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Home » Case Studies » Increasing Underwriting Speed for Outfund

Increasing Underwriting Speed for Outfund

  • SMB Underwriting

See how Heron helps Brad Shaw with increasing underwriting speed at Outfund. Brad is the Head of Risk & Business Intelligence at Europe’s largest eCommerce investor offering growth financing for modern businesses. Outfund chose Heron to help collect revenue faster, increase the number of applications they can process, and offer a better customer experience.

Outcomes Achieved

  • 5x Increase in Underwriting Speed for UK businesses
    • Reduced time from application submitted to final decision, enabling us to cater for 5x the application volume
    • Faster decisioning provides a great foundation for an improved customer experience
  • Fully Automated Repayments powered be Heron’s categorisation of revenue, daily revenues generate daily repayments automatically
  • Improved Recovery Rates with portfolio management processes powered by Heron’s categorisation to highlight potential future distress

The Challenge – manual categorisation is time-intensive, risky, and provides a poor customer experience

  1. False Positives for Revenue Categorisation: Without highly precise categorisation of Revenue transactions, setting up auto-collections is risky at best and impossible at worst
  2. Time Taken to Underwrite: Manually checking transactions to ensure categorisation accuracy is a slow and tedious process
  3. Worse Customer Experience: Unnecessary delays in responding to applicants offers a poorer customer experience and increases the chance that they may choose to seek funding from other sources

The Solution – how automated categorisation helps with increasing underwriting speed

Using Heron Data enables Outfund to offer more loans with much greater confidence, due to:

  1. Highly Precise Categorisation: With categorisation accuracy, especially for Revenue, close to 100%, Outfund can trust Heron’s enrichment to power their auto-collections and decisioning
  2. Underwriting More Applications: Since underwriting using Heron’s enriched data is also 5x faster, Outfund is able to process more applications and offer more loans with confidence
  3. Happy Applicants Become Customers: Quick decisions ensure the best chances of closing great deals for great customers and ultimately boosting revenue