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Numerated's lending platform has proven to be a valuable tool for small businesses, as users have reported significant time and efficiency …
Overview
What is Numerated?
Numerated is a digital loan origination system designed specifically for business banking. According to the vendor, it aims to simplify and enhance the lending and account opening processes for banks and credit unions. The product targets financial institutions, banking establishments, credit unions,...
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What is Numerated?
Numerated is a fintech used by banks and credit unions as a digital lending platform. The platform can streamline the origination of any business banking product, from application to decision to close. The vendor states more than 400,000 businesses and 30,000 financial institution associates have…
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Product Details
- About
- Tech Details
What is Numerated?
Numerated is a digital loan origination system designed specifically for business banking. According to the vendor, it aims to simplify and enhance the lending and account opening processes for banks and credit unions. The product targets financial institutions, banking establishments, credit unions, and commercial lending entities.
Key Features
Digital Loan Origination for Business Banking: The vendor claims that Numerated offers pre-filled applications, digital document collection, flexible underwriting options, and frictionless closings to simplify and expedite the loan origination process for business banking.
Pre-Filled Digital Applications: Numerated provides a seamless and consistent application experience across all credit and deposit products in business banking, supporting both self-service and banker-led customer journeys. The vendor states that it benefits from data integrations to pre-populate applications and reduce applicant work.
Flexible Digital Underwriting: According to the vendor, Numerated allows instant aggregation and flagging of data to enrich and score applications. It also automatically spreads financials and tax returns and allows configurable credit decisioning logic. The product aims to streamline review workflows and recommendation offers with editable terms.
Streamlined Digital Closings: Numerated claims to generate execution-ready closing packages, enable digital signing via DocuSign, and track document package progress. The vendor states that it also offers data export to the core system to reduce errors and eliminate rekeying.
Secured Lending Automation: Numerated aims to reduce processing time and effort for loans and lines of credit secured by specific collateral, improving lending efficiency and customer experience. The vendor suggests that it is ideal for working capital lines of credit and equipment & vehicle term loans.
Digital Account Opening for Businesses: The vendor claims that Numerated enables businesses to open deposit accounts simultaneously while applying for a loan. It addresses complexities like beneficial ownership and signing authorities, saves time on account opening reviews, and offers seamless funding from external accounts.
Easy SBA 7(a) Lending: Numerated aims to automate the entire process of applying for an SBA 7(a) loan, reducing application and underwriting time by 75%. According to the vendor, it eliminates manual processes and paperwork, provides a self-service borrower platform, and generates all required SBA forms.
Digital Underwriting: Numerated claims to accelerate underwriting time by up to 90% through OCR and AI-powered analysis of financial statements. It aims to calculate pro-forma ratios instantly and automate document collection and routine calculations for a seamless borrower experience.
Numerated Videos
How Bankers Use Numerated to Attract and Build Relationships
Customer Spotlight: Bremer Bank Chief Strategy Officer Talks Digital Lending, Transformation
Amerant Bank Case Study: Speeding Time-To-Value with Numerated for Small Business Lending
Numerated Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
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- Pros
- Cons
Numerated's lending platform has proven to be a valuable tool for small businesses, as users have reported significant time and efficiency savings. According to customers, the platform has allowed them to process small business loans efficiently, saving them hundreds of hours of work. It has also been praised for its adaptability to specific loan requirements, such as processing PPP requests and tracking necessary information for the forgiveness process.
One noteworthy aspect that reviewers mention is how Numerated helps bridge the digital divide by providing a scalable solution that allows for automation while still offering banker-led applications. This has been a game-changer in PPP lending and conventional lending, as Numerated's product offering has steadily improved since 2018. In fact, users have experienced a reduction in the time it takes to book a PPP loan thanks to Numerated, with the average manhour time going from around 10 hours to about 1.5 hours for the entire process.
The platform has proven useful not only for PPP loans but also for originating small business loans quickly and at a reasonable cost compared to traditional commercial models. Numerated enables users to provide lending solutions rapidly to clients while minimizing the expense of processing requests from application to post-closing. This combination of speed, efficiency, and cost-effectiveness has made Numerated an excellent choice for businesses seeking efficient loan processing and origination solutions.
Overall, Numerated's lending platform has received positive feedback from users who appreciate its ability to streamline loan processes and reduce manual effort. Its adaptability and scalability have made it a go-to solution for both PPP lending and conventional lending needs.
Responsive and Supportive Team: Users have expressed their satisfaction with the responsiveness and personable nature of Numerated's team, even during times of high pressure. They appreciate that the team actively solves problems and makes improvements on a daily basis.
Real-time Decision-making: Several reviewers have praised Numerated for its real-time decision-making feature, which provides a significant competitive advantage. The ability to process loan applications and documents in just 5 minutes has impressed users and streamlined their lending processes.
Speed and Efficiency: Many users have commended Numerated for its speed and efficiency. They are particularly impressed with the platform's ability to make loan decisions in less than a minute and complete the booking process within days, significantly improving upon traditional methods.
Short Application Window: Some users have mentioned that there is a short window of time to complete the loan application, which has caused frustration as it can result in an error if not completed within that timeframe.
Limited Control Over Data and Renewal Workflow: Users expressed a desire for more control over their data and a renewal workflow. They feel that having more flexibility in managing their information and the ability to easily renew loans would greatly enhance their experience with the platform.
Inability to Make Changes to Credit Parameters: Several users have mentioned that they would like the option to make changes to certain credit parameters. This lack of customization restricts their ability to tailor the loan terms according to their specific needs or preferences.