New10 puts SMEs in control of their own destiny with digital financing platform powered by Salesforce
For entrepreneurs, one word they don’t want to hear is ‘maybe’. Whether they’re looking for funding to bring a new idea to life, or need support following the coronavirus crisis, success relies on decisive action.
Luckily, help is at hand. New10, a subsidiary of banking giant ABN AMRO, provides digital access to funding for SMEs in the Netherlands, helping customers get their loans approved in just 15 minutes.
“Since launching in 2017 we’ve helped thousands of SMEs to access finance faster, and we’re growing every day,” said Mitchell Baas, Head of Customer Service at New10. “With Salesforce we’ve gone from start up to scale up in just six months, and we’re not slowing down any time soon.”
Turning an experiment into a subsidiary.
New10 combines the agility of a scale up with the banking expertise of ABN AMRO, and what started as an experiment to digitalise and accelerate the time-consuming loan application process resulted in it becoming a fully-fledged SME platform at the banking giant.
Using a simple online calculator, customers can apply for loans of up to €250,000. And if the loan is approved, funds can be in their account just two days later. “We’ve taken digitalisation one step further and empowered customers with a clear and simple application process that they can track,” explained Dinko Šego, New10’s Salesforce Tech Lead. “Once they submit their application, automatic workflows kick in and trigger back-office actions to verify their identity and carry out background checks.”
Customers can also manage the loan themselves via a portal integrated with Salesforce, leaving the sales and service team free to focus on building long-lasting and personal relationships to help entrepreneurs achieve their goals.
Investing for success with the right partnerships.
From day one, New10 knew success hinged on finding the right technology partner to bring its vision of a simple, transparent, customer journey to life. “Salesforce gives us a scalable platform that will grow and evolve with us, but what really stood out was the support Salesforce offered and how invested the team is in our success,” said Šego.
New10 partnered with Nextview to help streamline the implementation, using Salesforce accelerators and Trailhead to upskill the team as it went. “Rolling out Salesforce was like riding a fast train and optimising it as we went, every update only accelerated our journey,” added Baas.
The company also uses Salesforce Premier Success to provide ongoing support and to help adapt the platform as customer needs change and evolve.
Empowering customers with self-service and a guided experience.
Today, prospective customers first encounter Salesforce on New10’s website. Once there, they can browse products and submit an application for a loan. Although they can self-serve to complete a lot of tasks, the customer journey is also guided through the acquisition funnel to make sure they’re supported every step of the way.
The website is integrated with Salesforce to capture account data directly in Sales Cloud. When a customer submits their form, the application is sent on a trigger-based journey and routed to the right departments for processing using the omni-channel routing function of Service Cloud.
“The customer journey is trackable every step of the way. Staff have full visibility and can reach out if an event triggers an action to provide additional support or to verify their details, for example,” said Baas.
If a customer is struggling to fill in their financial data, they can request a support call using a chatbot and one of the team will phone to talk them through the process. “We’re not flooding customers with information, but if they need us, we’re there in just a few clicks,” commented Šego.
And New10 is setting a new norm for business lending, swapping a manual process that would traditionally take multiple meetings and mountains of paperwork for simplicity and clarity, saving entrepreneurs time so they can focus on decision-making and growing their business. They can even sign their contracts digitally using the AppExchange solution, Conga Composer.
Freeing staff from tedious tasks with smarter automation.
The company’s people-centric approach doesn’t stop with the customer experience, it’s also using Salesforce to make life easier for its employees. “Our people are our most valuable asset, we designed the platform to free them up for more satisfying tasks that make a real difference to our customers,” said Šego. And that means more automated processes, better visibility, and fewer workplace apps.
“Our service team lives and breathes in Salesforce. Many have past experiences of switching between multiple dashboards and applications to answer customer queries, so they love having one, integrated solution to do their job,” explained Baas.
Agents handle cases via email, chat, webforms, social channels, and telephony, and an integration with Vonage means they have visibility of the entire customer history before they even pick up a call.
The team also built a community on Experience Cloud to empower prospects and customers with access to resources such as knowledge articles, FAQ, and everything they need to better understand New10’s services.
Starting the right conversations at the right time.
To make it easier to keep in touch with customers and prospects, the team is using Marketing Cloud to streamline communications and automate newsletters. Customer journeys are triggered at specific touchpoints, such as to confirm an application has been received, to remind a customer to submit their annual report, or to inform them their next repayment is due.
The team also runs campaigns to raise awareness for new products, segmenting leads based on the type of customer and their interests to make sure the right messages reach the right people at the right time. Engagement is high, with average open rates between 50-60% and click-through rates of 20-30%. “The last thing we want to do is spam people so we track engagement rates and adapt our campaigns based on the response they get,” commented Šego.
With better visibility of the customer journey, New10 can also track conversion rates and identify where and when leads don’t convert. A case is then triggered in Salesforce for the team to proactively reach out to the prospect to find out if they need extra help to complete the application.
“Taking these steps now while we’re a start-up will help to identify any blockers in the customer journey so we can reduce friction in the future,” said Baas. “We want processes to be as seamless as possible so we can scale quickly.”