Speckle Launches with finPOWER Connect Back End
Australian National not-for-profit, Good Shepherd Microfinance, has made a bold move into online lending with the support of NAB to launch Speckle - a fast online cash-loan provider which offers a better alternative for people seeking small cash loans under $2,000.
With an increasingly casual workforce, the rising cost of living and low wage growth, recent research has found that one in five households in Australia have used payday loans in the past three years. To address this need, Good Shepherd Microfinance, backed by NAB, developed a product that is better for customers by keeping the fees and costs as low as possible.
Adam Mooney, CEO at Good Shepherd Microfinance, said for the first time people will be able to access a low cost alternative that is different to anything else in the market. "Speckle loans are up to 50 per cent cheaper than most other small cash loans. Most lenders charge the maximum fees allowed by law. As a not-for-profit program, Speckle is significantly cheaper for customers. It was clear that we needed a better solution for anyone who needs to use small cash loans. Speckle will enable people to access lower cost credit when they need it most." said Mr Mooney.
Building on their long-term partnership, NAB and Good Shepherd Microfinance have joined forces to develop Speckle using leading edge technology and with the help of skilled volunteers from across the bank. The partnership selected finPOWER Connect as their back end loan management system for its ease of use and fit for purpose.
Mr Paul Thompson, CEO of finPOWER said it was a rewarding experience working with the team from Good Shepherd Microfinance. "To be involved in a project where the motives are clear and beneficial has been a timely reminder of the ultimate customers and the challenges they face."
For the Speckle configuration, finPOWER Connect interacts directly with the front end originations platform to provide a fast and efficient application process. Streamlined Loan Management and collection processes are handled by finPOWER Connect as well as all management and funding reporting.
"This sort of configuration highlights the functionality and flexibility that finPOWER Connect can deliver for a client." says Mr Thompson. "finPOWER Connect interacts seamlessly with other systems and caters for any number of lending and organisational models."
For further Information about Speckle, visit http://www.speckle.com.au.