Newtek has surpassed 500,000 client referrals through its state-of-the-art proprietary web-based technology, NewTracker®, since the in-house development of this technology platform began in 2003 and became fully operational in 2006.
NewTracker® is an integral component of the Company’s business model, which enables it to acquire customers and process their business in a cost-effective manner lessening the dependency on traditional more inefficient client acquisition strategies that are commonly used to acquire independent business owner clientele. Alliance and referral partners use this technology to refer their independent business clientele to Newtek to offer them the products and services they cannot or do not care to provide. NewTracker® gives these referral and alliance partners full transparency into Newtek’s back office and allows them to track the progress of their own business referrals through the entire sales and marketing process. The Company likens the transparency and tracking capability of this platform to putting a barcode on the business service process, similar to what delivery, transportation and logistics-services companies do for packages. NewTracker®, a unique business-to-business technology services application, is trademarked and has been granted a patent from the U.S. Patent Office.
Barry Sloane, Newtek’s President, Chairman and CEO, commented, “For almost a decade, we have been utilizing NewTracker®, our patented proprietary state-of-the-art web-based technology, as the primary tool to acquire small- and medium-sized, and independent business owners as clients throughout all 50 states. We believe this technology gives us a competitive advantage over our industry peers as it eliminates total dependency on human capital, which is utilized by other companies to acquire small- and medium-sized business clients. We are able to significantly leverage human capital using the NewTracker® system. NewTracker® enables us to book and bind clients from our remote business process centers in Phoenix, AZ; West Allis, WI; Brownsville, TX; and West Hempstead, NY. As a FinTech Company, our ability to acquire these clients in such a manner is one of the keys to our success and a vast contributor to our ability to scale and potentially expand our margins through inherent cross-selling and cross-marketing opportunities within our current client referral database of over 500,000. Our alliance partners appreciate the transparency NewTracker® provides, giving them the ability to track the progress of their leads 24 hours a day, 7 days a week as their referrals flow through our operation centers.”
Mr. Sloane, concluded, “Our front-end and back-end systems and operational methodology have been specifically designed to cater to the most important economic force in the U.S. economy – the independent business owner. We are thrilled that NewTracker® has provided service and information to hundreds of thousands referral clients that are now part of our database.”