INNOVATION – BEST COMPANY IN EQUIPMENT FINANCE

How long does your application process take? Hours, days, weeks? What if you could cut that time down to three minutes? That’s what Northteq, a financial technology company based in Minnesota, offers with its Salesforce-powered loan origination system and partner portal, Aurora. The platform automates workflows that streamline the loan origination process for equipment finance lenders, building a seamless experience for borrower and vendors. In addition, by integrating with partners like TValue for pricing, Ekata for fraud prevention, Middesk for KYB/KYC, PayNet and Dun & Bradstreet for business credit checks, Ocrolus and Plaid for cash flow analysis, and Experian, Equifax and Transunion for consumer credit checks, Aurora can take a deal from application to documentation quicker than most movie
trailers run.

Reducing the cumbersome application process to such a manageable timeframe required Northteq to create greater efficiencies in Aurora’s workflows. Among the myriad features it has introduced to the platform, one of the most game-changing was the introduction of artificial intelligence-powered application entry. Vendors and borrowers can take a picture of paper applications and/ or invoices and allow a trained AI model to create an application on the Aurora platform, thereby eliminating time spent on manual data entry.

Adding AI-powered application entry (as well as third-party Salesforce-powered applications) to the Aurora platform is just one way Northteq has consistently evolved its product offerings over the years as part of its dedicated innovation roadmap.

“We understand that creating innovative products begins with visualizing their potential and possibilities before starting the building process,” Kristian Dolan, CEO of Northteq, says. “We’re not just keeping pace with current technology trends; we’re actively envisioning the future of our products, services and company.”

Northteq creates and iterates on its longterm plan for innovation by defining where it wants to be in 10 years and then using that thinking to refine its one- and three-year targets, which are then broken down into quarterly goals called “rocks.” As it strives to meet these goals (or break these rocks, if you will), Northteq ensures that it regularly monitors progress and celebrates success through a systemic approach that leans on defined objectives and key results. Northteq reviews these results and metrics each week to ensure it is meeting or exceeding its goals and thereby providing value to customers.

In addition to its dedication to transparency within its own team, Northteq also prioritizes transparency with its customers. For example, the company ensures its clients receive instant text and email notifications about the status of their applications throughout their time in the Aurora platform. By providing such straightforward and transparent communication, Northteq aims to strengthen borrower and vendor relationships.

Northteq says its innovation is driven by “a blend of visionary leadership, a passion for technology and an unwavering commitment to addressing real-world business challenges for equipment finance lenders.” Members of the company’s leadership team, 80% of whom identify as women, encourage colleagues to embrace thinking big and taking bold actions while remaining connected to the needs of customers and developments in both the financial services and technology sectors.

“Our approach to innovation is grounded in a deep understanding of our customers and their customers (end-users),” Dolan says. “This client-centric perspective ensures that we are always building products and features that enhance the borrower and vendor experience.”

For all it has achieved since its founding just five years ago, Northteq is not a company that rests on its laurels. In January, it announced several expanded product and pricing offerings, including enhanced asset-based pricing and line of credit capabilities, as well as vendor and partner portal advancements.

“Real innovation is all about challenging the status quo, not settling for what you achieved yesterday, and embracing change with a growth mindset,” Dolan says. •