Recently in New York City, Intuit® brought together the innovators, products and technology experiments that are changing the lives of its 42 million customers at its Innovation Gallery Walk. Dubbed “The Intelligent Economy,” the event offered 26 demos showcasing the power of Intuit’s ecosystem. Let’s take a closer look at one of the technologies poised to help customers and accounting professionals prosper!
Ouch! This loan process is painful.
For many small business owners, getting access to financing can be a daunting task. It can be difficult to know what options are available and the best ways to maximize opportunities to run and grow a business. Going through the financing process can take days, sometimes weeks, and include a multitude of paperwork, calls and meetings, only to be declined in the end. Not to mention, borrowing money can be a little scary when you’ve put every bit of equity into a business. That’s hardly an enjoyable experience.
Intuit built the QuickBooks® Financing platform to eliminate this painful process. We want to simplify the loan application process for small business owners and empower them with the information they need to make smarter decisions regarding access to capital.
Our data shows that 60 percent of our small business customers have been denied a loan because of a FICO score that suggests they’re not worthy. The QuickBooks Financing platform allows small businesses to use the power of their QuickBooks data to demonstrate their credit worthiness, streamline the application process and significantly shorten the loan processing time, from weeks to as little as one business day. By using QuickBooks data, small businesses can tackle the cash-flow crunch.
How did we do this? With you in mind!
We talked to our customers about the application process and learned that most prefer questions that are broken into smaller, more digestible groups. The long form questionnaires only reminded people of the bank, so we revised the application. We also redesigned the layout of the QuickBooks Financing homepage to make it easier to find needed information. Additionally, on the match page, customers view their offers in a loan card that breaks down the components of the loan and how much it will really costs. It helps customers understand exactly what this decision means for their bottom line, enabling them to make smarter, more informed decisions about their loans.
The QuickBooks Financing platform is a clear indicator of how we can leverage the power of data – QuickBooks data – to fuel long-term success for our small business owners. Data sits at the heart of the financing machine, and Intuit unlocks the necessary data to help small business owners make better decisions about financing options available to them.
We hope this redesigned tool will turn this process from painful to painless!
Stay tuned for more examples of how we are exploring emerging technologies to better serve our customers!