Lender Lounge Pilot Program – Initial Release (1/06/2023)

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Introduction to the Program

The Lender Lounge is a secure online portal that enables brokers to present, discuss and negotiate transactions with lenders. Lenders can securely enter the system to review targeted loan scenarios and provide feedback on the appropriateness, structure, pricing, and deal metrics. All correspondence related to the transaction, with the exception of phone/video calls, is recorded and archived for audit purposes.

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Description and Purpose

The purpose of the Lender Lounge pilot program is to assess the viability of the portal as a means of receiving transactions, including financial information, client details, and deal background. By using the portal, lenders can improve their operational efficiency and reduce the time and cost involved in processing transactions.

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Reasons for Participating

Participating in the Lender Lounge pilot program offers several benefits for lenders. Firstly, it helps combat the increasing cybercrime risks associated with traditional email-based processes. By moving the process to a secure environment with 2-factor authentication, lenders can demonstrate their commitment to improving their cybersecurity measures and protect themselves and their customers from potential cyber threats. Secondly, the program offers an opportunity to streamline their operations, reduce costs, and enhance their customer experience. Thirdly, it provides a chance to increase the amount of scenarios being table and improve their competitive advantage by leveraging the latest technology to enhance their lending capabilities.

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Commitments from Participant

Lenders who participate in the Lender Lounge pilot program are expected to commit the following:

1. Allocate a dedicated team of staff members (numbers may vary) to review and assess potential transactions within the portal

2. Financial Commitment - negligible.

3. Share weekly reports to discuss learnings, issues, and potential improvements

4. Provide feedback on the viability and functionality of the portal to inform future developments

5. Provide pricing & structure feedback on both live & dummy scenarios to assist with the initialization of our appetite machine learning AI assistant - CLAIR

 

Information Provided with Every Deal

The following information can be requested for every deal (Pilot Set):

• Title Search for any properties

• Equifax Search for borrower

• ABR/ASIC for structure

• VOI (where possible)

 

Expected Time Period

The Lender Lounge pilot program will run for 90 days, during which all transactions that are funneled to the participating lenders will be reviewed and assessed within the portal. All information relating to a deal will be created within the system.

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What Success Will Look Like

The success of the Lender Lounge pilot program will be measured by the following:

• Improved transparency around why transactions were won or lost

• Efficient transfer of information within the portal

• Successful negotiation of transactions

• Ultimately, the removal of barriers to transacting

 

Future Developments

If the Lender Lounge pilot program is successful, there will be opportunities to expand it to the full network and progress to digital lodgment.

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The program will enable lenders to offer a better customer experience, improve their competitive position, and enhance their lending capabilities.

 

Lender Lounge Pilot Program – Further Details (01/08/2023)

Thank you again for agreeing to participate in the Skynet lender lounge extension of our internal assessment tool, hopefully you or your team have already received a scenarios and were able to successfully able to access the deal(s)

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For this trial to be successful we need you to be rigid in your acceptance of deals – they should only be accepted via the portal and all feedback

• If you are getting pushback from our bankers, we request that you let us know

• Please note any issues, feedback & suggested changes down for discussion

 

INTRODUCING “CLAIR” (Commercial Lending Algorithm and Insights Response)

We’d like to introduce you to CLAIR - Our proprietary internal machine learning & AI tool. CLAIR has already begun filling the data lake which will be used for lending insights and predictive scenarios. This tool works by taking your feedback and creating an “appetite profile” for you as the lender, once she has sufficient feedback from you on scenarios she will be able to accurately predict which scenarios are the most suitable for your organization and not waste your time with ones that are not.

 

In order to fast track her learning we will be circulating to each participant approx. 70-100 hypothetical but fairly detailed scenario’s for you to consider and provide responses on we will need you to

• This will be broken up into say 20-25 per week over the first 4 weeks of the program.

• Provide “Interested” OR “Not for Me” responses

• In both favorable and unfavorable scenarios we will need LVR, Term, & Rough Pricing.

• Whilst it involves likely a few hours work, it will all be worthwhile in the long run – we request that you make this a high priority.

• They will be tagged “CLAIR LEARNING” so you can distinguish them from actual scenarios.

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Feedback

Within the next week we will reach out to schedule a monthly call with you for the purpose of gathering feedback good, bad and ugly.

• Remember this is a BETA version and is expected to have some issues.

 

FURTHER UPDATES

New updates being released this week and beyond

• BDM primary contact will go live, this will be in addition to the primary banker contact so you can monitor deals.

• 2FA ability to use email rather than phone, this works particularly well when a shared inbox is used for an analyst “first read” team.

• Lender Dashboards for monitoring deals, feedback and success rates will be operating from September. • Feedback button within the system itself.

• During the latter stages of the pilot (Post Dashboard Launch) Lenders will be able to interact with CLAIR as she provides live deal feedback.

 

TECHNICAL ISSUES

Our tech team is monitoring the following inbox for feedback or issues if its something that need immediate attention feedback@skynetresearch.tech