The Story
SimplyBorrowed Inc is a company that is proud to help Canadian citizens, permanent residents, refugees and international students access the funds they need since 2016. Having gone through the Canadian immigration process, its founders know first-hand the difficulties that a newcomer faces to obtain timely loans. That is why they were able to design a product portfolio that adapts to the typical basic needs of those who are building a life in another country.
Clients quickly began to pile up at their doors and with the objective of always providing a better service. They designed a meticulous loan approval and administration process using market-tested tools such as DocuSign for legal aspects.ZumRails for payment procedures. Certn for id confirmation, among others, and they were quickly serving more requests than before making business continue to scale.
When they talked to us at PurpleSeed, they had a growing business, but they had the problem that many of the steps in their processes were still carried out manually. They didn’t want to lose the technological advances they had made, but they wanted to completely upgrade the process and, above all, improve their credit approval times.
After analyzing all the options, understanding the process with them and imagining what they wanted for the future; the purple seed team came up with the simplest solution for the case taking into account all their current tools and bringing to the table the amount of purple needed to take SimplyBorrowed to the next level.
“What set them apart was their proactive approach and willingness to take ownership of challenges. They tackled any technical issues with expertise and finesse, leaving us with complete peace of mind”
– Cesar GUILARTE
Solution
The most important challenge of the project was the unification of all the tools that were working in isolation in the company to achieve a single centralized loan management process. Of course they had gone through a process of analysis of other LMS (Loan Management Systems) available on the market, but they all meant some sacrifice somewhere in the process and that was precisely what they weren’t willing to do. Their process had made them get a portfolio of clients that, under no circumstances, did they want to lose or stop acquiring.
It was at this moment that we knew that the best solution would be to design a web application for them, where they could control the entire life cycle of a loan. From the creation of a private user registry to complying with each and every one of the requirements to request, approve, send the money and collect the installments to each of the clients in a timely and efficient manner.
With this design it was possible to take full advantage of the additional services they were using. In other words, the creation of the document was still in the hands of the most expert, such as DocuSign; but the trigger, approval and activation of the steps after its signature no longer occurred between emails and text messages between the SimplyBorrowed team, but in a Centralized control dashboard that with a timely alarm system, keeps all those interested in the process fully informed.
Main Goals Achieved
- Successfully integrated over 4 third-party platforms, enabling seamless automation and improved customer service in the project’s first phase.
- Dramatically reduced processing time from days to hours, significantly enhancing operational efficiency.
- Implemented a real-time, 24/7 information system accessible to clients and management via desktop and mobile devices.
- Developed a robust backend system that monitors and alerts stakeholders about any disruptions in technological or business partner processes.
- Created a centralized, secure database for all loans and key customer information, minimizing errors and improving data integrity.
- Streamlined workflows across the organization, resulting in improved productivity and user experience for all stakeholders.
- Established a scalable data model and technological infrastructure, laying the groundwork for future AI integration to further accelerate credit approval processes.
