How could we build a lending tool that anybody could use?
That is the driving thought that led Sherif Hassan to form fintech Capiform and the timing could not be better.
That's because, with the Covid-19 pandemic and the ensuing recession, suddenly credit unions are awash with savings deposits (as investors flee equity markets) and they also see a rush of loan applicants, for everything from Covid-19 triggered SBA loans through equipment leases.
How to efficiently handle the volume?
Know that right now deposits are arriving at much large volume than are loans at credit unions - despite the member needs.
Remember, too, mega banks, for the most part, have scant interest in "small" loans which to them often means under $250,000. But to a typical credit union that size loan is ideal and even smaller may be better.
But the mega banks shy away from those loans because they don't see how to make money on them.
How could a credit union hope to? That's where Capiform's tools come in, where the borrower does much of the work and that's augmented by computer tools (that verify income, check identity, etc). Much of the process is automated. According to Hassan, using his tools, a credit union could easily process 10X more loans, maybe 20X, daily without stressing staff who would engage only in higher level tasks such as verification and loan approval.
Adds Capiform, "Capiform’s Lending-as-a-Platform empowers you to scale your lending portfolio immediately, configure underwriting instantly and deploy new compliance & product guidelines."
Sound good?
You bet and the timing is so right.
In this podcast you will hear about how the Capiform tools were developed, what they do and how, and the real benefits they could bring your credit union.
Listen up.
Want more info? Contact Capiform at its website.
In this podcast there's mention of the David Chang podcast. Listen here. Note: Chang uses many four letter words. Not for delicate ears.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com
Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto