Optimizing Loan and Lending Performance in 2021

There’s a widespread perception in the marketplace that end-to-end lending automation comes at a high cost — both in terms of its literal price tag and the operational compromises needed to make such automation a reality. 

This is untrue when it comes to one leading lending-technology provider. 

“TurnKey Lender solves every problem there is through the entire life span of every loan there is, from accepting applications to underwriting to servicing and collecting payments,” says Spike Hosch, executive director of BetterFi in Coalmont, Tenn. “Turnkey Lender is also many times more affordable than a lot of other options, including other all-in box solutions.” 

Support for all lending needs and strategies 

In the run-up to a post-Covid world, lenders are under pressure to cut costs and reduce risk — while boosting sales by meeting customer expectations head-on. For traditional and non-traditional lenders alike, anything shy of this is considered inadequate in the face of an expected burst of pent-up demand loosed by a return to “normal” life in 2021 and 2022. 

To help meet this need, TurnKey Lender offers its Unified Lending Management (ULM) platform, which streamlines and automates every lending process from application to final pay-off. This all-digital platform speeds crediting decisions that are bolstered by flexible criteria and built-in artificial intelligence. Whether a lender chooses the ULM as an end-to-end platform or a modular version to address specific needs on an existing platform, TurnKey Lender has the technology and real-time support to strengthen any organization’s loan portfolio.  

With true end-to-end automation, TurnKey Lender offers enterprises: 

1. Origination, servicing, administration, and collection on a fully integrated platform 
2. The ability to phase out old lending components and replace them with the latest fintech 
3. More time and resources spent on business development and customer service, less time mired in credit checks, ID verification, CRM updates, and collections 
4. Actionable lending intelligence derived from accessible data analytics 
5. A “white label” approach that ensures their brandings stays top of mind 

With modular lending-platform architecture, meanwhile, lenders can further expect: 

• Lower costs — enterprises pay only for the parts they use 
• A system that’s configured precisely to their business processes 
• Seamless connectivity to all third-party systems and data providers

Though spurred by the coronavirus, demand for digital lending capabilities was on the rise before this pandemic stormed into our lives late last winter.  

Covid is speeding the wheels of innovation  

In a pre-Covid call, Standard & Poor’s reckons Digital lenders focused on small and medium enterprises, or SMEs, will see a five-year compound annual growth rate of 21.5% through 2021. S&P predicts consumer-oriented digital lending — a rather more mature market than its commercial counterpart — will see a compound annual growth rate of 12.4% in a five-year period ending on New Year’s day 2022. 

If anything, says TurnKey Lender co-founder and business-development chief Elena Ionenko, “The demand we’re seeing suggests bigger growth rates through 2021.” And she says this call holds true whether the global economy comes roaring back with help from an effective and widely distributed vaccine against Covid next year, or if the post-pandemic era takes longer to shake off.  

“If economies respond positively next year to one or more forms of inoculation, there will be more demand for SME lending because consumers’ demand for goods and services will increase,” says Ionenko. “But even if the pandemic continues past mid-2021, pandemic-era requirements for low-touch, fast, and accurate lending technologies like ours will persist. In fact, psychologists think some of the social habits we’ve picked up in 2020 — distancing, extra handwashing, masks perhaps in flu season — will remain with us for years to come.” 

Adds Ionenko: “In all scenarios, a convincing case is being made for a rapid conversion to digitized lending, compressing into a few years a rollout we foresaw occurring over a decade or more.” 

No matter what type of business is doing the lending — traditional bank, innovative retailer, or business-to-business financier — each needs to adopt sound digital strategies to keep consumers from switching allegiances to digital-only players, typified by personal-finance apps such as Monzo and Expensify. 

“Their team was very communicative” 

The benefit of third-party lending technology is further highlighted by the assertion that up to 90% of banking innovations come from outsiders, most often vendors with the capital backing and sales experience required to make it past banks’ arduous procurement gatekeeping. 

Lenders that use TurnKey Lender’s ULM platform can expect a raft of such breakthroughs, including: 

• A loan origination engine powered by the self-learning of deep neural networks for perpetually optimized artificial intelligence 
• Configurable loan-application forms for superior user experiences and higher conversion rates — partly from the ability to new customer segments with alternative credit scoring techniques 
• Adjustable credit scorecards to meet your company’s specific business needs and risk parameters 

For BetterFi’s Hosch, a tech vendor is only as good as its ability to listen and respond appropriately to its clients — and on that basis, TurnKey Lender came through. 

“From the outset, their team was very communicative,” says Hosch.  And, crucially from a trust-building standpoint, “they let us test out a demo of their solution that let us really see if it met our needs.” 

Hosch also praises TurnKey Lender’s frankness. “They’re very transparent in terms of pricing out upgrades, and pointing out things we needed that TurnKey Lender doesn’t offer,” he says. “In the end, they let us be more efficient at every step of the lending process.” 

To see how TurnKey Lender has helped businesses of all industries on six continents and how your business can benefit sign up for a demo.

Here’s Spike from BetterFi in a customer success story:

Read the full BetterFi case study:

Consumer Lender Increased Applications Volume By 400%

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