Immerse yourself in an engaging series of business-focused presentations, unveiling an array of innovative products and services specifically tailored to enhance your workflows and open new opportunities for your banking community.
Transcription:
Josh Ridewood (00:10):
Today we're here to obviously talk about the small business lending component of our loan origination system. The idea behind this of this solution was to enable our customer base to be able to meet their borrower, provide a simplified borrower experience digitally, as well as on the financial institution side, be able to automate the decisions of these loans in the matter of minutes as opposed to days, weeks, and months. The idea there with that speed with the automation from application to boarding, you should be able to do a much larger volume of these loans. And of course as you scale the small business portfolio, just service more customers within that space. So we're going to go ahead and just jump into things here. And where the first journey actually begins is obviously on the borrower experience side. So you can imagine, right, we can meet your borrowers wherever they want to be met, whether that's in a branch or if they're giving you a call, right?
(01:08):
All of those options are available from an application perspective, but of course we can also do it digitally. So I've already gone ahead and accessed John Snow's portal here, HBO and Georgia, our marketing are not affiliated with this John Snow, so don't sue us. But we're here to manage the application process, right? So your borrowers have access to all of their current applications as well as previously completed applications, as well as once they've submitted them, they're going to see exactly where in the process their application is and get real time updates along the way. The applications themselves can be accessed on any device and they are configured for each of our institutions. But the idea is to keep it simplified so your borrowers can self-service, which has been a lot of the conversation of the previous sessions. I've gone ahead and prefilled some of this to save us some time today.
(01:52):
A couple of highlights of the application itself though is we will ensure 10 71 compliance. In fact, we'll also generate the extract for the CFPB, which of course is going to be a pretty big factor, particularly for the microloan side of things. We've got to then specify who our primary borrower is going to be. We will integrate directly with your cause. So we will pre-fill any existing information for your existing relationships. We're not going to have him re-key information. We already know we've got the guarantor here. So we're going to have John go ahead and obviously complete his information. We're going to have him authorize his credit. We can even pull his other asset and liability accounts via plaid into the application, which we could then utilize to feed into decisioning criteria. From there. How are we going to secure it? We're going to secure it with equipment today.
(02:38):
Keep it pretty simple. It's a straightforward micro loan. And then finally, we're going to basically embed your document checklist policies. What documents do you want your borrowers to provide you? The key to this piece though is if you want to collect tax returns, we spread that into financial statements. We have digital PFS that's always going to be spread into our system with the plat integration assets and liabilities, credit report data, all of that is now housed with this relationship. So when we submit it and we embed your credit policy into our decisioning side, it means we can all to approve these or to decline them or of course review them or somewhere in between. So we go along, right? John's going to go ahead and submit this. Now once it is submitted, now we've got to go onto your view. How do you review these deals?
(03:27):
What do you see? How does it go through the software so quickly? So when we do that, basically you get notified. You're going to be navigated to what we call our deal summary page. And the whole point of this is to aggregate that deal that was just submitted by the borrower and provide you all the relevant information you want to see of that actual deal itself. Spoiler alert, we can see this one has already gone through the software. We'll talk about exactly how that worked. But you do get a snapshot of the loan details, the collateral information, who were the borrowers, the automation flows, decision models, those are the things that have really driven the automated path here. Key metrics from the automated spreading, right? That's crucial. That's what's going to be feeding our decisioning models, right? And deciding should we do these loans, the documents we collected, everything that is related to this deal is housed here, but how did we automatically approve it?
(04:20):
That's the first thing that drives the automated path, right? We have to embed your credit policy for these loans. The software's going to reference this credit policy. And then based on what your policy might be, decide, is this an auto approved path? Is this a decline path? Is this a review path or again, somewhere in between. Just imagine here your policy. So my example is debt service coverage ratio, credit score, the guarantor LTV, but it could be a number of things. We could do A-F-I-C-O-S-B-S-S, we could do current ratio because we have our full spreading software in here as well. Number of years in business, whatever criteria you would like to factor into a decision, embed it here, drive the results. A big proprietary score we have available that can be used as a component though is what we call a charm score. This is an AI machine learning based model that predicts the likelihood that this business will default in the next two years.
