This month we wanted to shine the spotlight on one of our clients: Gideon Shaw who is the CEO at Invocap.com. Invocap.com is a fintech platform, who are passionate about helping small and medium business find better ways to finance their growth. Their online tools help them to see the real value of your business, by taking into account assets that a traditional bank would not recognise. Invocap really value their customer relationships and put their users at the heart of what they are doing.
We sat down with their CEO, Gideon Shaw to ask him a few questions and to see how DueDil is helping them provide the best possible onboarding experience for their clients.
1. Tell us a bit about yourself, Invocap and your responsibilities?
I started Invocap in 2014, having previously worked for Morgan Stanley doing alternative investment management, and later for a technology venture capital fund. I wanted to create a platform that would help small and medium businesses access smart, efficient finance - in a way that larger companies already do.
2. What did your original customer onboarding process look like?
Originally our onboarding process was very manual. We had an online application form that companies completed, and subsequent information requests would be sent by email and phone. One of the major problems we found was simply getting the correct company name. This was extremely important to us as even the smallest variation in spelling would mean that we were unable to locate the correct company.
3. How were you looking to improve this?
DueDil provided us with an awesome solution to streamline this process. Rather than having applicants manually type their company name in full, DueDil auto-populates a drop down menu for applicants and suggest the name of the company based on the first few letters that they have typed. All of the company names have already been checked in advance, and are the correct spellings as found in public records. The customer then selects the correct company name which ensures that we are working with the correct entity. It’s simpler for the customer, and safer for us. A win-win situation for both parties involved.
4. When deciding to undergo your digital transformation what was the main criteria for evaluating different providers?
We are a technology-driven business, so the quality of the API build was crucial for us. A lot of the information we use is publicly available, so it’s not just about access to information - its about ease of use, and keeping up with the latest technologies. The DueDil API was superb. Easy to use, responsive, and the customer service has been awesome. At this point, a lot of the information we receive from DueDil is not information we could find easily ourselves, but even if it was, we would happily pay to receive it via the DueDil API - it's just that good!
5. How did you manage change within the organisation?
Managing the change was not intrusive because DueDil's services are provided via their API, we were able to integrate it easily into our existing user experience.
6. What has the impact of implementing the DueDil API had on your business and customer onboarding process?
In terms of the initial step of registering a new customer, I would estimate the DueDil API reduced our onboarding time by 200%. It’s just so much easier than having to fill a form manually, and the margin for error and additional administrative work has reduced significantly.
7. What advice would you give to anyone looking to automate their processes?
I think the best policy is to create your process manually first, and then automate. Once you know exactly which features are important and can isolate where customers pain points are - that's the time to bring in technology and automation. Otherwise you run the risk of building automation just for the sake of it, without actually receiving the full benefits that technology like this can actually offer.
Companies like Invocap.com use the DueDil API to autopopulate specific fields in a form and reduce drop off rates while increasing form completion rates during the customer sign up process. This ensures that the most accurate data is captured into your system, enabling a faster customer onboarding process and lower abandonment rates. See how it works here.