Based in Tacoma, Washington, Harborstone Credit Union operates 16 branches across the region and serves anyone who lives or works in the state of Washington. Harborstone’s 247 employees currently handle more than 75,000 accounts. More than 20 years ago, Harborstone decided to dedicate itself to the small business market. But manual processes impacted efficiency. Harborstone recognized that there was tremendous potential for growth in the small business market if they could automate intelligently and make faster loan decisions.
Read the Case Study, “Harborstone Credit Union Slashes Business Loan Processing Time Using Small Business Scoring.
Harborstone learned about small business scoring, which enables organizations to use different combinations of data to evaluate the credit risk of a small business and generate a score that is matched against a threshold to determine whether to approve a loan. Harborstone started by deploying small business scoring to automate decisions for loans under $50,000 and reduced decision time from weeks to several minutes – with no delinquencies in loans that size.