(05:13):
It has been fed by around 300,000 businesses that had financial information and loan information going back to 2008. So over time, based on the industry, it's now able to apply what it's learned over that time period and score it and say, okay, this is a loan we should do. This is a loan we might not want to do. Okay? It's all based on your risk appetite, right? But it's a tool we can utilize in that decision. The biggest driver of the automation though is our automation flow. This is the path that the no code drag and drop process map that basically based on the type of loan that was submitted, tells the software what to do with it. It's automating all those key tasks, whether that's again pulling credit, automating the spreading, pricing it for you, running it through the decision model. It's doing your borrower correspondence.
(06:05):
So sending out disclosures, adverse action. We're going to generate closing documents with this tool and it's all based on this, again, configurable, no code process map where you just drag and drop what you want to do to this type of loan and it goes down the path. So that's the overall gist of this, allow you to do more of these loans because we can get them through the system. Again, start to finish from borrower application to boarding without manual intervention. However, a lot of our customer base still would like some form of manual intervention along the way, and our software will of course accommodate that. So in this example, I ran this one a little bit earlier. We flagged this one for review so it didn't meet my policy. So what the software would do in that case is it pauses the automated path for you.
(07:02):
It then assigns the tasks for your end user to go and do it. So then they know what they've go review the deal, right? Make sure we still want to do this loan, maybe we don't want to do this S loan. And then they'll be able to, on this exact same page, complete these tasks, document the fact they did them. And then once the manual tasks are done, it goes right back onto the automated path. So if I review this and we decide we want to decline it, well guess what happens there? I adverse action goes out, all that good stuff. You don't have to touch it. Reg B becomes a thing that we track for you, but it's much easier when we're automating the fact that it's going out for you. Yeah. So the last thing I'll end with going back to your borrower experience, one of the biggest things that we will do at the end of this, we've automated the entire banker perspective, the very end, this is John Snow's email.
(07:49):
He got the email right to sign his closing documents. He can go sign his closing documents and then we have wrapped up that journey. So I know I'm at my time here, but if anyone has any questions about this, we are around. Oddly enough, we don't have a booth, but come and find us. You'll be able to chat more about this. Happy to show more about this, but again, the whole point of this is allow our customer base to originate more of these loans, originate them faster, and of course keep the staff we have there to maintain the relationship side of things with our borrowers. So thank you very much. I appreciate it. And enjoy the rest of the,
Len Eschweiler (08:27):
Okay, well we're getting this hooked up. So my name is Len Eschweiler. I'm the Chief Revenue Officer at Amount. This is my colleague Eric Lee. He is Vice President of Product. By way of introduction, Amount provides a best in class solution for deposit account opening, loan origination and decisioning. We do this through a unified SaaS platform that delivers both consumer and SMB. And Eric and I are really excited to talk about our latest announcement, which is our SMB suite. It's packed full of features and capability for SMB lending success and it's backed by decades of lending experience. So Eric's going to walk us through some features, capabilities, and workflows that are designed to help banks and credit unions get the most out of their SMB programs. And I'm Eric's hype man.
Eric Lee (09:19):
Great. We'll start with the product selection page so that the poorest lending and deposit account opening products across consumer and small business really allows our clients to offer broad range of products within one single platform. So I'll be going through a credit card application flow from the borrower's perspective. So we start with phone number plus one time passcode. What we're doing in the background is we're starting to pull vendors like threat metrics for device profiling and then any additional information that is linked to the email for additional fraud vectors that we want to keep track as we go through the process we'll go through. So next page is our card selection where you can embed up to 50 card arts that's fully configurable. Let's select one of these. Card arts, we start with pretty basic personal information. The entire app obviously will be white label to our client's branding, logo, fonts, colors. We start with an email address where you can use this for any drip campaign. If you drop off the application, you can come back at any time to complete the application. We need to make it really easy as possible for small business owners. Another thing to note, all of these application fields are configurable, so you can turn it on and off. We come with a preset list of application fields that you can use and each of these rules, you can certainly use it for any pre-credit eligibility rules as well.
