Reimagined member portal dashboard enables loan servicing startup to scale and become one-stop-shop for small business services

Client Testimonial

Background

“Rewind to the summer of 2020. We developed the business specifically around the purchasing and servicing of Paycheck Protection Program (PPP) loans. The Paycheck Protection Program was the federal government’s response to helping small businesses navigate the financial complexities of the Coronavirus. The PPP program, which was administered by the Small Business Administration (SBA), enlisted the help of SBA-approved lenders throughout the United States to lend funds quickly to small businesses for payroll and other operational expenses to keep their businesses running. Due to the complexities of the PPP program, we quickly realized there was an opportunity to acquire PPP loans at scale. Utilizing our knowledge of the product, technology, and customer service-forward approach we could help PPP loan holders navigate a complex process while saving banks the time and money it would require to service PPP loans properly. 

“We quickly stood up a servicing platform that enabled our Members to quickly and easily apply for forgiveness of their PPP loan while providing us the capability to review their applications.”

“Fast forward to the summer of 2021, we at NEWITY experienced an aha moment internally. The vast majority of our small businesses Members were sole proprietors or had ten or fewer employees. These businesses have historically been underserved with business financing options, most are very expensive and often force businesses to trade equity for capital. Concurrently, many banks don’t have an outlet for their small business clients in need of capital. Additionally, small business owners face a significant administrative burden running their business day-to-day, thus, reducing the amount of time spent on strategic business projects. The largest administrative initiatives for small business owners include accounting, tax, insurance, marketing, and legal. At the same time, business owners must keep track of multiple service providers, passwords, contacts, payment requirements, and vendor terms. Thus, we set out to develop a fully integrated technology platform offering affordable loan solutions and online business services to small business owners throughout America. This platform will be a one-stop-shop for business owners to source and manage their various administrative needs, while providing an outlet for banks and trade organizations to refer their small business clients to.”

Bryan Hallene—Chief Operating Officer, NEWITY

The Problem

“Our vision morphed from a loan servicer to a fully integrated technology platform that offers affordable end solutions and trusted business services to a traditionally underserved segment of the economy: small businesses. We quickly realized there were a lot of features and integrations that we needed to be enhanced – including our borrower dashboard. Our marketing firm helped us identify a shortlist of candidates to meet to help us build the Smart Portal. We interviewed and spoke with three or four different groups. Ultimately, we chose Praxent.”

Bryan Hallene—Chief Operating Officer, NEWITY

Why Praxent

“Praxent was very prepared. They researched our business and asked a lot of specific business-related questions. They’re very knowledgeable about the space and understood the depth and breadth of the project. From our perspective, we couldn’t have asked for a better partner. Praxent was the right choice for us.”

Bryan Hallene—Chief Operating Officer, NEWITY

The Solution

“Our initial portal environment was focused on PPP servicing and limited Members’ ability to edit business information, add new businesses, and other functions. This initial helped streamline PPP, but limited NEWITY’s ability to provide additional loan solutions and business services to its members. The recent launch of the Smart Portal enhanced the platform in nearly every aspect of the user experience. Beyond our initial Smart Portal release, we continue to work with Praxent to integrate updates and new features for Members every two weeks.” 

Bryan Hallene—Chief Operating Officer, NEWITY

Results

“Anecdotally, we’re seeing large reduction of Member support tickets. The vast majority of questions surrounding log in, registration, password reset, navigation and account management have been resolved.”

“Smart Portal 2.0 is more intuitive. Beyond the self-serve features, it’s easier to navigate. Smart Portal 2.0 provides a better overall experience for anyone who’s in the portal. The new platform is limitless in scaling our small business outreach. From a product perspective, we can onboard new, vetted service providers quickly.”

Bryan Hallene—Chief Operating Officer, NEWITY

Project Management

“For a project of this magnitude and complexity, there’s a significant number of integrations, expectations, design work, and more. Working with Praxent was fantastic because they brought their whole team – the developers to implement the vision, project managers to oversee the project, delivery leads to ensure items were implemented on-time, and the product designers to help with the overall feel. It was a 360-degree view of the build, rather than a focus on web development. That’s what sets Praxent apart — their holistic view of the project helped form a unified vision.”

Luke LaHaie—Co-Founder / Co-CEO, NEWITY

“The project was broken into different phases. The first phase focused on UI and UX. After sketching our ideal Smart Portal, we discussed various aspects of the design and its features with both [Praxent’s] technical delivery team and their product design delivery team. These conversations, with numerous perspectives, helped us refine our vision and keep on track. Then, Praxent delivered wireframes that integrated exactly what we had discussed. After we approved the wireframes, Praxent helped us navigate the implementation design – providing options and various improvements along the way. Once the design was complete, Praxent ensured early January 2022 delivery – which they met, without delays. We’re still actively working with Praxent to continue to enhance our portal and experience for Members, even after the launch of Smart Portal 2.0.” 

Bryan Hallene—Chief Operating Officer, NEWITY