5 Ways Mobile Banking Is Evolving: Finovate
Originating Small Business Loans
Capital Access Network, a small business finance specialist, showcased their Mobile Funder, a tablet-based tool for financial sales/ISO representatives selling small business loans. Mobile Funder allows the representative to pre-qualify, authorize credit checks, propose multiple finance options, and sign and submit applications, which would eliminate paper applications.
"The sales representative can show info in real time [on the app] to allow the customer to compare terms," says Dan DeMeo, Capital Access Network's CEO. "That speed and real-time capability is the hook. We can get a decision in 20 minutes." And with Capital Access Network's unique pre-qualification screening, they pre-approve 70% of the loans, he adds.