SME fintech GetCapital has announced that it will rebrand as Shift, pivoting from lending to small businesses to become an all-in-one credit platform.
Brokers who work with Shift will be able to gain data insights on their customers and a streamlined application process, which will empower them to offer more products and options to their customers.
“The difference between GetCapital and Shift goes back to the journey,” said Kristian McCausland, sales director at Shift. “GetCapital started as a single product business lender, and has developed over the last few years into a multiproduct offering and a platform based business which enables our customers to transact with us in far more different ways than they previously could.”
“The evolution of the business has created the opportunity for the change of name also, with Shift moving to transformational structure and business with investment in tech and a continued drive to deliver better outcomes for our broker network and our customers.”
“We launched our new broker platform a few months and we’re moving that across to be rebadged as Shift Connect. While it started as an application-based platform, it’s developing and we’re continuing to develop – it’s in beta stage with brokers – around using the data that we collect from customers and surfacing back to the brokers, so they can have more robust conversations with customers.”
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“It’ll help them find the right product at the right time and understand their customers’ needs much more effectively than what they would be able to if they didn’t have the information. We’re trying to give them better data, and the evolution of our product offering if coming with that.”
The move from simply lending to SMEs to giving them a full suite of options is designed to meet the changing demands of the market and reduce the need for commercial brokers to continually apply for new loans.
“We’re looking to move to a more on-demand style of business where we set up customers with facilities that aid them when they need it, while keeping the broker front of mind with regard to service delivery,” said McCausland.
“We’ve developed Shift Connect as we’ve gone along, and the key is the next 12 months. That’s the exciting part for us. We want to build to where we’re not just taking applications, but moving to creating facilities that work for the customers.”
“When a broker can see the insights that we see from customer data, they’re enabled to have these conversations that really help them find the best outcomes in a timely fashion.”
“We did a survey in the last few weeks with a significant amount of brokers, and the feedback that we’re getting is constantly about how much time was spent on compliance and administrative tasks. What we’re trying to solve is making it easier for brokers to spend time with the customer and cut down on the admin.”
“What we’re looking to do is set up accounts with customers and brokers to enable them to have loans there for them when they need it without having to be reactive. They can be proactive, and that’s what has lacked in the marketplace.”
“We wait for the customer to come rather than giving them flexibility for the future. More than ever, after the last two years, that is going to be needed in the future. That’s why we’re being so proactive with the broker to enable those conversations and facilities.”
“If we can help the broker and the customer, we’ll deliver really strong outcomes for our marketplace.”