“The development support that Magentrix has given us was just as crucial as the product offered.” - Muna Idriss, Director of Systems.
Capital Good Fund is a non-profit, certified Community Development Financial Institution that seeks to be the best financial empowerment organization in America. It began as a dream in a social entrepreneurship class at Brown University in the fall of 2008, and has quickly risen to be one of the fastest-growing community lenders in the United States. By recognizing the interlocking issues that form barriers to escaping poverty, Capital Good Fund uses financial empowerment in a way that fosters true social mobility and eliminates wealth and opportunity gaps in society.
Business Challenge
As society becomes more technologically advanced, the options to empower customers to be more self-sufficient have multiplied and many services are taking advantage of this. Conducting business primarily over the phone and in person can be limiting for companies with ambitions to scale.
“We knew we’d be able to process more loan applications, and meet more of the need for affordable small-dollar consumer credit, by offering self-service options for clients who don’t require an in-person meeting, or phone call with a loan officer.” - Libby Kimzey, Chief Operating Officer.
With this in mind, Capital Good Fund wanted to develop an online platform where their clients could interact meaningfully with their lender. This platform would allow clients to self-service their pending and active loans independently, and communicate with their lender in an interactive and engaging environment. Taking these objectives into consideration, they decided on developing a portal solution for their needs.
The organization was already running all of their loan origination and servicing processes on the Salesforce.com platform, and knew that any portal solution would need to feature a deep integration. Furthermore, as a small team, Good Fund was wary of taking on all of the development and maintenance costs associated with building a portal in-house. These concerns guided its search for third-party portal solutions.
Key Requirements
Capital Good Fund wanted to implement a portal that would meet the following requirements:
- Low-cost and affordable for their growing company
- Flexible and customizable design
- Salesforce-compatible
- Supportive of future scaling
The Magentrix Solution
Magentrix was a great option to fulfill all of Capital Good Fund’s requirements for a portal, but at a price that they were able to afford. “The implementation process went smoothly,” said Kimzey, “The consistent support from Magentrix throughout the process was terrific.”
With Magentrix’s seamless Salesforce integration, it was painless to synchronize their CRM data. Capital Good Fund clients have adapted well to the platform and Good Fund has seen a significant increase in engagement with their online presence. Now, over half of incoming loan applications are from the web, which was a pleasant surprise - Good Fund once worried that their clients would prefer in-person meetings to complete loan applications.
Capital Good Fund plans to continue building a more engaging and productive online environment by implementing new features. They believe that the online component will allow them to reach new communities and continue offering their services to those in need. Incorporating Magentrix has helped them significantly increase their rate of loan application servicing and expand their client base in Rhode Island, and they are looking forward to continuing to grow.
For more information about Capital Good Fund, please visit www.capitalgoodfund.org.
