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The lender has unveiled a new tool that gives brokers the ability to provide on-the-spot quotes.
Prospa has announced a new “industry-first” intelligent quoting tool for brokers, among a series of product enhancements unveiled at the small business lender’s Unstoppable event on Wednesday.
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The new tool, Prospa IQ, incorporates real-time data and sector insights to provide brokers with the ability to deliver quotes “on the spot”.
It utilises the lender’s proprietary Credit Decision Engine to give brokers the ability to generate realistic quotes, without impacting clients credit scores. Brokers will also be able to access the tool on mobile devices.
Roberto Sanz, Prospa’s general manager sales and partnerships, said the tool will help brokers provide an enhanced experience for their business clients.
“It [Prospa IQ] will gather all of the information – financial information, credit information, client information, business information – that our partners will input into the tool,” Sanz said.
“It will assess all of that information in real time, and it will provide the and it will provide an outcome to answer those three questions: Is it approved? How much can they borrow? How much is going to cost them? It will also, of course, disclose the term, and it will also give them options within the products that we offer.
“We’ll give you an option on an amount, term and price for a business loan and also for a line of credit.
“The key piece is that it’s all happening in real time. So as soon as you input all the information, it shouldn’t take you more than five minutes to fill in all the information, and we help you with it as well. Then you just press ‘calculate quote’, and it will surface that outcome.”
Early feedback from the third-party channel has been positive, according to Sanz, who says the tool should continue to develop and evolve, ultimately putting it in a better position to service brokers and their clients.
“The more data we gather, the more intelligent the tool will get and the more we will be able to become agile and adapt our product offering because there is a need in the market,” Sanz said.
“We want to empower every small business in Australia. And it’s only through accessing this data that will enable us to review our products, review our offering, review our policy, and identify that there are businesses out there that we could potentially support.”
Prospa IQ was one a series of updates flagged at Prospa’s event, including:
- Improved partner-led client management tools to give partners full end-to-end control of a client’s application journey.
- Redesigned partner portal to streamline workflows and improve lead submission, commission tracking, and marketing resource access.
- Expanded lending and payment terms to meet the specific needs of established businesses (generating between $1 million and $10 million in annual revenue). This includes greater term flexibility, with loans over $150,000 now able to access four- and five-year terms, and an increase of the line of credit limit to $500,000 (from $150,000).
- Competitive pricing for businesses seeking loans of $250,000 or more and end-of-year promotions for partners.
Sanz notes the pricing piece in particular as an area where the lender has been very conscious of the current state of the market and how it’s impacting SMEs.
“We are confident that we are at a stage now that we can provide a bit of relief to businesses across Australia by reducing our rates and ensuring that also a reduction in rates impacts positively their business. And they also feel more confident in accessing funding given the current state of the market,” Sanz said.
Sanz adds the Propsa IQ tool, along with the lender’s new pricing initiatives and end-of-year promotions was all about expanding the type of partners they could cater for.
“There is a new way, more efficient, faster in which we can operate, and this partnership can operate. I encourage everyone to come along through this journey,” Sanz said.
“Be part of the training, access [Prospa] IQ and start setting those expectations up front, with your clients.
“For those that see panel-led as a crucial piece within the business, absolutely it’s optional. It doesn’t mean that we’re going to be forcing partners to follow that journey. We’ve got different propositions. This is the one that we were missing.
“So we're very excited that we now can cater for all different types of partners.”
[Related: Why established businesses are turning to brokers]
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