Company: Forward Financing, Boston, MA
Company Description: Forward Financing is a fintech company headquartered in Boston that provides fast, flexible capital to small businesses that have often been underserved by traditional financing options. All businesses deserve access to the support they need to succeed, and we are building advanced technology and a best-in-class team to transform the small business financing industry.
Nomination Category: Customer Service Department Categories
Nomination Sub Category: Customer Service Department of the Year - Financial Services - 100 or More Employees
 Nomination Title: Forward Financing
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the achievements since July 1, 2020 of the nominated department, OR written answers to the questions? (Choose one):
Written answers to the questions
- Briefly describe the nominated department: its history and past performance (up to 200 words):
Total 190 words used.
Forward Financing is a Boston-based financial technology company that provides fast, flexible capital to small businesses nationwide that have been long underserved by traditional financing options. By simplifying the requirements, streamlining the process, and using advanced proprietary technology, Forward Financing is able to deliver approvals within minutes and funding within hours - giving more businesses the financial opportunity they need to thrive. Plus, with their dedicated teams and award-winning service, customers get personalized support when they need it most.
Since 2012, Forward Financing has expanded Main Street's access to capital by providing over $2 billion in funding to more than 47,000 small businesses. The company is A+ rated by the Better Business Bureau, with an Excellent / 4.9 stars rating on Trustpilot.com. Forward Financing has been recognized as a Best Place to Work by the Boston Business Journal and Built In Boston and is certified as a Great Place to Work®. Forward Financing is committed to helping their people and the small businesses they serve to achieve their full potential.
The Account Servicing Department (ASD) provides excellent service by helping customers who are experiencing financial hardship. Forward believes that providing great customer service benefits our business as well as our customers. From who we hire to how we interact with our accounts, our customer-first mentality drives our strategy across ASD. At the onset of the pandemic, Forward prioritized doing the right thing by our customers – waiving fees, pausing legal action, empowering team members to provide immediate payment relief without documentation, and helping customers apply for PPP loans. While times have changed, doing right by our customers is still our top priority.
- Outline the department's achievements since July 1 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 249 words used.
We prioritize our customer experience – when our customers win, we win.
Results of our ASD customer feedback survey, launched in March 2021, show that of respondents:
- 95% agreed ASD provided a great customer experience
- 96% agreed ASD was available and responsive
- 87% agreed ASD had the customer’s best interests in mind
- 93% agreed ASD had strong product knowledge and helped them to understand their options
We strive to help our customers while they’re on the phone, reducing wait times and callbacks. In 2021, we added a Customer Service Specialist division to help with simple inquiries and provide outbound support for certain groups of customers. As a department, we’ve increased efficiencies, averaging over 102% of our goals from January 2021 to August 2022.
In the past few years, we’ve prioritized mirroring the diversity of our customer base in our ASD team, including increasing the number of Spanish-speaking representatives.
In 2022, we updated our guidelines for escalating defaulting accounts. Now, as long as a customer is actively communicating with us towards a resolution, we will not seek recovery measures.
Finally, since July 1, 2020, we’ve received thousands of NPS responses and have an NPS score that is well above the financial services industry benchmark. Forward has also received a combined 4.9 star rating across Trustpilot, Google, and Better Business Bureau, with over 1,400 five-star reviews. We reply to every review, and an ASD manager personally reaches out to any customer that submits a negative review or rating via one of our NPS surveys.
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 170 words used.
Since July 1, 2020, we’ve captured the stories of more than 20 Forward customers – why they chose us, what sets us apart, and why they continue to come back. So far, we’ve turned four of those stories into videos on our website that truly exemplify our customer experience. These four business owners are now Forward Ambassadors, receiving a direct line to our Head of Customer Support and regular check-ins from our ASD team, regardless of payment status.
The reviews and testimonials included speak for themselves. Our customers appreciate the caring nature of our ASD team and the way Forward does business – with their best interests in mind.
The internal recognition writeups included for our ASD team members are just a few examples of how invested our department is in the success of our customers. Our team goes above and beyond for both their teammates and our customers, and we make sure that their contributions are always recognized. These shoutouts are verbatim feedback provided by colleagues across the company.
- Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the department's past performance (up to 250 words):
Total 247 words used.
At Forward, we listen to our customers’ needs. Happy customers = renewals and referrals. Overwhelmingly, our customers are happy with the service they receive, as exemplified by our ASD survey results, reviews and NPS score, which exceeds the industry standard. To emphasize the importance of providing great customer service, our representatives’ monthly variable compensation is based on scores for professionalism, empathy, understanding customer needs, and adhering to guidelines. With this approach, we’ve been able to meet (or exceed!) our goals for dollars collected, while maintaining a customer-first mentality.
We’ve also improved the customer experience by updating our engagement model. Many funders base recovery measures solely on the time since last payment. We believe that if customers are willing to work towards a solution, they will eventually pay what’s owed – as long as they are engaged, we won’t escalate their account. By diversifying our team, we can communicate with more of our customers in their native language. Today, more than a third of the department identifies as non-white, and over half identify as female. If a Spanish-speaking customer needs assistance, their account will be assigned to a Spanish-speaking representative.
The addition of our Customer Service Specialists has allowed our ASD representatives to take a more targeted approach – focusing their efforts on the small business customers who need their help the most. The CS Specialists not only answer simple inquiries from inbound calls, but also provide outbound support for customers closing their business or filing for bankruptcy.
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