(11:00):
So personal information page. The next one, another key thing to note is you can also add custom questions to the application. We're adding 10 71 questions and again, it'll be readily available for reporting purposes both through our data API as well as data export. So business information, I'll quickly go through this. The next code, again, this is where you have flexibility to set specific risk profile. You can have it be prohibitive, which means you can get decline, whether it's a hard decline or soft decline that goes to a manual queue or high risk that has additional business tenure requirements or you can use it to drive pricing decisions as well. All of this information that is being captured in the behind the scenes, what we're also doing is we're pulling third party vendors related to KYB to go through KYB checks as well, additional business information that gets captured. Another key thing to note here is not all applicants go through the same flow. So we have an adaptive journey where depending on the answers that you give on specific fields, you're going to go through a different path to really optimize for a flow. So another example is if you are a sole prop versus LLC, you may get a different question on the next page of the application depending on some of the answers that you give. So lemme go through this real quick.
(12:41):
Next is set of due diligence questions. Again, this can be used as eligibility rules around income from internet gambling or other questions that you want to ask. So again, these can be configured to be a hard decline where they see a NOA with decline reasons right away. Or you may see a go to manual queue for bankers to take a look at behind the scenes. Great. Another key thing that we wanted to bring up, a really unique, how to keep it as digital as possible for credit union clients that we have. We can embed ization within the application. So you can add qualifying questions on how you can qualify for membership for a credit union, any proxy statements that gets asked. I think it's a really powerful way to embed both the account opening as well as any shared account funding or memorization that happens all digitally consensus and disclosure, full audit, trail of timestamps and that you can be used for audit purposes submitting the application.
(13:53):
Another key thing that I want to really demonstrate is our beneficial ownership. We understand capturing the beneficial ownership information as well as going through getting all the information for beneficial owners can be challenging. So another way to really keep this digital as much as possible so we can configure the fence end requirement in terms of what percentage minimum threshold that you have to hit. In this case, the primary owner is going to add the beneficial ownership information of beneficial owner information 40%, which gets them higher than 81%. So we think this is really powerful way to make sure that we also keep this application as digital as possible. So what will happen is, Lisa, in this example, we'll get email notification to come back and fill out the information. We will pre-fill as much information as possible that the primary applicant submitted. So you'll go through your information. Again, all these fields can be configurable to be turned on and off. And again, we'll be going through full K-Y-B-K-Y-C and credit in eligibility and credit rules for the beneficial owners as well.
(15:13):
Great. So all the information is captured for the beneficial owner. The primary applicant will get an email to come back to complete their application. And what's really happening behind the scene is our decision and orchestration platform. We have pre-integration to 60 plus third party vendors across credit bureaus, third party vendors around fraud that we're making a decision at a real time. We also come with templated policies that you can easily really help with streaming line the implementation process. Great. So we're conditionally approved for credit card. Next step that I want to show is the ization, the shared account funding. This obviously can be applied to any other deposit account that you want to open along with the lending products. So in this example, we are going to fund $5 for a share of account. We use ity. We also enable manual entry of the bank account. This is the same technology that we use for cashflow underwriting, if that's needed, using both balance analytics as well as cashflow analytics product for ity. Great. So the account is connected. So we'll be opening in this example credit card and a shared account in a one seamless flow. Next is any authorized users, any beneficial owners as an authorized users and we have it.
Len Eschweiler (16:54):
Alright Eric, you're an easy guy to be a hype man for. That was cool. Okay, so we're out. We're at booth two 10. We'd love to have the opportunity to talk to you about either launching a new SMB program or optimizing an existing one. And again, I'm out 2 1 0 2 10. Thank you.
Nick Elders (17:17):
All right, good to go. I think we're good to go. So my name's Nick, CEO here at SPARK. We've been at it. We think we wrote our first lines of code in 2012. So the reason you've never heard about us is we've been sitting in a cave polishing our product and now we're here to say that we're not doing that anymore. So we are going back as early in the process as the bank's web presence. So fully believe that the demand for self-service via the internet is going to not go down over the next few years. I think it's actually going to probably go up. And if you're not taking your web presence fairly seriously, that's probably step one. So in this example, a group of ours here at bankwell, they've got to get started button and then that launches off into the lead form experience.
