn how to...
1. Incentivize borrowers to opt into data sharing.
2. Leverage connections to increase customer value.
3. Maintain connections to shape product innovation.
From the Co-founder and CEO with a proven record of:
→ 85% application conversion rates
→ $9 billion in capital deployed
→ 240,000 SMBs served
Watch the master class on building high conversion loan experiences with account integrations. Led by SOLO advisor and the Co-Founder/CEO of Kabbage, Rob Frohwein:
Ready to launch a financing application with account integrations? Try a custom Template.
"This isn’t just a competitive edge—it’s the future of lending. Borrowers are increasingly expecting seamless, data-driven interactions, and it’s no longer a matter of if but when all lenders will need to adopt these systems."
Rob Frohwein
CEO of Keep Financial, Co-Founder at Kabbage
Introduction to Using Data Integrations in a Financing Application
A good digital experience for borrower applications isn't just about speed. It’s about leveraging new tech an to redefine relationship banking for the modern world.
Data integrations are at the heart of this transformation. They enable lenders to collect, process, and analyze borrower information seamlessly, reducing manual steps and creating a more transparent, efficient, and borrower-friendly application process.
By eliminating the clunky paperwork and asking borrowers to connect accounts, lenders can simplify workflows from first introduction while fostering trust and satisfaction over time with proactive product matching that fits their real time financials.
For borrowers, this means reduced friction, personalized offers, and clearer pathways to financial products. In this way integrations unlock the ability to power a true ongoing partnership with customers. Turning underwriting from a static, high cost, one-time instance into a continuous service to scale relationships through continuous underwriting.
Selecting Integrations
Selecting the right integrations is critical to the success of a financing application.
The key is aligning integrations with underwriting needs and borrower incentives. Kabbage initially connected to platforms like eBay to gather transaction data, paving the way for personalized credit decisions.
Now, lenders may leverage any number of data sources or combinations of integrations to map real time, verified data to an automated underwriting process flow.
A simple framework for choosing integrations to power automated underwriting:
Start with Your Credit Policy: Understand the data points essential for making informed decisions—e.g., revenue, stability, and cash flow.
Identify Data Gaps: Look for areas where integrations can replace manual processes, such as payroll or accounting data.
Test and Iterate: Testing is crucial. Lenders will need to iterate again and again to continually refine the experience for maximum conversion.
Focus on Flexibility: Choose integrations that allow for real-time adjustments. Solo supports over 4,000 integrations, ranging from payroll systems to CRM platforms, enabling lenders to customize applications to different borrower segments.
How to Use SOLO's Application Builder to Add Integrations
The Solo Application Builder empowers lenders to create dynamic, no-code financing applications tailored to their needs. The process begins by understanding the current underwriting workflow and mapping out data sources.
Define Data Sources: SOLO enables 4,000+ connections to systems like Plaid, QuickBooks, CRMs, accounting systems, and payroll platforms to gather data in real-time.
Set Up Custom Fields: Input fields in the application can be auto-filled to the lender's credit standards with borrower data from integrated sources, streamlining the user experience.
Deploy Applications: Applications can be customized and deployed across multiple channels, such as websites, CRM systems, or direct email links.
Iterate Based on Feedback: SOLO's low code editor allows for iterative design for lenders to test different flows, optimizing for conversion and proven borrower experience.
Try the SMB Template
Ready to test financing applications with account integrations? Connect with the SOLO Implementations team for a customizable template for your institution.
TEMPLATE
