Platform

The Akouba platform supports both commercial and consumer loan products.  The products supported include but are not limited to:

Commercial: Term Loans, Lines of Credit, Commercial Real Estate, Business Credit Cards and Equipment Purchase
Consumer:  Unsecured Loans, Secured Non-Real Estate Loans (Auto, Boat, Motorcycle, etc.), Credit Cards and Small-Dollar, Short-Term Loans

 

Your financial institution will have the 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 streamlined process will improve your loan officers’ satisfaction, leading to increased retention of your best employees!

As applications come into the platform, the financial institution can determine the right person to engage the business borrower at the right time. This results in a more efficient allocation of resources and enables the financial institution to keep their sales teams focused on selling and revenue generation rather than shepherding a deal through the loan process. More borrowers in front of the sales team means new client acquisition, better relationships and retention, and more opportunities for cross-selling.

Your business borrowers will find the omnichannel application access and the simple, streamlined process far superior to what they have experienced in the past. That results in more applications being completed and submitted. Your current account holders and prospects who explore the opportunity, but do not complete an application also represent business opportunities on which your team can follow-up.

Akouba is uniquely positioned in the digital lending space because our model represents a way for banks and credit unions 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 account holders to excessive rates and fees.

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. Loans are automatically booked and funded to the financial institution’s core.

Configuration

One of the biggest differentiators of Akouba is that we configure the underwriting of each financial institution’s platform based on their own credit policy and guidelines. 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 you do now.

Processing

The PayNet Credit History Report (CHR), available in the Akouba platform, provides more robust small-business credit data while reducing costs and increasing efficiency. Helping facilitate a thorough review of the borrower’s credit quality during the application review process, the PayNet CHR provides borrower profiles summarized in multiple ways.

Truly automated end-to-end functionality needs to include a digital process for the closing phase of the lending process. All the information that lives in the Akouba platform can be transferred to LaserPro with one click. There is no longer a threat of information being entered incorrectly and no longer a reason to spend time retyping information over and over.

Security

Compliance, privacy and security are critical components of the Akouba solution. As an organization, Akouba is SOC 2 (Service Organization Control) compliant through 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.

Integrations

Akouba is flexible enough to integrate with almost all core systems. 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 also 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, DocuSign, FIS and JHA – among others.