What exactly does Akouba do?

Akouba provides financial institutions a secure cloud based platform that reduces the cost and time required to issue a small business loan. The platform, configured to each lender’s underwriting principles, allows small businesses to apply and track their application electronically, with results delivered within 48 hours.  The financial institution retains control over the decision, the pricing, the credit policy, the loan dollars, and the customer experience.

What differentiates you from other platforms?

Akouba is uniquely positioned in the online lending space because our model represents a way for banks to leverage all of the benefits of online lending like speed, efficiency and cost, while eliminating the negatives of the traditional third party model, such as loss of control of the customer relationship, loan dollars ending up in another company/off your books, increased risk, and exposing your customers to rates, fees, and a customer experience that is out of the bank’s control.

What impact will the Akouba platform have on customer experience?

Customers will find the omni channel access to the application and the fast, simple, streamlined process a much better experience than what they are currently experiencing.  That results in more applications being completed and submitted.  Even customers and prospects exploring their options online that do not complete their application represent business opportunities on which to follow up.

What impact will the Akouba platform have on efficiency/cost savings?

For Bankers/loan officers, as applications come into the platform, the bank can determine the right person to engage the customer or prospect and the right time for them to get engaged.  This results in a more efficient allocation of resources and enables the bank to keep their sales teams focused on selling and revenue generation and not on shepherding a deal through the loan process. More borrowers in front of the sales team means new client acquisition, customer relationship growth/retention, and cross-sales are all enhanced by the platform.

What impact will the Akouba platform have on profitability?

The Bank is impacted by its ability to process small business loans more efficiently and in a much more cost effective manner resulting in more revenue, higher margins and increased profitability.  The impacts to customer and banker mean your financial institution will generate higher NPS/customer satisfaction scores and the positive impact on the banker experience will result in increased retention of the bank’s best employees.

Will I have to change my bank’s underwriting guidelines or credit policy?

One of the biggest differentiators Akouba has is the fact that we configure the underwriting of each financial institution’s platform based on the bank’s own credit policy and guidelines.  We don’t tell you what kind of businesses to lend to, instead, your risk policies and guidelines stay in place and Akouba aggregates data and streamlines the workflow so it is simpler, more efficient and more cost effective to take a loan end to end. Your financial institution owns the decisioning on each loan just as they do now.

How secure is the Akouba platform?

Compliance, privacy and security are critical components of the Akouba solution.   As an organization, Akouba is SOC 2 (Service Organization Control) compliant though the American Institute of Certified Public Accountants to ensure that security, availability, and processing integrity of the systems utilized by Akouba are fully compliant with current regulatory requirements.

What other platforms/programs do you interface with?

Currently, Akouba has been built with the capability to integrate with many different core systems including FIS, Fiserv, Jack Henry and D&H. The interface with LaserPro further enhances the platform’s ability to handle the application and closing phases of commercial loan requests, while maintaining document compliance.

Akouba has been built to partner with world class vendors who share our commitment to security, accuracy and efficiency, including- D&H, Experian, Transunion, PayNet, LexisNexis, Armor Hosting, LaserPro, Intuit, and  DocuSign – among others.

The ability of the platform to communicate directly with the client on requests for outstanding documents, enables the bank’s field sales team and back office to be more productive by spending less time chasing down documents, and more time enhancing customer relationships and growing business. After origination automated reminders are sent to the borrower to update and upload all required, ongoing information.