FIs drive demand for loan automation

“I’ve been doing FinTech for about 20 years now and, you know, everything we’ve been talking about for 20 years is sort of happening now.” Numbered CEO and co-founder Dan O’Malley says PYMNTS.

Accelerated by the pandemic, customer demand for digital channels and digital engagement is on the rise, he said.

Numerated, a FinTech Software-as-a-Service (SaaS) company, has grown by leaps and bounds over the past two years as the traditional financial institutions (FIs) it works with need to digitize the way they lend. at the market. Numerated has grown from 55 people at the start of the pandemic to nearly 150 today.

Numerated announced Tuesday, December 7 more growth with the acquisition of Fincura. The deal will add Fincura’s automated distribution and financial analysis to Numerated’s digital loan creation system.

“We’re in a very strong position financially after all of this growth, and our clients have asked us to… do what we’re doing to create the magic of the digital experience for a greater lending process,” said O’Malley.

Reduce labor, improve accuracy, deliver faster decisions

In particular, clients said they were having pain with the dissemination and financial analysis, and asked if Numerated could get a foothold in this area and improve it. The company looked for a way to do it and found Fincura.

“In terms of the product that we offer, the Fincura technology will allow us to increase the number of loans that Numerated can automate for our clients,” said O’Malley.

The Fincura Spreading Automation System can process financial statements and tax returns in any format. Even if the forms are crooked while scanning, the system will work with them.

“And then they give the subscriber a [user interface] it’s incredibly intuitive to engage, ”said O’Malley. “If the quality is really bad and you literally can’t read what’s going on here, the underwriter can see it, fix it, and still do their spreads. “

This will now be associated with the Numerated system. O’Malley said this technology reduces the work of bankers, improves underwriting accuracy, and delivers the best customer experiences for businesses by providing faster decisions.

“It’s the power of technology in lending today – you can make it better for everyone than using manually created pieces of paper and spreadsheets,” O’Malley said. “We had a client event in June and one of our clients came over to me and said, ‘Hey Dan, I have to tell you you’ve created a monster for us. You’ve shown our customers and our team how great this can be, and now we can’t go back to the old fashioned way. ‘”

Always at the start of the transformation

Despite the results they can provide, most banks today do not use an origination system for commercial loans. This means that there is still a multibillion-dollar market for Numerated and other vendors to tap into.

“The market is not yet fully realized, even for banks that have origination software,” O’Malley said. “Most origination software doesn’t actually interact with the end customer, and that’s where we’re good at. So we think the market is huge and growing because we are only in the early stages of this transformation.

With the proliferation of new tools and changes to the financial system since the pandemic, O’Malley said the banking tech industry isn’t just about making incremental changes year after year.

“We have seen such explosive growth over the past two [years], and we continue to see an acceleration in activity, even now that we’re considerably bigger, ”O’Malley said. “I think the opportunity to build a great banking technology company, a great FinTech, is different today than at any time in the past, which is extremely exciting.”

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NEW REPORT: TECHREG ™ CHRONICLE – DECEMBER 2021

On: This report represents the inaugural edition of the TechREG ™ Chronicle. The regulation of digital companies appears to be one of the key issues of our time. Through this new publication, we seek to contribute to the debate and discussion about when, how and when not to regulate digital businesses and the key technologies they use.

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