In addition to providing technology for online applications, we also provide technology for banks to internally streamline the process.
Once an application is submitted through our online application portal, Akouba starts to build a story around the business. Our small business origination platform is designed to let you see the who, what, why and where of the business that is applying. We use information from the application and suppliment it with 3rd party data then point out areas that need your special attention.
Once you know the basics of the company, your underwriters can go into the financial analysis that manifests on our system as a credit risk rating. This is simply the organization of the factors that you are usually looking at into. What we call dimensions, often times they are referred to the 5 c’s. Your bank has complete control over what these dimensions are and the weighting of them for the overall score that is assigned to the application.
The rating is engineered to run on your unique set of credit policies. We provide technology to automate certain areas and but also allow you to manually input any area you prefer to do by hand. The results of this diciplined approach over time will create a database of information that continues to define your risk tolerance. As you track loans across the lifetime you can export information and analyze similarities between defaulted loans. Having this information is critical to the success of banks as marketplace lenders start to use this information for themselves they will be able to dramatically lower the interest rates for businesses that are doing really well which will cause even less reason for banks to give loans.
If there’s any question about the scoring of a business, Akouba makes it easy to dig into the details of the dimension ratings that are made up of the factors you are used to looking at. Each dimension report gives you the ability to see charts and graphs that represent the data. Dig even deeper and see the raw data to ensure that understand how we are coming up with the numbers that we are using.
Terms can be sent to the borrower for approval, additional documents can be collected, then all data is sent to Laser Pro to create closing documentation.
At the end of the day we want the Akouba platform to streamline your process so if there is an opportunity to make the platform work better for you, let’s have a conversation about it!