ThinCats works with nCino and FullCircl to streamline funding processes and accelerate loan completion
SMEs are critical to the UK’s economy, but many face challenges in securing funding or encounter lengthy application processes, in part, due to legacy technology platforms. As an alternative lender, we aim to fill this gap in the market by providing speed and flexibility, creating bespoke funding structures and transparency during the funding process.
It’s imperative, therefore, that we continue to invest in our people and IT capabilities as we provide funding solutions to an increasing number of mid-sized businesses. To that end we have recently carried out a significant business and technology optimisation project to improve our internal origination processes. The ThinCats Change and Technology team, supported by business users throughout the company, in partnership with the nCino delivery team, worked to deliver the project which has seen numerous benefits for our customers.
Through the use of new data automation capabilities, we have reduced data input times by 60%. In addition, new integrations with our pricing system driven by PRISM (our proprietary risk model) and newly optimised KYC solution through FullCircl have shortened loan completion processes allowing us more time to focus on the deal and improve experience for customers.
The project has delivered significant enhancements to our systems and processes that not only smooth the overall funding process, but also give greater transparency to borrowers and their advisers. Our partnerships with nCino and FullCircl have allowed us to exceed our initial requirements and improve day-to-day use of the platform, delivering large meaningful change more quickly than we had originally anticipated. The project was a great success and huge thanks go to all of the internal delivery team and business users who supported requirements gathering, solution design and testingLiam Murphy, Head of Change, ThinCats
Mike Hackett, Chief Commercial Officer, ThinCats: "We are always looking at ways of improving our proposition to better serve mid-sized businesses in need of funding. We have built a reputation in the market for speed of execution, and these enhancements will help accelerate our delivery to support even more UK entrepreneurs across the UK.”