(18:11):
And so you'll notice that even down to the favicon in the tabs at the top, that's even going down to the customer level. So we're trying to look as much like you as humanly possible. People shouldn't even know that spark really is a thing. It should feel like the bank is the thing. So in this case, this business owner has decided that they're ready to go on an SBA loan. Again, these are all live. I just took the liberty of completing this for you because nobody really enjoys watching data entry, especially the people that are trying to do it on stage without looking like they're nervous or shaking. This person here got a contract to clean up the, or whatever, Trop drop. That's what they called it on the news. Did people actually go to this thing? I saw somebody raise their hand earlier where they blew up the casino.
(18:59):
Nobody. Anybody feel it? Nothing. Okay, cool. We'll just keep going. So this guy got a contract to clean this up. He's going to buy a dozer, a beautiful dozer, LLC, and then he's been in business for a couple years and he's got a EIN, he's going to be going to be right there at 38 0 1 Las Vegas Boulevard. So doing a quick lookup. He's an LLC, he is in landscaping. Todd Hoffman is his name if you don't know that name. Gold Rush. Remember that guy? The beard, the weirdos, all that stuff. It's that guy. He's coming in gives us our SSN. That's my actually home address in Minneapolis if you ever want to stop by.
(19:45):
And he's got an email@sample.com, lovely demo. And then he's an owner, 85% and he's going to go ahead and let us pull his credit on a soft pole. So once he submits at this point, this is where the magic happens. And again, we're in the borrower experience. So now he's going to set up a password for dozer dalicious. All my passwords are the same. He'll go ahead and create his account and now he's going to get an email. At this point, borrower comes over to their Gmail, Hey, gold Rush, looks like you're ready to go on an app. So he is going to go ahead and verify his email as soon as he signs in, again without communicating with anyone necessarily at the bank, which obviously he could. He's going to set up two-factor authentication. We're going to go ahead and skip that. His account is set up and now he's sort of inside the experience, the signed in authenticated experience inside the bank.
(20:47):
So kind of has a pretty clear picture right away of the steps he's going to have to go through to get to the loan request and getting that wrapped up at the end. And he's already got his next layer of go ahead and continue on this journey and this is where we can begin to take over the TurboTax experience that you've all done to refinance your houses or whatever the idea is. It's the same exact thing, but in a small business context. So he can add his additional owner. I think the dad's name was like Jack or something. Jack Hoffman. Remember that guy?
(21:24):
Okay, you can't do that Todd. Yeah, so he's going to be a VP. Similarly to the amount folks that just went, that's going to kick off Now, requirements for Jack to complete, he has his own segregated portal. So at this point, again, he's kind of off and running. Everything that we collected in those initial inquiry forms, we sort of pass across to this secured experience and they're continuing on, continuing on. So that's sort of like on the borrower side. About three minutes left and then I'll let you go on the internal side. So over on the bank side, probably should have had this kind of ready to go again typing while you're going, I don't want to do that. Oh my god, my bad. Internal experience, sort of like the stages that you'll generally work through, the teams that we'll generally work through. That's kind of what you're seeing in that river chart in the middle.
(22:25):
So typically we'll connect like a sales team with a credit team and a fulfillment team similar to how they're all generally set up in the bank. You'll notice that there are several different callouts here. These little guys are kind of like the tasks that you need to complete during the day. That deal that just came in should be sitting here in my little intake stage. You'll notice that there's a recommendation on this of qualified. And again, we're sort of reaching out to some of the existing integrations that you're probably already using today. Something like LexisNexis for an instant ID business report. You're setting the thresholds, we're not setting the thresholds. It's your thresholds that you're setting and that's what it's looking to for pass or not getting the consumer report. For Todd, looking at his F-I-C-O-S-B-S-S report, getting his personal credit. So by all measures, at least in this little happy path demo, this guy's looking pretty good and can continue on.
(23:20):
I don't think that any of that matters if you can't sit across the fence from your regulator and describe exactly what's happening. So we provide this workflow canvas to you all as banks. So you're able to sit there with your regulator and say, well yeah, I mean the first step is it's going to go look at LexisNexis and then figure out what that score is. If that gets to an UNPASSABLE score at that point you spent seven bucks and it's like we're dead, we're stopping, we're not going to go all the way through and do all of the things. But you're able to take this workflow canvas, sit down with O-C-F-D-I-C, whoever, alphabet soup of regulators and talk to them about how this thing is actually doing what it's doing. So again, it's sort of useful automation in the sense that you can describe it even in the terms that I'm using, which are probably not regulator approved.
