Setting up an online small business lending platform may sound daunting, particularly if you’re a smaller bank without an IT department. But in fact, it’s a lot simpler than it sounds. With the right fintech partner, lenders of any size can launch an online loan application–customized to their specific needs and designed to match their branding – in just 60 days.
Here are the 6 simple steps to implementing an online lending platform:
- Give Mirador your credit and underwriting criteria. The beauty of Mirador is that you provide us with your risk preference, not the other way around. You’ll work with Mirador to go through all your loan products and the credit criteria for each one. We’ll customize the online application platform to offer your products to your existing and future customers on your preferred terms. You provide the rules; we will automatically point borrowers to the products that best match their needs.
- Provide branding and custom messaging information. You’ll want the online loan application to look and feel like an extension of your website. Share branding assets like logos, and work with Mirador to customize the messaging of your application, and we’ll ensure the online platform fits seamlessly with how you’re already communicating with customers.
- Figure out the loan processing workflow. Creating an online lending platform is also a chance to redesign and streamline existing processes that are too time-consuming or manual. For instance, Excelsior Growth Fund chose to decline loans automatically for “clear no’s” to their lending criteria. Previously these declined applications accounted for 30-40% of loan officers’ time – with zero return on that investment. Their streamlined online lending platform has reduced this time to virtually zero. Read the case study for more info.Automating certain aspects of loan processing can reduce the time–and expense–needed to process each loan, making the entire small business lending arm of your bank more efficient and more profitable. Essentially, Mirador streamlines the intake, so you don’t have to email back and forth with your customers to gather all the needed information. Instead you can gather all of the information in one secure online application. Underwriting is also easier with a quick-glimpse initial analysis to determine clear no’s or yes’s to borrowers.
- Create a marketing plan for the launch. Obviously, you’ll want to let your customers know about this exciting new offering. We’ve learned a lot from launching online lending with lenders of various sizes, and we’re happy to share those best-practice learnings with you. We can help develop a core marketing plan to launch your online lending platform, from designing signs and brochures to distribute in branches, writing marketing emails to existing and potential clients, and creative ways to reach out to small businesses in your communities.
- Train your staff to work with the new application. Putting your small business loan applications online doesn’t mean sacrificing the customer service you’re known for. We can help you set up kiosks or terminals in your branches so that customers can begin the application process online, with loan officers standing by to help with any questions that arise. We’ll also help you train your loan officers to understand the platform, so they can identify any customers who have not completed the application yet and may need an extra helping hand.
- The application goes live! And that’s it–it’s really that simple. The entire process takes about 60 days, and we’ll be with you every step of the way–including, of course, for the launch itself.
Your clients are increasingly used to doing everything online – and applying for a small business loan online will soon become the norm, not the exception. Taking your small business lending online is a surprisingly fast implementation with long-term benefits. A streamlined online application process dramatically lowers loan origination costs while providing a superior customer experience, improved profitability and minimal disruption to internal workflows. It’s a win-win for all concerned. Why not contact us to get your implementation questions answered?