Part II: 6 biggest consumer lending automation mistakes and how to fix them 

This is a part of our series devoted to TurnKey Consumer, the ultimate consumer lending automation platform. Here are the parts of this series

• Part I: How to automate 90%+ of an existing or new consumer lending process
• Part II: 6 biggest consumer lending automation mistakes and how to fix them 
• Part III: 7 consumer finance verticals with the highest growth potential until 2030
• White paper: All you need to know to become a consumer lender

And so, let’s begin the Part II.

The whole consumer lending space is reshaping quickly with credit moving directly to product or service providers.   For example, 30% of originations in 2021 happened in-store, using applications submitted by staff. Valued at $90.69 billion in 2020, the pay later market is projected to reach $3.98 trillion by 2030. 

How likely do you think this trend is to continue? Extremely, we say.

Before we proceed, would you (or your team) like this white paper with all you need to know to become a consumer lender.

Fears and pains of a consumer lender 

At this very moment hundreds of lenders around the globe use TurnKey Lender to extend credit to millions upon millions of their borrowers.  The fears lenders voice to us most often is that if they don’t become a part of digital lending landscape now, tomorrow it will be much harder if not impossible. 

At the same time, committing to a lending platform provider is a fundamental business decision which is hard to make with peace of mind.  

This means that if your focus is on lending as a service, borrowers have come to expect a new added value from their lender.   Better terms, more flexibility, promos and special offers deployed on occasion. You must be a part of their digital life. 

Finding your place in the new consumer lending industry 

To secure their place in the marketplace a modern lender needs a solid, user friendly and flexible digital lending presence. So borrowers could get better loan terms and better user experience for doing business with you.  TurnKey Lender provides you with one-stop platform that allows you to automate all parts of the lending process on your terms.    The platform is based on digital lending best practices from over 50 countries it works in and offers a configurable experience for the lender and an intuitive and smooth flow for the borrower. The solution is transparent and designed by some of the best UX and UI designers making it feel just as good as it looks.  

Attracting high-quality borrowers by being better than competition 

High-quality borrowers come to where they get the best loan terms. For that to be you, you need the lowest operational costs in town and the lowest credit risk. Both are achieved by being better at lending automation.   Analyzing more of the right data faster and making automatic decisions based on it is a hard job to do. Luckily, this is a job we do on behalf of lenders here at TurnKey Lender.   TurnKey Lender is a powerhouse of the digital lending technology that takes all of automation challenges off your hands.   

Replacing spreadsheets and legacy consumer lending platform 

We talked to a lender who now automates all of credit with TurnKey Lender about his experience before. Here’s how he described his experience before the digital transformation.

“I was managing finances via spreadsheets, on paper and in outdated soft made from tools I’ve put together over time. Payments were getting lost; I didn’t know about problems until a major crisis arose. Everything was taking too much of my resources and the process wasn’t transparent for the client.” 

We at TurnKey Lender live in the world of streamlined lending processes so it’s shocking to us every time we see businesses manage lending manually. Every day those businesses come to us with their homemade solution or spreadsheets, and we can’t but be amazed by the amount of work they do.   And how much better their life is about to get with 90%+ of their work automated with TurnKey Consumer.

Those who delay meaningful lending automation, face their business getting more unscalable, error-ridden, and expensive despite their best efforts every day.   Sooner or later, any lender concludes that to run a lean and efficient operation with little to no overhead, paperwork, and operational expenses they need a technology partner that they can delegate automation to long-term.  This is the only way to lower one’s operational costs and provide a modern digital lending experience on par with the market giants.

Eliminating human error in consumer lending process 

Human error and unnecessary manual analysis are key predictors of a slow and inefficient lending business that makes it impossible to compete. Human error leads to significant cost, loss of customer trust, and potential legal liabilities.  

It’s important though that people can’t and shouldn’t be fully removed from the lending process.

