Equipment finance lenders are drowning in generic applications that don’t match borrowers’ expectations or capture all the information needed for credit decisioning. A trucking company applying for fleet financing gets the same credit application and requirements as a medical practice seeking diagnostic equipment. This results in high abandonment rates, incomplete data and frustrated customers who expect the personalized experiences they get everywhere else.
Northteq, a provider of loan origination software for equipment finance lenders, launched AuroraApply to solve this problem. The intelligent application experience adapts to each borrower’s industry, business size and financing needs, delivering the right questions at the right time while triggering credit checks, fraud prevention and compliance workflows in real-time.
“What if your application could think for itself — showing only the questions that matter and kicking off credit, KYC, and fraud checks the moment data hits the screen?” asked Kristian Dolan, chief executive officer of Northteq. “A construction company has completely different needs than a restaurant owner. Today’s borrowers expect personalized experiences in every aspect of their business. AuroraApply makes that possible.”
How AuroraApply Works
- Dynamic credit applications adapt based on any combination of industry, business size, equipment type, transaction type, or origination channel
- Real-time fraud prevention with automatic identity verification and customizable step up logic
- Multi-channel deployment optimized for dealer networks, direct lending, and partner referrals
- Contextual intelligence that shows only relevant fields and uses industry-specific terminology
- Integrated workflows that start credit, compliance, and syndication processes the moment data is collected
“You get instant feedback and fraud prevention without the friction,” explained David Trost, director of product at Northteq. “If additional verification is needed, borrowers handle it in the moment rather than dealing with back-and-forth requests later.”
AuroraApply is designed to improve customer conversion rates, reduce customer acquisition costs, and accelerate the time from application submission to credit decision. Learn more at northteq.com/AuroraApply.
