In a series of interviews with Smarter Loans, Greenbox Capital CEO Jordan Fein discusses all things alternative lending and FinTech. In this short clip, Jordan shares what’s next for Greenbox Capital and hints at new features borrowers and brokers can expect to see in the next four to six months.
Watch the video, or keep reading below for a full transcript.
SL: In terms of what’s up next for you and Greenbox Capital, is there anything you want to speak to? Any upcoming launches, innovation, news?
JORDAN: Yes! So we have several feature releases in our box. We talk a lot about “the box”. We created a software platform in 2016 and launched it in 2017, which basically facilitates the funding process. Really the focus is seamless, right? Seamless, seamless, seamless. Speed in communication. But the communication lies within our staff to communicate effectively. In terms of the technology, that technology is there to create seamlessness and speed to the transaction.
What [the box] does, it basically protects brokers by limiting human interaction in terms of the data that gets provided to us—that’s a benefit for the brokers. Also a benefit for the borrower. Speed allows us to process information quickly—to grab the data, process it, and provide a credit decision. And then what we have coming up is…I can’t get too much into detail with it, but there’s a few key features that are going to be available to the customer, to the borrower, that are going to allow them to get capital on demand without really having to do anything. Really, seamlessness is a key driver.
As we roll out this technology, and as we continue to make it more seamless, we’re actually able to offer cheaper cost of capital to the customers because they’re consuming less operating expense. We’d like to pass all of that value onto the customer so that we continue to be best in class.
So I think that’s super important to know that there’s a bunch of features coming out for the merchant, for the business owner, over the next four to six months. That is really going to put us ahead of anybody in the market. We’re very, very excited about that.
And then also on the broker side, I won’t go too much into
“As we roll out this technology, and as we continue to make it more seamless, we’re actually able to offer cheaper cost of capital to the customers.”
it, but it’s going to give them the access and tools to be able to customize offers at a whole new level. We already have a great customization tool for them to customize the offer for the customer, which gives them quick on-demand ability. They’re now going to have even more tools and transparency so that there’s less feedback loop, less time to get that feedback from Greenbox Capital to the broker, because of that extra party in the transaction. We want to set them up as well, because at the end of the day, if we don’t focus on our brokers, then we’re also hurting our merchants because they’re dealing with the customers. They’re dealing with the business owners. We have to make sure there’s a lot of good features for our brokers as well.
So in the next four to six months, I want you to think that there’ll be different features rolled out by Greenbox, in the software, that will be at the fingertips of the borrower business owner, when they log into “the box” to have their own experience. They’ll be able to self-serve in a push of a couple buttons. That’s happening in the next four to six months. And then on the broker side, transparency, ability to give information quickly to the borrower as well.
SL: Okay. And all these tools are going to be available in
“On the broker side, it’s going to give them the access and tools to be able to customize offers at a whole new level.”
the Canadian market as well?
JORDAN: Absolutely. When we roll out, we roll out to all markets.
About Smarter Loans
Smarter Loans’ mission is to help Canadians make smarter financial decisions through educational resources about Canada’s most innovative financial products and connecting Canadian consumers and businesses with top financial companies in a fast, safe, and convenient way. With a focus on both personal and small business lending, Smarter Loans compiles company profiles for top financial companies in Canada, offers loan finder tools to make it easy to find the right loan, and shares educational content that promotes responsible lending in Canada. Visit Smarter Loans to learn more.
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