If you’re a sports fan, you’ve probably heard the term “most valuable player” or “MVP” before. In software development, MVP stands for “minimum viable product,” signifying a version of a product with just enough features for early customers to test it out and provide feedback for future development.

At SPARK, we follow a slightly different acronym: MLP, which stands for “most lovable product.” We value customer feedback significantly, but we collect it early and often so it’s the users that drive new product development and continuous optimization. 

In theory, it’s impossible to put out a bad release because we only work on features and products we know will help our customers. 

It’s not a development model you’ll see in other loan origination software or even the financial services industry. Fintechs have the design and user experience down, but lack the support for intricate process and regulatory expertise. Traditional financial software providers understand the complexities of loan origination, but are just now focusing on the user experience. 

SPARK was built to be the best of both worlds, combining long-standing loan expertise with cloud efficiency and user-focused design to create more “MLPs” than anyone.

How Our Product Development Works 

Morning, noon, and night, we keep an ear out to better understand our users’ experiences, what they want to see improved, and what ideas they have for the future of the product. Here’s how it works:

  1. Gather. The SPARK product team gathers all customer-submitted ideas.
  2. Assess. We rate the ideas for their feasibility and ecosystem need to determine which ideas we’ll implement.
  3. Plan. Once per quarter, we begin to shape the product roadmap for the next six months to determine where new, viable ideas will fit. 
  4. Play. Once we’ve devoted time to implementing the new idea, we develop a rough wireframe of the concept for customers to react to — before writing any code. 

One of the key requirements for implementing a new idea is its versatility for all users. We bring new ideas to life that will benefit the entire ecosystem, not just one customer.

The MLP framework allows for quicker feedback and iteration toward the optimal product. We avoid creating a true MVP, but get to the customer feedback stage earlier on. This way, customers get to see their ideas come to life within six months, reducing friction along the way and making platform use easier for everyone. 

Product and Price Go Hand-in-Hand

Most legacy platforms don’t provide regular updates and software improvements. That means customers pay for a stagnant product for years to come instead of one that’s continually improving at no additional cost. SPARK releases new features and functionality every eight weeks without fail, meaning users can look forward to an even better platform every two months. 

Our pricing model supports this concept with usage-based fees that are tied to your results, not simply your contract. Most SaaS models charge a monthly base subscription fee, as well as a fee per user. At SPARK, our fees are based on the success of your lending operation:

  • The monthly subscription fee covers access to the platform.
  • An additional BPS-driven fee is included based on closed loan activity. 

At its core, our pricing model is designed to get you the results we promise. When you benefit, so do we. And because our implementation window is just four weeks, SPARK customers achieve time to value faster than any other system in the industry. 

At the end of the day, your customers benefit most because we’re able to put capital in their hands more quickly, enabling them to bring more value to their industry and community.

In essence, the more successful you are, the more successful we are as a team. 

SPARK is the Most Lovable Platform

What’s more important than features and cost? Value. At SPARK, we’re focused on helping customers experience value now and in the future with ultra-fast onboarding, usage-based pricing, and continuous improvement they can play a part in. More than individual features or cheaper pricing at first purchase, SPARK adds up to superior lifetime value that traditional vendors and fintechs can’t touch.  

It’s also the reason why our platform has extremely low customer turnover. We find that the longer people are on SPARK, the longer they stay on it. Sure, it takes time for customers to make the leap, but once they do, they tend to accelerate. They start thinking beyond the mundane tasks that used to take up mindspace. By eliminating low-value tasks, they’re able to ideate on enhancements that “move up the chain” of complexity. Once people start seeing the potential, it’s game over. 

Get a price quote that’s unique to your business needs. Contact us for a demo of the SPARK platform and an evaluation of your loan origination needs. 


Insights You Can Use

Get the latest insights, articles, and news from SPARK experts about
the state of lending.