Learn how Fundwell leveraged Google Cloud to optimize onboarding and underwriting, accelerating fund transfers from funders to businesses.
Introduction
In the competitive landscape of financial services, efficiency and speed are paramount. Fundwell, a leading platform connecting businesses with funders, recognized the need to enhance their operational capabilities to better serve their clients. This case study explores Fundwell’s Google Cloud integration and how it revolutionized their funding transfer processes.
About Fundwell
Fundwell is dedicated to reducing financial barriers for businesses by providing transparent and efficient funding solutions. With over 5,000 businesses across more than 50 industries connected to more than 60 funding partners, Fundwell ensures that businesses receive the most suitable funding options based on their financial health and history.
Challenges Faced
Before integrating Google Cloud, Fundwell relied on manual processes and a basic tech stack, including Gmail and Excel spreadsheets. These limitations led to:
- Prolonged Approval Processes: Manual underwriting slowed down funding approvals.
- Customer Experience Issues: Delays in fund disbursement negatively impacted client satisfaction.
- Operational Inefficiency: The underwriting team was overburdened, limiting Fundwell’s ability to scale.
The Integration with Google Cloud
Choosing Google Cloud
Fundwell evaluated several cloud providers with a focus on scalability, security, and cost-effectiveness. Their existing use of Google Workspace made Google Cloud a natural choice for a unified infrastructure.
Tools and Services Implemented
Fundwell’s Google Cloud integration encompassed several key services:
- Compute Engine: Provided the scalability and flexibility to build and deploy custom applications efficiently.
- Vertex AI: Powered Nebula, Fundwell’s in-house document intelligence application, automating data extraction and risk assessment.
- Cloud SQL: Served as the backend database, ensuring reliable and secure data management.
- Cloud DNS: Managed load balancing and firewall rules to enhance security and reliability.
- Model Garden on Vertex AI: Enabled Fundwell to experiment with and deploy new AI models, continuously improving document processing capabilities.
Results and Benefits
Operational Efficiency
The Fundwell Google Cloud integration significantly streamlined Fundwell’s operations:
- 30-Hour Reduction: Automated underwriting processes reduced the team’s workload by 30 hours per week.
- Increased Capacity: The time saved allowed for the addition of another underwriter, enhancing overall service capacity.
Customer Experience
Enhancements in customer-facing applications led to:
- Faster Fund Disbursement: Funds could be delivered to businesses in as little as 24 hours.
- Improved Onboarding: An 83% reduction in the time required to onboard customers to the custom web app.
- Self-Serve Portal: Empowered businesses to access and manage funding options independently, generating $22 million through this portal alone.
Financial Growth
Fundwell experienced substantial growth metrics post-integration:
- 76.6% Year-Over-Year Growth: Supported by the scalable infrastructure provided by Google Cloud.
- Repeat Business: 52% of funding originated from repeat customers, including renewals and additional financial products.
Future Plans
Building on the success of their Google Cloud integration, Fundwell aims to:
- Expand AI Capabilities: Incorporate more advanced AI and machine learning tools to automate additional manual processes.
- Enhance Client Relationships: Continue to leverage data-driven insights to foster stronger relationships with clients.
- Scale Operations: Utilize Google Cloud’s scalability to support rapid growth and an increasing number of funding partners.
Conclusion
Fundwell’s strategic integration with Google Cloud has transformed their funding transfer processes, resulting in enhanced operational efficiency, improved customer experiences, and significant financial growth. By leveraging advanced cloud technologies, Fundwell continues to provide transparent and accessible financing solutions, setting a benchmark in the financial services industry.
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