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With Mirador’s platform, EGF was able to reduce loan origination costs by 25 to 50 percent and time required for processing declined loans to virtually zero. By implementing Mirador’s business lending platform, small businesses can match alternative lenders’ accelerated loan response times at a much more affordable cost to borrowers, while maintaining optimal loan quality, risk controls, and security.
Since banks enjoy loyal relationships with small business customers and are stable sources of lendable capital, Mirador accelerates the lending process and reduces the associated costs, providing a win-win situation for both banks and borrowers. The firm unlocks the power of machine learning for banks, credit unions, and other traditional lenders by delivering the technology necessary to offer competitive small business loans.
The company partners with several financial institutions to set automated parameters for immediate pre-approvals and declines, eliminating the need for a heavy investment in software development or additional infrastructure for loan analysis.
Our investor group genuinely understands what is required to bring innovation to the financial markets
Mirador’s cloud-based borrower application does not require integration with a lender’s legacy systems, but provides a customizable solution that enables financial institutions to make rapid credit evaluations and an elegant online borrower experience. With this custom branded online experience, financial institutions can seamlessly streamline the way borrowers get started and deliver instant pre-approvals to make the review and underwriting of commercial loans fast and profitable.
The platform also offers a cloud-based application process, integration via APIs, product routing, and policy integration for the lending application process. The platform’s APIs provides optional integration with a lender’s core systems, enabling banks to minimize the application time, communication confusion, and delays from missing documentation. “Our investor group genuinely understands what is required to bring innovation to the financial markets,” says Trevor Dryer, CEO and co-founder of Mirador. “They know how to build a successful fintech business with small business loan management and have immense experience navigating the complexities of this industry.”
What makes Mirador thrive among the competition is its different perspective to create delightful user experiences and efficiencies in the lending process. With the influx of technologies like IoT, big data, and AI making in the global financial sector, convenience in lending processes and transactions is paramount along with easier scalability, lower cost, and reduction in operational complexity. With the objective to take their technology prowess to the next level, Mirador plans to roll out improved solutions that enable clients to meet the changing customer demands, face emerging competitors, and adopt evolving technologies.