Fractional CTO Services for Fintech Company
Case Study
Client
Fora Financial is a fintech company leading financial services specializing in providing flexible business loans and merchant cash advances to small and medium-sized businesses across various industries.
With a mission to empower entrepreneurs and support business growth, Fora Financial offers quick, customized funding solutions that help clients overcome financial challenges and seize new opportunities. The company’s customer-centric approach, robust risk management practices, and innovative use of technology have made it a trusted partner for businesses nationwide.
Business Goals
Fora Financial aimed to develop advanced data and analytics capabilities to improve its loan approval process, enhance risk management, and better serve its customers. The goal was to leverage technology to make data-driven decisions, streamline operations, and optimize customer interactions. Fora Financial sought strategic technology leadership to determine management needs, implement best practices, improve processes, and transition from an offshore to an onshore team for better operational control.
Business Challenge
Fora Financial faced several key challenges: modernizing their data systems to handle large volumes of information effectively, implementing AI and machine learning algorithms to optimize the loan approval process, ensuring compliance with industry regulations, and finding specialized talent to support and maintain the new systems. All of this was ongoing with a loss of senior technical management.
SOLTECH provided tailored solutions for a fraction of the cost through a Fractional CTO.
“They’ve been conveying their expertise on their subject matter through their software architecture skills, business analysis, core development, and general deliverables. Their team is also timely in dealing with troubleshooting and other critical development initiatives — they’re vital to fulfilling our business requirements.”
– Kevin Ruthen, Technology Officer, Fora Financial
Solution
To meet these objectives, Fora Financial partnered with SOLTECH to implement cutting-edge custom software solutions and technology advisement services. This collaboration included developing sophisticated data and analytics tools, integrating artificial intelligence and machine learning for predictive analytics, enhancing the existing tech stack to support scalable operations, and providing IT staffing solutions to ensure the right talent was in place for ongoing innovation. Fora Financial also took advantage of SOLTECH’s Fractional Chief Technology Officer (CTO) offerings. SOLTECH provided an interim CTO who was able to establish the internal infrastructure and provide a clear operational roadmap for the incoming CTO.
Project Highlights
- Successfully developed and deployed advanced data analytics platforms.
- Integrated AI-driven risk assessment tools to improve loan approval accuracy.
- Enhanced system scalability to support future growth.
- Seamlessly collaborated between SOLTECH’s team and Fora Financials’ internal staff, ensuring a smooth transition and high-quality delivery.
Impact
The partnership between Fora Financial and SOLTECH brought about significant improvements. These included increased efficiency and accuracy in the loan approval process, better risk management through predictive analytics, streamlined operations resulting in reduced processing times, and enhanced customer satisfaction due to more reliable and faster service. SOLTECH was also able to provide tailored solutions for a fraction of the cost through the use of the Fractional CTO.
SOLTECH’s expertise in technology and data analytics has been instrumental in helping Fora Financial achieve its business goals. The positive outcomes of this collaboration underscore SOLTECH’s ability to deliver tailored, high-impact solutions that drive business success. Under the insight of SOLTECH’s high-level technical and business acumen, Fora Financial were able to gain strategic oversight and technology leadership without the overhead of a full-time executive. By implementing advanced data analytics and AI-driven tools, Fora Financial improved its loan approval process, enhanced risk management, and increased customer satisfaction. The streamlined operations and reduced processing times have positioned Fora Financial for future growth. This roadmap will also set up the incoming CTO with more automated and optimized processes.
