Q2 and CloudKaptan help Prompt Financial drive growth by transforming the lending experience

By Edlyn Cardoza

Q2 Holdings, Inc., a provider of digital transformation solutions for banking and lending, has announced that Ontario-based digital home lender Prompt Financial Solutions (Prompt Financial) has partnered with Q2 and CloudKaptan to unify and automate the entire loan process lifecycle on a single platform, from the application to funding decisioning, servicing and repayment.

“We are excited to partner with forward-thinking, innovative companies such as Prompt Financial to transform the borrower experience,” said Dallas Wells, Senior Vice President of Product Management, Q2. “Prompt Financial has achieved exemplary results with Q2 Lending, improving operational efficiencies while dramatically increasing loan volume. We are proud to support Prompt Financial’s vision and continued success.”

With Q2 Lending, Prompt Financial reduced its administrative burden and credit risk while streamlining the entire user experience with a modern, simple workflow. With its fast, new scalability and flexible technology stack, Prompt Financial can deliver funding within 2-3 business days. By harnessing the innovation and flexibility of Q2 Lending, Prompt Financial attracted more than 6,000 mortgage brokers. The convenient and accessible user interface empowers quick decisioning while reducing the administrative burden. And brokers can conduct business virtually, at the time of their choice, using the device of their choice. As a result, its mortgage lending business has grown by 20x in loan volume and 10x in loan size.

“This has been a true digital transformation of our business from the inside out,” said Prompt Financial’s Reporting Analyst Daniel Goldsmith. “When CloudKaptan brought in Q2 Lending, we experienced a smooth and fast evolution. Starting with the successful launch within just 12-14 weeks, our data management was completely transformed from a clunky, slow system to a highly efficient and unified workflow that is easily customized to meet the needs of all users.”

Prompt Financial is continuing its trajectory with the launch of a new mobile app for mortgage brokers and the addition of 35-50 new loan products, all supported by Q2 Lending and CloudKaptan. “One of the biggest improvements is workflow,” said Goldsmith. “The fact that our entire team can check statuses from an underwriter, administrator, customer service representative or anyone else, and that everyone can see exactly where things are in the process has changed our business.”

“Automation and digital transformation of lending businesses is at the core of what we do at CloudKaptan,” said CloudKaptan’s Managing Director, Manoj Agarwal. “We are glad to partner with Q2 on this journey to help Prompt Financial improve its customer experience with a state-of-the-art lending solution.”