Boss Insights’ Data Platform
Boss Insights’ platform is available as a modular platform and as an API hub. The end-to-end platform includes qualification, due diligence and monitoring. The API hub pulls data from over 800 APIs providing structured data to the core for flexible functionality by your internal teams.
In lead qualification the platform completely automates the scoring of leads and automates communication. The borrower receives a personalized follow up without any human capital investment from the lender.
In due diligence, the borrower is invited by the lender to a platform to connect their cloud based software. This replaces any manual work to provide documentation which then has to be processed by the lender. For example, instead of sending a financial statement by email or paper, the borrower will connect to any of the multiple accounting APIs on the platform. Boss Insights will then pull the information, calculate it according to the lenders’ specifications and score it according to their model. For lower amounts (e.g. SMB), the decisioning is automatic. For higher amounts (e.g. commercial) the information is gathered automatically and can be reviewed internally for strategic decision making.
Portfolio monitoring traditionally occurs after the loan is approved. The purpose is to learn about any other products that would be useful to a client to create a deeper relationship and to keep on top of risk. With Boss Insights, this process starts on day one and the platform will automatically notify the relationship manager proactively of any services that would be appropriate for the business. This model changes the dynamic from reactive transactional service to true financial partnership.
Boss Insights’ API hub is the backbone of the platform and integrates with a lender’s core to allow businesses to share their financial and operating data. It can be used to gain deeper insights on a business borrower by providing a 360 degree view. By facilitating this view, lenders can become true financial partners instead of just transactional service. The deep insight allows recommendations of other banking solutions such as treasury, cash management, FX, and deposits. The majority of businesses, over 61% are happy to share their data for more convenience. Lenders, banks and credit unions that offer this functionality via APIs saw a 20% increase in revenue (PYMTS).
Boss CARES is an automated modular PPP/CARES platform. It has functionality beyond PPP. With the latest forgiveness guidance, borrowers have a lengthy and cumbersome process. Typical platforms will provide an online form but still need borrowers to fill them in manually. It requires a lot of support and lengthens the time it takes for lenders to receive SBA payment. Boss Insights stands apart by offering an instant forgiveness calculation.
With Boss Insights, borrowers trade in manual effort for three steps:
- Connect their data via API
- Review pre-calculated forgiveness
- Attest. Most likely, we haven’t seen the last of the changes.
With anything short of true data automation, changes will lead to more work. The difference with API hub is that the work is done once. It eases the heavy lifting on lenders as documentation is available, at the borrower and portfolio level. The API platform connects to accounting and payroll systems offering the quickest way for lenders to submit information to the SBA for funding. Boss Insights offers true data automation vs. a file management system. It’s a modular platform that can be adopted in 1-3 days by lenders and functionality that extends beyond the PPP loan facility to regular SBA, SMB and Commercial loans.
Boss Insights has 3 pricing models:
- Per client
- Per assets under management
- Revenue share
Boss Insights has two channels:
- Direct: banks, credit unions, alternative lenders
- Channel partnerships: advisory firms, accelerators, sales partners, fintechs, software companies