Unleashing the Power of Diligence
How VE helped WELLEN 2x their customers
Wellen Capital at a glance
Wellen Capital offers flexible and fast capital advances to businesses across the United States. Their aim is to provide easy and accessible non-banking capital alternative to small businesses, including retailers, restaurants, and service providers. Unlike restrictive bank loans, their creative solutions provide a comfortable and convenient repayment process, making it easy for businesses to address immediate cash-flow issues and fuel future growth. With a 60-year tradition of supporting small businesses, Wellen Capital combines a rich history with a fresh perspective on meeting their customers' capital needs.
Industry-specific challenges
Fraudulent applications
One of the biggest challenges faced by the industry is fraudulent loan applications that range from fake documents to identify theft, and can be difficult to detect.
Lack of credit history
Many loan applicants may not have a credit history or may have a poor credit score, making it difficult for lenders to assess their creditworthiness.
Incomplete or inaccurate information
Incorrect or lack of complete information of the loan applicants hinders finance providers from making informed decisions.
Solutions
Verify the authenticity of
documents
The due diligence analyst verifies the authenticity of documents submitted by loan applicants.
Conduct background checks
The analyst verifies identity, employment status and other relevant information of the loan applicant to meet the necessary criteria.
Use advanced data analytics
The data analytics tools are used by the analyst to identify patterns of fraudulent activity and detect anomalies in loan application.
Analyze credit history
The due diligence analyst analyzes the credit history of loan applicants to determine their creditworthiness and assess their ability to repay the loan.
Our approach
Retrieve application from the shared email box to VA's own email box (provided by Wellen) to minimize assignment duplication.
Creating account, Contact and Opportunity records.
In case of condition A
The diligence analyst records the company DBA name, Tax ID and zip code to identify the accounts.
If the business does conform to Wellen's policy, the analyst rechecks from the checklist whether all the necessary information of the applicant is there or not.
If one or several of the inputs do not conform to Wellen policy
Double checking that all of the fields are populated correctly and making changes, if required.
Incorporating funding details before uploading the banking statements and application to box.
(Online database designed to help funders determine if a future client of theirs has a bad track record in the alternative loan industry)
Updating the credit report of the owner.
Retrieving DataMerch results to determine if the opportunity may proceed to review or not.
(Online database designed to help funders determine if a future client of theirs has a bad track record in the alternative loan industry)
DA's prescreen review subprocess
Step 1
If the business is associated with the trucking industry, checking if the business is registered with the USDOT and is active.
Step 2
Since Wellen is charged a fee from Salesforce for each page uploaded to Perfect Audit, the pages without transactions at the end of the statement are removed. The trimmed statements are then uploaded for sizing and review.
Step 3
Deleting all files from the diligence analyst's computer and are saved in the Box. Uploading the data as a Perfect Audit.
Analyzing the metrics
with a keen eye
9 years of experience
Skills
Pankaj helped Wellen Capital to:
- Assess creditworthiness of potential borrowers.
- Verify information ensuring accuracy, detecting fraud and identifying risk.
- Comply with regulations, avoiding legal problems.
Reaching a milestone
Virtual Employee was able to reduce application scrutiny time by 30%. Wellen Capital' s team saves 17 minutes in scrutinizing each application.
Resulting in faster loan processing and serving more than 200 customers in a month
Increase in customer satisfaction
Wellen Capital is proud to be named one of America's Fastest-Growing Private Companies by Inc. Magazine.