(24:10):
We interview our customers all the time. One of the biggest things that we heard was like, Hey, we really like Slack. Can you build Slack? Yeah, sure. So if you're, you want to tag your teammates, get them involved in this transaction, you can do all of those kind of productivity tools kind of in app. There's a massive roadmap that's coming on this solution today we probably serve around 30 ish banks. I think our largest one is 350 billion. Our smallest one is probably like 300 million. So that gives you a wide swath. I think I probably captured hopefully most of the room in that swath. And I'm going to wrap it up there. Again, I'm out at Booth 600, the big yellow booth. Not to be confused with the yellow lanyard, but I'm spark the yellow booth. So come see me out there, happy to talk with you and answer any questions you may have. Thanks.
Adam Taylor (25:01):
Ready to go. Alright, pleasure to be here. Adam Taylor, GDS Link Global Pre-Sales Consulting Director and we're over at Booth 3 0 3. So if you want to learn more, just come over there. What do we do? We provide really the infrastructure for data aggregation, data orchestration and decisioning for our clients. And that can be banks, fintechs, credit unions, anyone providing lending services. So what's interesting is there's probably most of the people in this room, we've provided you an offer and you didn't know it. We were the infrastructure of whatever that institution was that you were searching for, you were looking, trying to get some quotes. And everyone in here could have already been served by GDS link without even knowing it. And so I'm really proud to be here with even the vendors that are here today. We provide part of that infrastructure to decision you as quickly and effectively as possible.
(26:09):
And so we are here to talk about originations, but think about there's batch processing, leads processing, how do you rank those and decide to buy them or not think millions of records at a time, doing it in minutes or hours instead of days. Things you can do multiple times a day. So we have a containerized deployment that scales automatically. And so whether you get 100 apps, a thousand apps, 10,000 apps, it just auto scales so that you can decision things effectively. And then just a quick hit at our client profiles and the types of businesses here, we are all over the board. We provide you the tools to build your own strategy and pull data when you want it. So you're charged the least amount of money, you knock 'em out early and you move on to the next one as fast and efficient as possible.
(27:06):
All right? And this is an example of one of our simple small business flows where we're going to have some knockout rules. We're going to pull the information on the business, we're going to loop through every business owner, could be one, could be 30, and we're going to rank them, get decision codes for all of 'em, and then segment this business line out as well as provide a loan amount. And so in this tool, you have plenty of testing capabilities. This is also drag and drop or low code type environment. But this gives you the means to just drag and drop objects into a sequence, into subsequence, into loops. We have various providers out there that we want to approve them for something. Whoever's coming in here, whoever's applying, we will approve them for a product. So it'll just keep looping through products until we find one that makes sense for them.
(28:05):
And so as you see it just going through here, we've actually pulled credit from Experian and the business owners, if you see these different things called sequences, those are just subflows that you can jump into and you can see it can have its own branching to just continue on or move in a different direction as you see fit. Anything you make is reusable. So if we were to create a brand new strategy and we wanted to just replicate this or tweak it a little bit, we can get in here and with our objects just drag and drop all of these into the flow again.
(28:49):
So there's one of 'em. We've got our company checks, we've got our business owner checks, we've got our company segmentation, and we've got, let's apply that company loan amount. So we just recreated that flow and we could test this brand new flow that we created again from scratch using objects we've already started. We've already had. So it just makes it really easy to scale, easy to edit. We have clients that deploy strategy, credit policy changes every day. So if it's as simple as a score cutoff, great. If it's a hundred different credit policies that you're changing, that's fine too. We give really business users the opportunity to edit their policy, redeploy it, and own their strategy. We were also founded on really connecting to everything. So we have over two to 300 data sources. We add new ones every single month. Takes us about a week or two to create brand new data sources, brand new connections to new vendors.