But the human connection and time should be spent on building a better experience and providing better service to the borrower, not on tasks that reduce the company’s productivity compared to the same automated process.   As an example, manual loan underwriting still takes most providers days if not weeks.

With TurnKey Lender credit scoring and borrower analysis is much more in-depth and provides immeasurably better loan decisions. But at the same time, the loan decision is made instantly.

TurnKey Lender eliminates paperwork, and any room for human error from consumer finance. The platform automates recurrent tasks, saves you operational costs, credit risk, and approval time. This is achieved by constantly improving the platform to allow lenders compete on the level playing field with lenders that have the most resources.  

One-stop solution vs scattered infrastructure in consumer finance automation 

Most lending solutions automate origination or loan management. Dealing with separate providers and synchronizing them or developing parts of the platform myself is a huge additional effort which I don’t have capacity or expertise for.   

TurnKey Lender is the only true end-to-end lending automation platform that answers the modern market requirements. We achieve that because of the iterative nature of the platform based on our research and the direct feedback and successful practices of the lending businesses globally.   

It’s the only solution you’ll need to automate all elements of the borrower’s lifecycle. Loan application, procession, origination, underwriting, scoring, servicing, collection, reporting, audits, KYC&AML and a lot more. It’s all created as a single integrates solution. Compared to all serious competition, it’s the most unified, streamlined, holistic, and intelligent platform to automate any kind of credit, B2C or B2B.  

Speed and quality of borrower experience in consumer lending 

Competition is nipping at your heels or is taking a larger portion of the market than me. How can I compete & take back a portion of the market?”   TurnKey Lender offers 99% uptime and an optimized cloud-based experience that works smooth on autopilot anywhere in the world. This platform is an industry leader recognized by companies like Gartner, Deloitte, G2, Capterra, and many more.    With more than 50 industry awards, TurnKey Lender platform has been the most intelligent and sophisticated solution on the digital lending market for the last 6 years. The company commonly rolls out updates and new releases with new features which are delivered to most customers (who didn’t get a custom platform) by default.  

• Deloitte  

TurnKey Lender was selected as top software choices for SME lenders based on banking capabilities typically required for SMEs and ease-of- use.  

• Gartner  

Gartner featured TurnKey Lender in a recent report researching automation use cases aimed at modernizing loan origination and improving lending processes.  

• Everest   

The Everest Group announced that the TurnKey Lender Loan Origination Software (LOS) leads the market in terms of market vision and capability. According to the study, Turnkey outperforms competing products in terms of ability to deliver complex loan origination products successfully.  

• HP  

According to a performance test by Hewlett Packard, TurnKey Lender is a flexible configuration choice on a highly scalable and reliable infrastructure.  

• Frost & Sullivan  

Competing in one of the most challenging categories, TurnKey Lender has been selected as the winner of the New Product Innovation Award.  

Avoiding consumer lending mistakes on autopilot 

We’ve spent a lot of time talking to business owners, existing and aspiring lenders. And over the years we’ve created the most sophisticated, intuitive, intelligent one-stop lending automation on the market allowing lenders to 

• Focus on business development instead of staff and borrower management.  
• Reach wider borrower audiences with lower credit risk   
• Lower operational costs and billed time through meaningful personalised automation  
• Offer better terms, hassle-free loan management, and streamlined communications to the borrowers 
• Always remain on the cutting edge – TurnKey Lender platform regularly rolls out updates  
• Experiment and adjust to opportunities faster and at-scale.  

The growing competition dictates the need for consumer lenders to have better analytics, instant online approval and disbursal, smooth servicing, etc.    Lenders experience fear of mission out when they don’t automate credit, but the fear of trying and failing is sometimes even greater. It can only be addressed in an intro call with the TurnKey Lender team. Because we can spent the whole day explaining what an established, reliable, and forward-thinking will enable them to live easier work lifes where 90%+ of work is done automatically  Get in touch and we’ll be happy to give you a guided tour of the best lending platform on the market.   

Start your TurnKey Consumer journey today.

Book an intro call today.