GreenSky, an Atlanta-based financial technology company, has modernized the credit and financing process for homeowners and contractors with a new mobile application.
The app allows a retailer or contractor to use a mobile device to apply for financing on a customer’s behalf so that they can receive approval from one of its bank partners within seconds. Information about the customer can be added manually while on site, or automatically populated by the app after it scans the barcode on a driver’s license.
Historically, financing has taken time and involves a large amount of paperwork. “We’ve developed a way to take out the paperwork, said Jeffrey Gold, senior vice president at GreenSky. “Our goal is to remove that obstacle and aid the sale and the customer.”
Once a customer is approved, they can instantly put down a deposit on the job.
The app initially launched in 2015 to a select group, and then to GreenSky’s entire network. In early 2016, two new features were added: GPS and a payment estimator. Users can select the GPS locator while on location to find the homeowner’s address; the app will then auto-populate the information. The payment estimator automatically calculates a customer’s monthly payment amount based on the requested loan amount, terms and length. Customers can see, in real time, how different terms will affect their monthly payments.
The multibillion-dollar company has 13,000 active contractors who use its services across the country, and roughly half of applications come in through the mobile app, according to Gold. Some of GreenSky’s major national retail partners include The Home Depot, Rooms To Go, and Stanley Black & Decker.
New releases are planned for 2017 as the app continues to evolve to meet customer needs. According to Gold, these will include e-sign functionality for customers to authorize payments to contractors and sign off on finished projects, and a credit application that requires only a social security number, street number, zip code, date of birth, phone number and income in order to deliver credit approvals.
“There will be no need to enter in street names, city, state or other non-numeric information,” said Gold. “The app is fast and smart enough to take minimal information in a secure environment in order to get customers approved instantly and projects started today.”
Watch the company's video tutorial below to see how GreenSky's app works.