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Unqork + Experian: Smarter Small Business Lending

Smarter Business Lending

Together, Unqork and Experian are empowering lenders to address the challenges of today's SMB lending landscape, and take advantage of the latest technological advances—all without writing a single line of code.

When it comes to SMB lending, there are a number of common challenges hindering lenders’ ability to adequately address loan request volume, namely an over-reliance on manual tasks, rigid data & risk-assessment processes, and complying with an evolving patchwork of regulations. These challenges have been thrust into the forefront as COVID-19 has increased the demand for business loans to adapt to the new landscape (a need which has only been further amplified by multiple injections of Federal pandemic-response funds via the PPP, CARES Act, and the American Rescue Plan).

Modern data-driven technologies allow lenders to drive operational efficiencies, improve decision making, and meet rising end-user expectations for on-demand services. However, “going digital” in the enterprise space is far from easy—particularly in complex, highly-regulated segments such as SMB lending. This is where the partnership between Unqork and Experian is proving to be a game-changer.

Want to see our tech partnership in action? Watch a replay of our full webinar.

Experian has been a global leader in consumer and business credit reporting and marketing services for more than 125 years, with a footprint that expands over 45 countries. Unqork’s no-code application platform is helping some of the world’s largest organizations rapidly build and effectively manage robust digital solutions within complex and heavily regulated sectors. Together these two companies are helping SMB lenders use data-driven technologies to address today’s most pressing challenges. 

The partnership was the topic of a recent webinar featuring insights from Experian’s Carl Stronach (Senior Product Manager, New Product Development) and Unqork’s Ben Smith (Head of Banking) & Brian Karimi-Pashaki (Director, Technology Partnerships & Marketplace). The trio explored how SMB lenders can combine Experian's data analytics with Unqork’s speed and flexibility to bring mission-critical SMB lending solutions to market faster than ever before. 

“When it comes to business information services, our vision to lead the market in the data that provides the freshest, most reliable data and insights on small businesses,” explained Experian’s Carl Stronach. “To bring technologies that reduce friction and create efficiencies, to deploy superior data science to enable smarter and faster decisions across the markets we serve, and ultimately allow our client to create the opportunity for small businesses to thrive.”

Using Unqork’s robust API functionality, organizations can seamlessly integrate Experian’s data & analytics capabilities into custom business workflows that can optimize complex SMB loan processes. 

“These technologies can help deliver a world-class customer experience,” explained Carl. “I think it's really awesome how you can—without writing a single line of code—tap into an API to, for example, transform an incident form and pre-fill different application elements. Starting with limited information from the SMB, we can automatically fill up the rest of their application and present it for all stakeholders to verify.”

“One of the valuable things about Unqork is the ability to develop a unified full-stack infrastructure,” commented Ben Smith. “For those of you who have operated in traditional banks in the SMB space, you know that today’s fintechs do a very good of creating a seamless experience for users. But there's also the experience on the back-end, right? That’s the ability to take all this data you're using and create a uniform dashboard to inform business decisions and  risk analysis and make these processes as seamless as the user experience.”

Unqork empowers companies to build Experian-data-powered functionality throughout the lending process, organizations don’t need to wholesale replace their systems. Unqork’s aforementioned API functionality empowers companies to build a single solution (say, a customer-facing experience to apply for a loan), and seamlessly integrate it with existing internal systems. Or you can create a unified dashboard to collect information from various parts of your digital infrastructure.

“For those of you who have operated in traditional banks in the SMB space, you know that today’s fintechs do a very good of creating a seamless experience for users. But there's also the experience on the back-end, right? That’s the ability to take all this data you're using and create a uniform dashboard to inform business decisions and  risk analysis and make these processes as seamless as the user experience.”​— Ben Smith, Unqork Head of Banking

“For instance, you could very much create a unified portal that brings in all the pertinent data about risk data, risk modeling, and what the risk factors are for that particular lending environment. And create an easy way for someone to see that decision, and provide access up the chain so that managers can then verify what's happening kind of at various levels,” Ben continues. “So, both from a risk perspective as well as from a cost perspective, the ability to manage all that on a single unified platform can be really valuable.”

Unqork is a flexible platform that allows companies to build the custom solution that addresses the needs of their particular business. “Unqork also allows organizations to take a modular approach,” added Ben. “It means companies can rapidly build a solution for a small part of their ecosystem, get it to market, and receive feedback quickly. If you find there are certain parts of your experience you want to change, Unqork makes it easy to build and deploy updates.”

To learn more about how Unqork can help your company adapt to the new normal, schedule a personalized demo with one of our solutions experts. 

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