(30:03):
So if we're in here and we want to try one of these out, we've got a data exchange in here that you can pull from all the work that we've already done to build that API. We can bring those in or you can create brand new data sources to an internal database or if you've already made one before in a JSON scheme, various different formats, you can use our wizard here to create brand new data sources. We're just going to take a peek at our data exchange to see some of them that are available. Pull a brand new data source in here and drag and drop it into a flow. And so this is what's really giving you power to data freedom and being able to test things out. So I mean, you can see we've got various data sources in here. Some of them were mentioned before.
(30:53):
You got Experian, you got LexisNexis. Again, this list grows all the time. We can pick one of these. Click install. And I just want to highlight, if the fields don't exist in your data dictionary, it creates a for you, it puts them in here. The objects we're creating, all the mapping objects from that system, standard data dictionary to what that API needs and what's coming back. We're creating all those objects, we're mapping it for you and we're giving you the call so that you can use it at any point in your decision strategy. So we already pulled it in here, and if we just go to our objects and find our call, you can see we've got that plaid asset report.
(31:44):
And again, anywhere in your decision strategy, you can drag and drop that call. So again, you're pulling data when you want it with the least amount of costs per application. So start with those knockout rules. Drag and drop. It could be fraud first, could be bureau first. The point is you have control over your decisioning strategies and we're that partner in the background that's just running, that's reliable and fast for you. Now on top of this, we do have one of the biggest challenges is to visualize what's happening in your decision engine. What reason codes are triggering most often, what's the kind of footprint of these applications? So on top of this, what comes with our platform is embedded dashboards. We call 'EM policy monitoring dashboards. So it's something we're continuing to evolve. There's various different points here, but we've got our KPI summary. This is really all about the total counts, total approvals, things like that.
(32:46):
And we give you a leverage to pull too. You want to see quarter over quarter, you want to see month over month. You can get in here, click a button and it'll instantly change. And what's really, really neat about this is that it's in near real time. These are updating about every 10 or 15 minutes so you have a real view of what's going on in your decision engine right now, or are you getting an influx of applications from a certain region or a certain score threshold. So we've got, again, a lot of information in here. Would love to show you more different reason code analysis, different response times. So we're serving up, how long does your applications take from start to finish? Even all the API calls, which API call is costing you the most amount of time because milliseconds are important. You need to serve up an offer as soon as possible. So all this is available here with our decision strategy. I know that's all the time I have. Thank you very much. We're at Booth 3 0 3
Glen Fossella (33:51):
For the next seven minutes. I'm going to ask you to suspend everything you know about upgrading your digital product applications, managing the competing needs of your line of business stakeholders with limited budget and resources, the costly and time consuming process of vendor selection, contracting and implementation and the disruption to your operation and team. And after you've done all that, the customers may have an improved experience, but they're all still different and they're all still siloed, which means you're frustrating your customers with blank forms that need to fill out and creating more work for your team. Each new vendor that you add adds to the IT and compliance burden. All of that is old think the technology has moved and it's time for the industry to move with it. I'm Glen Fossella, and this is a demonstration of Ascent. The Ascent platform does two things. First, it solves the fragmented experience problem by streamlining and simplifying every product, application and every form across the institution.
(34:49):
Second, it does this without disrupting your existing systems and processes. Ascent eliminates all the traditional friction points of acquiring, deploying, and managing digital applications. And the cool part is ascent learns from every interaction with the customer. So every subsequent experience is better than the last with fewer questions for the customer and less work for your bankers. In the demonstration today, we're going to show how this works. How Ascent learns about the customer through iterative experiences with them and how it reduces abandonment drives loyalty and makes your team more efficient. So in this particular case, we're going to start in our demonstration, ascent bank and trust. And we're going to start with someone that comes to the institution cold, they're brand new to the bank. And we're going to start with an account opening experience. We're going to stick with a consumer application just to reduce the number of questions if it works just the same way in terms of a business account opening.
(35:47):
So I'm going to apply now, and this is all white label, always the institution's branding, always your language, your questions, your disclosures. We'll talk about the no-code builder in a bit so you can understand how that works. And I'm going to skip the third party data connections here today just to speed through the application. Again, I'm brand new to the institution, it doesn't know me at all. So this is going to be just a cold start in terms of the data with this first application and then we'll see where we go from there. So bear with me as I get through the application.
