Home Smart 100 2012 Straight Through Processing (SMART 100)

Straight Through Processing (SMART 100)


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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

Straight Through Processing (QLD)

This innovation initially came to life when…

We noticed how many clients who applied with us and who were eligible for an advance did not proceed with finalising their loan because of reluctance to have their payroll officer called, as well as the time it took to compile and send documentation, and delays due to payroll officers being unavailable. Moreover, our internal underwriting team was spending a lot of time declining ineligible applicants. We thought we could streamline this process using highly advanced mathematics and software.


The purpose of this innovation is to…

Offer a fresh approach to lending. Unlike with traditional lenders, you don’t waste time filling out paperwork, waiting on hold or going to painful face-to-face meetings. It’s fast and it’s easy.

It does this by…

Using information the applicant has provided online, triangulating it with credit history data and other publicly available data sources, and recording the applicant’s behaviour when they are on our website to determine the likelihood and capacity of the applicant to repay the amount they wish to borrow.


This innovation improves on what came before because…

Customers get an answer straight away. There’s no waiting around for someone to assess your application. There’s no faxing, no phone calls, no waiting. The customer applies, gets their response in real time and if approved, has their money quicker than ever.

Its various benefits to the customer/end-user include…

Getting an instant response to their application, the ease of an application that requires no phone calls or paperwork and, most of all, having their money in under 60 minutes.


In the past, this problem was solved by…

In the past, this operation was solved by being manually operated by an underwriting team. The team would go through a series of steps that included a manual system check, a credit check, plus the gathering of various documents or a check with the customer’s payroll officer. This process could sometimes span over several days.

Its predecessors/competitors include…

STP’s predecessors include the UK lender Wonga. There are currently no other companies in Australia using this innovation.


It is made for…

Straight Through Processing is made for everyone who applies for a Cash Doctors advance. All customers will be put through STP, unless enough information cannot be gathered, in which case a manual check will be conducted to approve or decline the application.


It is available for sale through…

Through the Cash Doctors website when an application is completed.

Our marketing strategy is to…

Our marketing strategy is to focus our marketing messages around the real-time processing benefits. Our research has found that the most important feature to our customers is the speed at which they get their money, so we will be focusing on promoting our faster approval process.



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