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Small Business Revolution: Streamlining Credit Approvals with Experian’s RapidLend Bundle

October 23, 2023 by Nathalie Stecko

Experian RapidLend Bundle

What do credit unions, community financial institutions, retailers, B2B companies, and manufacturers all have in common? They are a vital part of the small business ecosystem—which highly impacts the US economy—and have the power to enable small businesses with better rates, terms, and credit options.

The rapid rise of small business creation during the pandemic and beyond has proven to be a promising growth opportunity for firms that influence the small business ecosystem, especially if the firms can address the high volume of new business accounts applying for new lines of credit and credit terms online. Unfortunately, many of these firms are facing a difficult dilemma in updating their operations to run efficiently enough to automate their existing credit approval processes in a way that can serve business customers digitally and in a timely manner before customers look elsewhere.

It’s a difficult scenario for smaller firms to handle operationally, and at a time when markets are fickle: How do firms invest in automating and updating their own operations, like credit approvals, with minimal resources and fast? Usually, it takes a lot of investment, time, resources, and agility to automate manual processes across organizations in a way that is secure and efficient. This scenario often gives larger competitor firms who have the resources to build automation in-house an advantage in addressing the market for small businesses.

Break new ground with ‘out of the box’ small business lending: Introducing Experian’s RapidLendTM Small Business Bundle

Firms can create ‘blue sky’, or more opportunities for small businesses by providing faster credit decisions and customer experiences. Break new ground within the small business space by leveraging ‘out of the box’ decisioning solutions, like Experian’s RapidLend Small Business Bundle. When combined with Experian’s vast, blended consumer and business data sets, firms can implement or improve their digital application workflow within 24 hours by deploying online credit forms to automate digital information capture and processing of small business credit applications.

Experian’s RapidLend Small Business Bundle: Empowering small businesses and growth with automated decisions

Smaller players who want to automate their small business credit process or bring on small business solutions channels for the first time can now easily implement web-based decisioning and application processing software called the RapidLend Small Business Bundle. The bundle is designed to render instant business credit approvals via a robust decision engine within a 24-window and with minimal technical lift required.

This is a game changer for firms that are often squeezed for technical resources or investment but expected to deliver high-touch customer experiences from all aspects of their brand interactions, whether the interactions are with consumers or businesses.

Now, digital applications can be processed instantly, and risk can be managed more efficiently within the RapidLend Small Business platform. The platform allows for credit scorecards and credit policy rules to be easily configured to automate credit decisions, actions, and credit limits.

Bringing on a solution like the RapidLend Small Business bundle can also further enable strategies that help define and identify risk via simple API integrations within internal and third-party systems to promote added workflow automation that further reduces risk and human error. The platform delivers consistent and reliable decisioning results and allows users to print policy documentation on-demand.

A path for firms to break into the small business space or stay competitive if they already have a presence

It is an exciting time for firms that can take advantage of the opportunity to increase their activities within their small business channels or break into the small business channels by bringing on new products and solutions. By leveraging ‘out of the box’ solutions for automating the credit processes for small business accounts, firms can focus on what they do best and innovate in a way that fits their brand or business models without losing momentum. Solutions like Experian’s RapidLend Small Business bundle are just some of the many ways that Experian looks to grow market share for clients by empowering small businesses to thrive. Click the button below to watch a demo of the RapidLend Small Business bundle.

About this blog

The latest insight, tips, and trends on all things related to commercial risk by the team at Experian Business Information Services. Please follow us on social media.

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