From Weeks to Hours: Online Lender Transforms Loan Approvals with SMS Automation

An online lender specializing in helping small and medium-sized businesses navigate the challenges of securing capital has revolutionized its operations with cutting-edge technology. With over a decade of experience and partnerships with top lending institutions, this lender has facilitated more than $500 million in funding for entrepreneurs across the United States. The company leverages technology to streamline its loan approval process, delivering faster, more efficient service to business owners who need quick access to funds. At the helm of this transformation is the Head of Technology, who has led the charge in integrating solutions that elevate the firm’s operations.

“We target 24 hours for approval, but most of the time, if a customer submits their information in the morning, they get an approval by noon.”

– Online Lender, Head of Technology

The challenge

Speed is critical for this online lender. Small business owners often need capital immediately, but traditional banks can take weeks or even months to process loan applications. The lender distinguishes itself by offering loan approvals within 24 hours, with many applications processed in just a few hours after receiving the required documents. This rapid turnaround is vital to both the company’s success and the satisfaction of its clients. However, to maintain such efficiency, the lender needed a communication system that could keep pace with its fast-moving loan approval process and high customer expectations.

The solution

To meet this challenge, the online lender implemented Sinch MessageMedia’s SMS integration with Zoho CRM. This integration enabled the lender to automate its communication processes, ensuring customers stayed informed throughout every step of the loan application journey. “We target 24 hours for approval, but most of the time, if a customer submits their information in the morning, they get an approval by noon,” explained the Head of Technology. The automated SMS notifications play a crucial role, guiding customers from document submission to approval updates in real-time.

During a typical transaction, the company sends numerous messages to ensure customers are constantly updated. “Once we receive the application, the customer gets a welcome email and text, and we call them within 10 seconds,” the Head of Technology noted. The Sinch MessageMedia integration with Zoho CRM was not only effective but also easy to set up, requiring no extensive development work. “The integration was seamless, and now we have a robust system that supports our fast-paced operations,” they added.

“The integration was seamless, and now we have a robust system that supports our fast-paced operations.”

– Online Lender, Head of Technology

The result

Since integrating Sinch MessageMedia’s SMS solution, the online lender has seen significant improvements in both operational efficiency and customer satisfaction. The ability to track and analyze SMS performance has provided the lender with valuable insights. “We now have a clear overview of our SMS platform, and we can see which messages are being blocked or need adjustments,” said the Head of Technology. As a result, the lender has achieved a 70% success rate in their SMS communications.

The integration has also dramatically enhanced customer engagement. “We sign more customers, and our contact rate with customers has improved dramatically,” the Head of Technology noted. Bulk SMS campaigns have been particularly effective, generating a flood of customer interactions. “Every time we send a bulk SMS, we receive a lot of replies, and our agents are kept busy responding to customer inquiries,” they said. This boost in engagement has had a direct impact on the lender’s growth and success.

“Every time we send a bulk SMS, we receive a lot of replies, and our agents are kept busy responding to customer inquiries.”

– Online Lender, Head of Technology

The experience of this online lender with Sinch MessageMedia’s SMS integration underscores the value of efficient, real-time communication in the financial industry. For the Head of Technology and their team, the ability to swiftly and effectively communicate with customers has been instrumental in maintaining the company’s reputation for fast loan approvals and excellent customer service. “SMS has had a huge impact on our business. It allows us to keep customers informed and engaged throughout the loan process, which is essential for our success,” the Head of Technology concluded.

“SMS has had a huge impact on our business. It allows us to keep customers informed and engaged throughout the loan process, which is essential for our success.”

– Online Lender, Head of Technology