FlashSpread is transforming the commercial lending and fintech industries. Lenders and financial analysts used to drown in a sea of financial data stored in paper documents. As a result, the underwriting process tended to be tedious and time-consuming.
These painstaking, manual processes are being turned upside down by FlashSpread’s automated financial spreading platform.
In this article, we take a closer look at:
- Who the platform is built for
- How FlashSpread’s technology works
- How commercial lenders and fintechs benefit
- Where to schedule a demo with FlashSpread
The FlashSpread platform was designed specifically for commercial lenders and fintech companies. Financial spreading has long been a process run mostly on paper. However, all of this is changing rapidly.
How Does FlashSpread Work?
FlashSpread uses next-generation technology known as Optical Character Recognition (OCR). With OCR, the FlashSpread platform electronically captures data from borrowers’ financial documents such as tax returns. It then transfers this data to your fintech platform so creditors can analyze the financial strength of businesses.
With FlashSpread, you simply upload scanned copies of tax returns into the platform and the data is extracted automatically. Additionally, FlashSpread uses proprietary algorithms to detect errors and omissions in the tax returns.
How Does FlashSpread Benefit Commercial Lenders and Fintechs?
Commercial lenders and fintech companies are constantly processing and analyzing large volumes of financial data that can only be found on physical pieces of paper. But these antiquated processes are prone to human error and inefficiency.
With FlashSpread, commercial lenders and fintechs can finally say goodbye to manual paper processing. Since there is less human involvement when FlashSpread is used, the potential for errors is greatly reduced. Additionally, commercial lenders and fintechs enjoy faster turnaround times and fewer staffing requirements.
Faster turnaround times means customer satisfaction is significantly improved. And, since digital tax return data is readily available with FlashSpread, commercial lenders and fintechs don’t have to spend as much time searching through mountains of paper. Lenders are able to make faster lending decisions and business owners appreciate a shorter lending process.
Spare Yourself the Trouble of Sifting Through Seas of Information
As technologies for commercial lenders and fintech companies continue to evolve, underwriters are more motivated than ever to adopt FlashSpread’s automated financial spreading platform. The automation enabled by FashSpread’s ground-breaking OCR technology allows commercial lenders to make better lending decisions and increase customer satisfaction.
Are you a commercial lender or fintech company ready to bring FlashSpread’s financial spreading platform into your tech stack? Schedule a demo with one of our commercial lending or fintech specialists today!