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Prospa recently held a national event that shone a light on its newest broker-centric offering: Prospa IQ. The intelligent quoting tool helps partners generate on-the-spot accurate quotes for their clients.
Prospa highlighted a few of the features of the new tool, which include:
- Improved partner-led client management for end-to-end client applications.
- Seamless online experience with an enhanced Partner Portal.
- Effortless lead submissions and application tracking.
- Instant access to accurate quotes via Prospa IQ.
- Real-time updates on deal progress and commissions.
- A comprehensive resource hub to help partners grow their business.
Further to this, the lender has announced expanded lending and payment terms and products for businesses generating $1–$10 million in annual revenue. This includes offerings such as:
- Loans over $150,000 may also access four and five-year terms, giving businesses greater flexibility to invest in growth without straining cash flow.
- The ability to make unlimited extra repayments to allow businesses to pay down their loans faster, reduce interest, and free up capital.
- The Business Line of Credit limit has increased to $500,000 (from $150,000), providing more funding options for businesses navigating cash flow challenges.
Speaking to Broker Daily on these opportunities, Prospa’s general manager, sales and partnerships, Roberto Sanz, said brokers played a crucial role in forming these plans.
“The journey started quite some time ago, and it has been feedback that our partners have been sharing with us for quite some time. When you think about our industry, the whole business lending, the secure lending space, you think about, what are we truly building for our partners?” said Sanz.
“We knew that if we want to take the proposition to a true tech type of game, we need to upgrade all of our internal technology first. And that was the journey that we have taken throughout the last two years, and that what enables us for today.
“Everything that we do here at Prospa is all about our partners. Eighty per cent of our business is introduced by our partners. And we knew that we had to lead the way, especially when it came down to technology.”
According to Sanz, speed, accuracy, and customer experience are expected to be promoted through Prospa IQ.
“We wanted to build something that will impact our partners. It will make them faster, it will make them have a better customer experience, and also thinking about the future of what this is going to evolve into. I got a very clear vision of it, but at the end of the day, the first step someone had to do it, and I am extremely proud that Prospa is that lender,” he said.
Further, Sanz said that data was a major factor in developing the tool: “If you think about what technology does for us as lenders, it all comes down to how much data can I actually collect? How much data can I analyse, and what I’m going to do with that data? And if you think about IQ as an example right now, what lenders can acquire is data on how we’re acquiring the data on clients and the market, which off the back of it, you make decisions.
“I strongly believe that, these tools, such as Prospa IQ, are going to start feeding us with data from the market. And with that data, it will enable us to then review our own product features. It will allow us to review our own policy and really understand what are the opportunities that are happening right now in the market, what type of businesses we are not helping at the moment that we should be able to help.
“And that’s the data, which is very rich data, that IQ would provide us with. And then you add to that the feedback from our partners. I think when you combine those two things, that’s what actually can make us unstoppable as well.”
Diversification was also a key component. Sanz hopes that Prospa IQ will help brokers branch out into business lending, helping build skill sets across the industry.
“There [are] many brokers out there that they are not that familiar with business lending, and how it really works and how we assess creditworthiness of a business. And this tool will educate any broker, any partner, independently of your financial literacy. This is a tool that actually will in a very easy five simple steps, you can get a really good understanding of what information we are looking at, how we assess that information, and ultimately, what’s a deal and what’s not a deal?” Sanz said.
“I think the appetite for diversification is strong in the market. The support that we need to provide as lenders, to those partners that want to diversify is how you do it. The reason why I’m saying that is you think about a broker, could be a mortgage broker that has done some self-employed mortgages, so they’ve got business clients. If we can get to a point where IQ is working for them and assessing businesses, you keep doing self-employed mortgages. You keep focusing on your core, but you’ve got this tool that, the moment that you input the information into your CRM system, this tool is going to work for you.
“This tool is diversifying your business. That’s the how, which is the most difficult part. They don’t know where to start. I want to diversify. I don’t know how to do it. Where should I start? What’s the first step? Well, the first step is [making] IQ that resource in your business that allows you to diversify.”
Prospa will also be running an end-of-year promotion for partners, featuring a 1 per cent commission boost on all new customer deals settled before 31 December. The first 100 partners who submit and close a deal through Prospa IQ will earn an extra 1 per cent commission.
“With loans of up to $150,000 now available with five-year terms and increased line of credit limits, we’re providing businesses with the flexibility and funding they need to grow. Additionally, our competitive pricing and end-of-year partner promotions offer even more value, to help make business happen at a time of greater economic uncertainty,” said Sanz.
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