Dynamoney has announced the appointment of Gregory Woszczalski as Executive Chairman the following t...
Investing in technology and processes to improve the SME experience.
In order to provide SMEs with easy access to capital, financial Institutions need to continuously enhance their CX and the technology behind it.
The year 2023 has proven to be challenging for businesses, as decreased consumer spending and multiple interest rate rises have tightened competition and forced organisations to compete relentlessly.
In a market that is more volatile, SMEs require faster access to funding solutions, with brokers tasked with finding the right access to funds that are faster and cheaper than ever before. Lenders can play a proactive role – delivering a more efficient and effective solution for brokers and their clients by adopting new tech-first solutions, built on intelligence that genuinely understands SMEs.
Using systems built for speed, accuracy, and transparency is paramount in navigating the complexities of the current market. Ensuring SMEs have the funding they need requires genuine expertise in how they operate.
Dynamoney has developed a credit- decisioning algorithm that is designed to seamlessly assess applications with no human intervention. Thanks to this intel Dynamoney can deliver instant approvals, with OSKO payments, granted applications meet low doc requirements. Dynamoney can now issue approvals of up $200k, under its low doc product, within minutes not hours. Dynamoney has financed over half a billion in new loans in 2023 alone, with low doc instant approval rates over 60%.
Additionally, the Dynamoney portal gives brokers the ability to manage their workflow across all products in the one place. The system features cloud-based document storage, with information saved on file to be able to clone applications, further improving approval times. The most exciting functionality that has been released is the click of a button instant, electronic document generation, that gets sent directly to the customer. This reduces the friction and touch points between all parties, improving not only the documentation generation process but also the settlement process. This is make or break when it comes to experience and ensuring businesses get their money sooner.
Dynamoney Chief Operating Officer, James Ross, says ” Whilst interest rates and product are still very important in a competitive market, focusing on process improvement is our unique way to add value to our broker network. The changes that we’re starting to implement now are the culmination of over a year of work and will look to be rolled out as continuous improvement over the coming months.”
Dynamoney, is committed to continuing to invest in new technologies that not only improve customer experience but also provides faster access to money. As credit markets tighten, organisations and their brokers should look for lenders that understand their credit position and can facilitate their growth.
For more information, please reach out to your Dynamoney BDM or call 1300 001 420.
Samantha Oakey, Head of Marketing