fundera by nerdwallet (1)

Fundera slashes loan document processing from 42 to 15 days using FileInvite

 

IN THIS SUCCESS STORY:

Challenges in Document Collection and Workflow Management: Explore the hurdles faced by Fundera in managing documents and streamlining workflows

FileInvite's Impact: Discover how FileInvite transformed Fundera's operations, significantly reducing loan documentation turnaround times from 42 to 15 days

 

CONTENTS:

Fundera-case-study

"Turnaround times for loan documentation dropped from 42 to 15 days and we were able to roll out the system to the entire team in no time."

- Ryan Murdock, Sales Operations Manager, Fundera

About Fundera

 

Headquarters: New York
Employees: 200

Fundera is an online marketplace that connects small businesses with lenders. They facilitate the loan application process by allowing small business owners to compare various loan options from different lenders, including traditional banks, online lenders, and other financial institutions. Fundera aims to simplify the lending process for small businesses, helping them find the right financing solutions tailored to their needs.

“Going through about 15 companies, I narrowed it down to FileInvite and a few others but FileInvite was the only one that was so simple and easy to use.”  

- Ryan Murdock, Sales Operations Manager, Fundera

Solving Fundera's Challenges: Streamlining Workflows and Enhancing Visibility

Learn about Fundera's hurdles and their transformational journey with FileInvite, where challenges became opportunities.

The Challenges

  • Long turnaround times
  • Massive spreadsheets and lists
  • No visibility across teams and workflow
  • Disconnected systems and double handling

The Tipping Point

Working out of spreadsheets, receiving attachments in emails and with 20 to 30 documents to juggle across every application, Fundera were looking for a total solution to their document collection workflow.  Their first priority was having a simple intuitive process for their clients to use. Their second, visibility across their loan pipeline. 

"We were shooting for 21 days and we’ve gone past that goal - these are all with brand new users, the FileInvite system speaks to how easy it is to get someone up and running in the system and train them so that is why we run with FileInvite, it’s incredibly easy to understand not only for internal employees but the borrower as well. "
 
 

- Ryan Murdock, Sales Operations Manager, Fundera

Slash Loan Document Turnaround Times

FileInvite helps you to:

  • Get documents back 80% faster
  • Provide an amazing borrower experience
  • Keep borrower documents secure

Seamless Transitions: Fundera's FileInvite Adoption Journey

Fundera streamlined document management with FileInvite's intuitive client portals, replacing spreadsheets and enabling rapid onboarding and scaling for a seamless digital experience.

A Seamless Digital Experience 
 

After an initial discovery meeting with the FileInvite Enterprise team a workflow analysis and proof of concept detailed the productivity gains that could be accomplished. A system to eradicate the spreadsheets used for tracking documents and a way to gain visibility over their loan pipeline. 

Client feedback was that they were impressed with the intuitive client portals. The seamless digital experience for their customers, enabling them to ditch the struggle of email attachments and complete forms online rather than printing, scanning and completing by hand.  

As FileInvite is a cloud based application it could be deployed quickly with minimal setup required.

Scaling the use of FileInvite, Fundera were able to rapidly onboard the entire sales and processing team. Using master templates, they ensured everyone has the latest contracts, updated conditions and any regulatory requirements covered.   

Empowering Clients, Enhancing Efficiency: Achievements and Outcomes

 

The integrated process resulted in a tight loop from cashflow pass to full packaging of documents for every application. The central dashboard gave transparency over the status of every application and where each client was at with providing their documents, giving insights for forecasting and targets.

With a new client portal created in seconds, clients now receive their own individual space to upload and complete their application. An explanation video and instructions tailored to their process, together with automated reminders helped delivers the completed documents to a central dashboard in record time.

Swift, Secure, Seamless: Streamlining Loan Document Processing with FileInvite

 

SAVE TIME

Save 2+ hours on each application

Not only does that save your team two hours of manual, repetitive work on each and every application, but it allows them to redirect their time to higher-value tasks.

MITIGATE RISK

SOC 2 Type 2 compliant with 256-bit encryption

FileInvite is also GDPR, HIPAA and FERPA compliant, allowing that you and your clients to transfer sensitive information with peace of mind.

 

WOW CLIENTS

Increase application completion rates by 34% 

Give your clients complete visibility into the document collection process, and confidence into how your collect sensitive information, improving application completion rates, and also member experience.

Delight Your Clients With The FileInvite Experience