Kofax, a leading provider of software to simplify and transform the First Mile(TM) of business, today announced that Spotcap, a multinational provider of finance to small and medium-sized enterprises (SMEs), has implemented Kofax Kapow(TM) Robotic Process Automation (RPA) software to support its proprietary credit assessment algorithm.
Kapow mimics human actions to automate a wide range of manual, repetitive tasks, helping Spotcap to provide flexible financing options to SMEs.
Spotcap's machine-learning credit models evaluate business and cash flow data alongside conventional credit and financial information-providing a holistic view of a company's performance and creditworthiness. Kofax Kapow software robots help to facilitate the fast and automatic aggregation, extraction and transformation of data from a wealth of sources into actionable information for use by Spotcap's credit assessment algorithm and credit experts.
Spotcap's investment in Kapow, which delivered a full return on investment in under a year, helps eliminate paperwork and manual processing. Business applicants simply enter basic personal and business information online in a highly intuitive process which can be completed in less than 15 minutes. Applications are reviewed within 24 hours and, once approved, SMEs have immediate access to funds.
Spotcap is also leading the charge in an emerging trend known as Lending-as-a-Service, offering its full-service lending platform and risk decisioning tools to major institutions, financial or otherwise. This approach recognizes that SMEs have long had trouble obtaining financing, with traditional lenders historically discouraged by the considerable expense of processing loan applications for smaller credit lines.
"For every loan application received, thousands of data points must be analyzed to make a decision about whether to offer a loan," said Karl Sponholz, COO of Spotcap. "Unlike traditional lending processes, where credit decisions are based primarily on historical financials and credit scoring, we are tapping into Kapow smart automation software to quickly and easily access data from a large number of sources for in-depth insight."
"We're also creating a collaborative environment for traditional lenders," added Sponholz. "By tapping into our full-service lending platform, traditional players can offer more refined services, efficiently serving SMEs with competitive financial services and products."
"Kofax is helping Fintech leaders digitally transform their businesses to better serve customers," said Reynolds C. Bish, Chief Executive Officer of Kofax. "In addition to increasing their competitive differentiation and advantage, these technology-focused leaders are poised to thrive by developing deeper and better engagement with customers across their entire lifecycle."