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Case Study

Forward Advances (LON: FWD)

Joe is a Senior Credit Risk Manager at Forward Advances, and a Heron Data power user. He previously spent five years in Credit Portfolio Management at Barclays. A part of Forward Partners, Forward Advances provide capital & expertise to help online businesses grow faster.

How do you and your team use Heron?

We use Heron’s categorised transaction data and dashboard to get a true cashflow-based representation of every applicant for an advance. This gives us a single source of truth for an applicant that is normalised across all applicants.

We use Heron across our organisation: The sales team uses Heron to pre-qualify leads before passing them to underwriting, and the risk team uses Heron as a key part of our underwriting decision.

Heron Data is a fundamental part of our underwriting stack.

What outcomes have you achieved with Heron?

  • Pre-qualify leads: Heron enables us to disqualify 15% of applicants immediately for failing basic requirements, spending minimal time on these applications.
  • Speed up underwriting: We are able to fully underwrite an applicant 8x faster than before using Heron.
  • Underwrite with confidence: We consider Heron’s ability to recognise revenue from bank data to be so good that we no longer give out advances without having an applicant submit bank transaction data and go through the analysis.

What's your favorite way to use Heron?

We look into the Heron dashboard for a final check before wiring the advance. Because bank data is always up to date, this allows us to make sure the applicant hasn’t taken on a different loan or had a material change of circumstances between first applying and the day we wire the money.

Forward Advances

Heron's ability to recognise revenue from bank data is so good that we no longer make advances without having an applicant submit bank data.

JoeJoe Foster Senior Credit Risk Manager