Identifying yourself, filling out dozens documents, sending them in by mail, awaiting handling and assessment, correcting mistakes or giving additional information, sending in new information, awaiting handling and assessment again…..Does it sound familiar? A normal application process of any kind - and especially involving money - seem to be able to go on forever. It is time-consuming and costly for everyone, and at the end of the day - whether you are approved or declined - customer experience is poor to say the least.
Corpia, a Swedish company established in 2012 offering loans to Swedish entrepreneurs, saw an underserved market that needed something new. The need for a process that was automated, simplified and compliant. Being part of the traditional finance business, Corpia chose to challenge the way things were done, to create a compelling customer journey and by extension fantastic business value.
After automating the process for onboarding of new customers - including large parts of required compliance work - manual labour has been reduced by 20 minutes per customer. Corpia now expects to save about 650 hours of manual work in 2021, or roughly 16 40-hour work-weeks!
”We had a vision of how a smooth customer journey should look like, but had problems finding a partner that could give us all that we needed for that smooth experience we envisioned. When we stumbled upon Roaring, it almost felt like they had tailor made their product for us.” Says Emilia Åker, Head of Operations at Corpia.
The importance of accurate company information is crucial to Corpia from many perspectives, mainly however in reducing credit assessment risks, creating a good customer experience and ensuring compliance with Swedish regulations. Emilia explains:
”It can be hard staying compliant with all the regulations and at the same time ensure that the user has a good experience. We don’t think asking the customer to sign up digitally and then send a form with multiple pages full of questions is the answer here. We have an almost unique chance in Sweden, with all the available data, to make a truly great experience but still know your customer better then you could ever do from only their own answers. What we’ve done is to make it easier than ever to onboard a customer and at the same time feeling secure in that we have more reliable data than ever before, without any possible tampering.”
Besides recent customer feedback indicating the new process is widely appreciated, Emilia finds a few things to be the greatest advantages of the high level of process automation.
"Emilia Åker, Head of Operations at Corpia"
”One of the ways we use Roaring is that we, when the user log in via BankID, check if the user has any connections to any Swedish company. If they do we present the different companies to choose from, it isn’t life saving but it’s just a neat, user centered, feature. Another feature I’m fond of, that has greater implications, is that we fetch all the company signatories and in what constellation they are allowed to sign agreements for the company in question. This way we don’t have to do any checks manually and the signing process is completely automatic.”
Corpia recently announced a strategic agreement with the Latvian bank Citadele, which conducts banking operations in the Baltics. The agreement includes a technical platform that streamlines and automates the bank's lending to small and medium-sized companies. In connection with this, Corpia is taking the step out into Europe and opening up for continued international expansion.
Corpia was founded in 2012 and has since provided more than SEK 1 billion to Sweden’s small businesses.
The company has recently announced plans of an international expansion, with a new strategic partnership in place with Latvian bank Citadele.