In an era where tech giants have increased customer expectations, lenders and private capital providers are challenged to offer complete and personalized solutions. Business data platform gives lenders the clearest view of their business customers. Boss Insights is exactly the sort of this business data platform that digitizes access to business customer information accelerating all parts of the lending cycle (acquisition, lending decisions, onboarding, portfolio monitoring, cross selling) to deepen relationships and grow revenues. In 2020, a key focus for lenders is the prospect of looming defaults. Boss Insights analytics detect early warning signals, allowing lenders to take manual or automated, rules based action, to counter these risks.
The platform accelerates small business and commercial lending from months to minutes. It provides Business Data as a Service with a single API to capture real time business financial data (Quickbooks, Salesforce, Stripe, etc.). The data aggregation platform is proven and trusted by innovative financial institutions globally. Boss Insights’ mission is to provide banks and credit unions with a real time understanding of their business client enabling them to offer customer delight.
Keren Moynihan is co-founder and CEO of Boss Insights. Keren has built a people-first company and recently Boss Insights was mentioned by CBC as a place where roles are fit to people. Boss Insights has been awarded Top 25 Leader in Lending, been nominated for Entrepreneur of the Year (CSPN and The Timmy Awards) and AI Disruptor of the Year (IT World Canada). We asked Keren several questions on the new PPP funding round and how the Boss Insights platform can help companies to get access to the funding.
Are you excited about the new PPP funding round announcement? Why?
Keren Moynihan: Absolutely! Small businesses are the economic engine of societies. Each business is run by people, each an individual, each with families, whose lives depend on access to capital. PPP supports businesses’ ability to keep their workforce employed during the COVID-19 crisis – a lifeline for both businesses and their employees.
The second round of the Paycheck Protection Program (PPP) funding includes some major tweaks aimed at fixing some of the issues with the first round. Boss Insights is particularly excited for two reasons:
- The first week was open only to community lenders who support diversity and minority-owned small businesses including women-led businesses, many of whom were excluded or marginalized in the first round.
- PPP2 will bolster truly small businesses with 10 or fewer employees, rather than larger ones. In the first PPP round, small vulnerable businesses were unable to get the funding because larger companies had claimed the funds before they could. Previously, banks were encouraged to give priority to bigger businesses over the smaller ones.
Did you take part in the previous PPP funding? How was it? What would you expect from the funding round in 2021?
Keren Moynihan: In the first PPP round, Boss Insights collaborated with Oracle to create the Boss CARES PPP platform for banks to accelerate PPP funding. The results were astonishing: CCBank reported 80% time savings per loan, 2x more processed applications and 90% increased digitization. CCBank’s Chief Lending Officer, Dustin Phillips mentioned, “We gained 2-3 years of new client relationships within 30-60 days”. Read the case study here.