It has been designed based on side stepping the hurdles we all face as brokers and tested in real time at think. Our recent growth as a result of TheThinkApp has seen our company grow by 1000% In 12 months… and that growth can be directly attributed to both our lending technicians and the think app itself. The licence is based on commission splits which in essence means you only pay when you close business… and not only do you have full use of the end to end capabilities, but also our opps team. We made sure to work the costings so that through economies of scale and efficiency of the app, you actually get a ops team for half the price of hiring your own.
We also have exclusive access to some award winning open banking api software which would cost an individual user over £2000 a month to licence. Giving brokers instant access ti their clients bank transactions. All built in as part of the package. Which makes our offering not only a great starting platform for new brokers to get access to over 200 lenders at the push of a button, but also existing brokers as a replacement to their bulky sales force or other crms.
How does this help the work of the commercial finance broker?
#TheThinkApp is a multiplatform, end to end application that allows us to aggregate 200+ lenders. By filtering results using our ifunds lender matching software based on the data collected from the client and connecting the customers accountancy software, open banking and credit agencies to give a realtime result meaning brokers can advice their clients instantly, collect all the relevant supporting docs at the push of a button and then apply to that lender via the lender platform.
Once the application is in credit, brokers can monitor the progress in real time and also connect directly with that lender via a live chat function.
It’s also a crm that allows brokers to manage their prospects, grade them and use 1 of 60 branded email templates and sms capability that allows them to get on with building their business and this industry.
Background behind the new product
Think Business Loans was conceived when I joined the directorship of think business finance in 2014, and think entered the SME lending space, and focused their strategy on unsecured commercial lending. We have quickly become one of the leading players within this space, exclusively serving a number of high level comparison sites and brands and in a relatively short space of time now enjoy the top introducer position at the majority of unsecured and fintech lenders.
Our relentless pursuit to become the leading SME lending specialist meant we had to face and overcome hurdles faced within this market, and factors that were especially acute due to the majority of our business being generated from web based ‘shoppers’.
Reasons for launching it
During our rapid growth we have noticed an ever increasing divide between what lenders are calling ‘The Platforms’ and the ‘Traditionals’. We are in a world of fintech, and a world where apps and business tools are in the armoury of many successful businesses. What we have noticed is that both lenders and brokers that are more tech orientated are making great waves, and huge leaps compared to more ‘experienced’ brokers… it seems millennials have made tools to make up for their lack in experience, and those tools work.. Simply put we want to give everyone the opportunity to compete, and essentially level the playing field.
Many of us ‘platforms’ enjoy great benefits, such as sophisticated matching software (allowing us to sieve through hundreds of lenders), credit referencing API connectivity, direct access to 200+ lenders, and the jewel in the crown the upcoming Open Banking API connectivity.
Any brokers (and lenders) biggest task (after effectively establishing the edibility criteria of the client) is collecting all the correct supporting documents in order to get an app effectively underwritten…. As ultimately, loans are our stock, and without supporting docs, and the right supporting docs, we all have no stock to sell.
From January 31st, Think will be one of a small panel of exclusive platforms that have access to the Open Banking bespoke software that will allow us to access clients bank accounts at the touch of a button. Which we believe will change the face of this industry overnight… we wanted to ensure these benefits are not only enjoyed by the VC elite, but by every hard working broker out there, ensuring our end goal is always and always will be helping UK’s business find the funding they need to help grow and achieve their goals, and as a result grow our economy together, so we all benefit…
We have been working tirelessly with a number of strategic partners in order to get it ready for Q4 this year. The reason for launching now, is that we feel it has been thoroughly and robustly tested and is fit for mass licencing, and coupled with our exclusive Open Banking API connection going live 31st January 2018, we thought it no better time to get brokers and intermediaries set up and ready to go, so no one is left behind.
Who is the target audience
Any and all intermediaries (brokers, accountants, IFA’s and any B2B commercial business to maximise their revenue streams)… we have a number of schemes and levels allowing them to do as little or as much as they’d like. They can either licence the software outright, or pay a percentage of commissions earnt from loans arranged through the aggregator platform. Giving immediate and direct access to 200+ lenders, and meaning they can start doing deals straight away.
Regardless of the FCA permissions, Think has a scheme that works, and our opps and sales team work for the intermediaries, as part of the package, for free. If regulations wont allow or they simply don’t have time, our sales team (some of the highest converting in the industry) are on hand to advise your clients, and our Opps Squad, are at their disposal, QA-ing every deal and chasing docs, information, lenders and clients on their behalf, so they can focus on building their business and driving more sales. So essentially, overnight, they can set up and enjoy over £200,000 worth of software, and utilise any one of 7 operations or any one of our 25 sales staff… as well as their own dedicated account manager to help and advise on every app.
We’re keen to reach out to existing commercial finance brokers, but also anyone thinking about going out on their own, and earning straight away. We also have a lead portal for newly established businesses, allowing them to buy and work live web based enquiries.
A few quotes explaining what you hope to achieve with the new product
Our intention is nothing short of re-engineering the world of commercial finance sales, and to well and truly level the playing field by giving each and every intermediary the tools they need to generate real volume based revenues and grow their brokerages. No longer are these fintech tools only available to a pre-determined elite
Simplicity isn’t a term that is synonymous with either commercial lending or technology, however, we feel we have genuinely bridged that gap. Our software is designed to do the leg work for you, with our iFunds matching technology you can now advise your clients on over 200 lenders at the push of a button. With conditions, rates, and eligibility established instantly.
We look forward to a world where our network of brokers can focus on what they do best, and not be bogged down applying to multiple lenders, having multiple conversations, and working multiple systems and portals to get fair comparisons for their clients.
Open Banking is extremely exciting and going to change the face of our industry… we wanted to ensure every broker gets access to this software, to enable them to not only effectively advise their clients, but also ensure each and every application is fully packaged, to ensure the likelihood of approval, and drastically reduce declines. In Fact 85% of apps made through TheThinkApp receive an offer.
As a volume based brokerage now everyone can enjoy our gold level broker rates. By working with think, you not only receive unrivalled technology and support from our team, but THINK also enjoy VIP underwriting routes, exclusive products from lenders (namely IWOCA 3 and % year term products) and exclusive commission rates and incentives.
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Kirsten Merritt attended the University of Westminster with a bachelor’s degree in Marketing and Promotion. After graduating she became a Marketing... Explore Author