Fundera & Guru Case Study

Fundera is an online marketplace for small business loans that matches business owners with the best funding provider for their business. All lenders on the Fundera platform have been hand-picked and pre-screened to ensure that small businesses receive the most competitive rates in each product class, along with the highest quality service.

However, each of the 30+ lenders on the Fundera marketplace have numerous data points: whether about the types of business owners they can work with, their loan application process, or their actual loan products.  The responsibility of managing, maintaining and educating customers on this complex information for each and every lender is huge. Fundera's ability to swiftly respond to small businesses with this information is essential to their success.

The Challenge

Tom Sauer, Vice President of Sales and Service at Fundera required a solution to manage and continuously ensure the "inordinate amount" of lender data was always up-to-date and easily accessible for his client-facing teams.

Other solutions were not able to surface the information they needed on-demand. Tom said, "We had a big challenge in keeping all of the information in one place.  If you think about a web-based document with thirty lenders, one page per lender, finding the necessary information in the midst of a phone call was nearly impossible."

Their goal was to make the information immediately accessible, so reps could consistently speak to the complex terms in underwriting loans for the small business owners they support.

The Solution

Fundera now includes all lender and loan information in Guru, plus more. The knowledge maintained in Guru includes:

This knowledge base has been organized and structured into Boards that are now easily accessible via the Guru browser extension and web app. Guru affords Fundera ease of access and consumption of content while supporting calls with their prospects. Their use of Guru has improved the team's processes and performance in several ways:

Guru Stops Constant Shoulder Taps

Tom phrased the solution best by saying, "having all of these answers in Guru means that the person can look for the answer themselves and does not have to bother their neighbor." With the number of lenders and customers growing, they need the team operating at peak efficiency, which means doing away with shoulder tapping.

Guru's verification workflow ensures knowledge stays up-to-date by reminding subject matter experts to periodically verify the content's accuracy. Now, reps search for and find answers independently, with confidence that the knowledge they are imparting to a prospect or existing customer is always accurate.

Guru Simplifies Cross–Departmental Communication

Guru's use isn't just isolated to the sales and customer success teams at Fundera. Their editorial team is also using Guru, giving them instant access and awareness to the same knowledge base the sales and customer success teams leverage. No longer do they need to schedule meetings or interrupt their subject matter experts to fill in their knowledge gaps. Describing the editorial team, Tom said, "Now they no longer need to ask what the topical questions are...they can go into Guru, look at the FAQs, and immediately access what we're populating, which is based on the top-of-mind questions we're getting from our customers. If they (the editorial team) want to write a piece on 'invoice financing,', they can go to the Invoice Financing Board and that's where they can get the nuts and bolts for their presentation, white paper, blog post, etc..."

Guru provides a unified set of knowledge that everyone can access to increase team efficiency. Tom stated, "It keeps everyone focused on their own tasks and spreads the knowledge around the company. Seeing all of the information in one place is much easier than searching 1,000 docs."

Guru Converts Brand New Reps into Subject Matter Experts

Fundera is growing quickly. When they first started using Guru, the sales and success team were 5 people. Now, the sales and success team is made up of 18 people--and growing! They needed a solution that would allow their new reps to ramp quickly and have the knowledge needed to help customers. Given the complexity of the questions they handle, reps have to offer thorough answers on the policies of their 30+ lenders as well as Fundera's system immediately--which is no easy task.

Tom said, "FAQs are in Guru because when you're new, you're thrown on the phone answering inbound calls. For example, if someone asks, 'Will Fundera sell my contact information?,' while 'no' is an appropriate answer, if the rep outlines 'no' as well as the reasons why--itemized in a Guru Card for them to use--the rep that has been here for only a week sounds more like a rep that has been here for a year."

New reps aren't just leveraging Guru to get ramped faster, they are also identifying gaps in Fundera's onboarding documentation. By training reps to always search in Guru for answers first, new reps that don't find what they are looking for can ask experienced sales reps for the answer directly in Guru. In doing so, they are contributing to Fundera's knowledge base for the entire team's benefit.

Additionally, Guru helps Tom cultivate subject matter experts on his team by distributing the management of cards on a per lender or per topic basis. As the reps gain experience, Tom can assign Guru Cards to them, so that they are able to effectively transition into the role of a team expert one topic at a time. This not only reduces Tom's time spent verifying content, but also helps him foster career development and advancement across his team.

The Results

A key success metric Fundera effectively measured was accelerating the onboarding time for new reps. Using Guru, Fundera reduced the rep onboarding time from three weeks to one, a 67% reduction in ramp up time. To highlight this point, Tom stated that their fastest ramping rep ever is also their top Guru user.

With the help of Guru, Fundera will continue to accelerate new reps effectiveness, equip seasoned reps with the most up-to-date content, and more easily share knowledge across the organization, with the ultimate objective of continued customer and lender success.