(36:20):
Zip down. Yep, US citizen. I'm going to use my state driver's license and I'll just grab that fat finger this in. Oops, like that. Alright, perfect. I'm just going to move through here. We tried to simplify this as much as possible. I'm just going to say that I'm retired. Again, just to reduce the questions and get through this part of the demonstration. I don't have an account. I want to checking account. I'm going to use cash. I'll just start with a thousand dollars open the account. We have great UI flows that are all configured by you through our No-code builder. I'll talk about that in a moment, but it's going to keep it simple here. Yep. We'll apply for an ATM card to get through this process. I hit submit. It's going to take me through KYC through numerous third party integrations that we have with different sources. And now I'm waiting for that account to get approved. In the meantime, it's going to ask me to create an account inside the digital banking platform, which can be whatever you have. It can be Q2, it can be banano, it can be anything.
(37:25):
Alright, I've created that account and now I'm going to log in. Bear with me here. Alright, super. Okay. So I get approved for the account the next day I get an email from the institution saying, Hey Glenn, thanks for becoming a customer of a sent bank and trust. Why don't you apply for a credit card? Great. So I come into the portal, I find the application button for the credit card. I'm going to start this process and here's where it gets interesting. So a set persisted everything I got from that initial application. See these little chips down here underneath each field with a little logo. I know it's really small to C, but this is the data that was collected in the first application. I can just hit the autofill button and prefill all of this and just keep right on going. This is the second time that Ascent has seen me. I need to put in specific information for this application that it doesn't have already. So I'll do that. Let's just say credit card limit $10,000. I'll say 5,000. Sure. 10. I dunno a hundred. We'll just keep going. More data to Prefill. Wants to know what my income is. Sure. I'll just say that.
(38:37):
Yes, I have an account. We'll keep on going. Alright, great. I submit. Now I'm going to wait for, I'm pre-approved. Need a couple more questions. Let's see. And we'll just zip through that. Alright, great. A few more autofill fields, click the buttons. Now obviously you're not going to upload a tax return for consumer credit card application probably, but the reason I have this in here is to stop and remind me to let everybody know this works. Not just for something simple like a consumer credit card, but the most complex applications you have. Small business account opening, small business loans including pre-approvals, pre scoring, just full digital approvals, CRE loans, the most complex kind, whatever your workflows might be. Iterative flows. And on the consumer side, mortgage point of sale really doesn't matter. The platform can support any type of complex sophisticated application, but also your simplest forms at the other end.
(39:34):
Change of address, signing up for e statements and everything in between, all leveled up on one platform and reusing the data to make this experience consistent over and over again for that customer. Okay, lemme go through here and complete the process. Yep. Got to give permission for a hard credit check, which I will do. And I always submit the credit card application waiting for approval. So let's say I get approved for that credit card. A few months later I want to go for a line increase on the credit card. So I come back into the portal. I want to go for credit limit increase and let me show you how this works. So here's the application to increase the line on that credit card. And you'll see there is nothing for me to do. Everything is prefilled with the exception of how much do you want the line increase to be?
(40:19):
Now this is what it's going to look like for every form and application that I come on within the bank. Now the bank really knows me from a digital perspective. We talk about abandonment in this business. What abandonment? There's nothing to abandon because everything is prefilled for that customer. This is what the experience is like from now on. So this is a game changer, not only for the customer, but for your bankers and for your institution. So this is how Ascent works. I'm just going to make a few closing points. I mentioned the no-code builder a few times. So this works for institutions of any size using our no-code builder. You can start with one application or form and then roll it out from there. So depending on what your strategy is and the pace of what you want to upgrade forms and applications and level them up with this type of experience, that's all up to you. And finally, because of the builder, you can be in your first pilot in two weeks and you can be in production on that first form or application within two months. We'd love to show you how that works. So it's time to break away from the old way of doing things, because with Ascent, you can deliver every application and every form in one experience. Love to learn more about what your challenges are, what your goals are, and see how we might be able to work together and help you with those. Thank you very much.
Abrigo | Amount | Spark | GDS Link | Ascent Platform
November 5, 2024 12:02 PM
41:42