The banking market continues to change every day. PPP legislation has proven to create moving targets for the financial services industry, forcing lenders to rapidly iterate on their plans and tech companies to support them.
For the first time ever, lenders are scrambling to work from home while still remaining secure. They are reacting to federal stimulus programs with almost no notice as to how the programs would be designed and what would be required.
The changes that lenders have had to make range from organizational structure, hours of work, communication to customers, and much more. This all comes on top of their customers’ restructuring and forbearance requests. Lenders deserve lots of credit for flexibility during such pressing times.
Most tech companies like us at Fincura find pride in being ahead of the curve. In this case, we had to learn how to react quickly to support lenders and their customers at a moment’s notice.
This new reality paved the way for partnerships that likely would not have been possible just months before. For example, tech startup Boss Insights partnered with Oracle to power PPP forgiveness, which is yet another moving target for banks. Additionally, Mark Cuban, Jill Castilla, and Teslar combined to create a landing page that helps companies fill out PPP forgiveness applications.
At Fincura, we’ve reprioritized our roadmap to scope, build, and deliver new features that our customers need at a faster pace than ever before. Features that were lower priorities suddenly became mission-critical for our customers.
These include an intuitive portfolio reporting tool for rapid triage, supporting unique adjustments and add-backs to EBITDA, and debt service coverage analysis for new and restructured loans. Additionally, we’re preparing to launch a set of features that automatically track and monitor complex covenants.
At the end of the day, we’re all part of the same community stepping up and creating value during these unprecedented times. We’re proud to be a part of it.