Case study: How Invigo saved time, cut risk and boosted their borrower experience with data extraction

Sydney firm Invigo provide debtor finance services to SMBs across Australia, and implemented our data extraction accounting integration features in 2019 to transform their borrower experience and save time and hassle on everyday processing.

Our DEAI tool uses Codat data extraction technology to connect lenders’ c3 (backoffice) and e3 (customer access) systems to their clients’ online and offline accounting systems. Client ledger information is pulled into the lender system automatically up to every 20 minutes, removing the need for clients to upload their ledger manually.

Switching to our data extraction accounting integration

Implementing DEAI was a natural choice for Invigo, a lender focused on using technology to stay ahead of competition. “We have a range of technologies that enable us to deliver products that others can't in a fast, effective way”, explains director Corrie Hassan. “We were initially driven toward the Dancerace data extraction system because around 70% our clients use Xero and it was very difficult to do any sort of ledger extraction from that system using the technology we’d built ourselves.”

“The Dancerace system makes that process much easier and quicker for those clients on Xero and MYOB, so that we can serve them better,” says Corrie. “After our clients allocate their cash in the morning, they just log on to e3, click a button and data extraction brings the ledger through to us. The data comes through within a couple of minutes, and the client side-of-things takes literally five seconds. Within that time, we have a refreshed, accurate ledger from the client that mirrors their financial position exactly. This gives me comfort that we're funding at the most current point possible.”

Implementation was simple for Invigo and their clients. “You literally just click a button,” says Corrie, “so there's no training that needs to be done, because clients log on to e3 and it's very apparent as to what they must do. From a client perspective, it's just really, really easy and intuitive.”

What happened next? 

For Invigo, the Dancerace data extraction accounting integration has three key benefits:

“First, the clients are happy because it's so easy. That’s a massive, massive plus. We've taken on a fair few clients from other debtor finance companies that don't offer data extraction, and they’re really happy,” says Corrie. “The system is easy and quick to use and far superior compared to what other lenders offer.”

“Second, data extraction has increased our degree of risk control because we’ve got access to an accurate ledger at any one time. If something has gone wrong on the client's side, or they've received some cash they haven't forwarded on – all of those risks that are inherently involved in debtor finance – then the ledger that comes through is current and shows me those strange things that might have happened. This removes the risk of me funding them from the ledger.

“It puts other controls in place as well. If there are customers we don't want to fund, they can easily sneak into a ledger without data extraction. With data extraction, it's easy to make sure you flag those and avoid funding them.”

Finally, data extraction saves Invigo time on a daily basis. “Client processing is quicker and easier, and we're building our procedures around the new system. Ultimately, data extraction will mean we need less people in future.”

One step ahead

Would Invigo recommend Dancerace data extraction to other lenders?

“Definitely not in Australia because I don’t want the competition to have the same thing we're using!” jokes Corrie. She continues; “yes, we would definitely recommend data extraction. It’s very simple to use and our clients love it. Ultimately, what we're trying to do is give a good level of service so that our client wants to stay with us. 

“From that perspective, we can see clearly that data extraction gives us an edge over the competition, because when clients move to us they're absolutely delighted, and there's no way they're going anywhere else. 

“It's just so easy. Rather than clients having to extract spreadsheets and then upload them manually, clients that are used to doing that now just click a button. They can't quite believe how their morning processes have changed. For that reason alone, data extraction is a massive benefit to us.” 

To find out more about how our data extraction accounting integration can transform your borrower experience and save your team time, money and risk, contact today.

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