TurnKey Lender Featured in Gartner Report on Modernization of Loan Origination and Use Cases for Improvements of Lending Processes
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Gartner featured TurnKey Lender in a new report researching automation use cases aimed at modernizing loan origination and improving lending processes.
It is noted in the report that as alternative and nontraditional lenders move to offer a broader set of lending products, the individual product-based systems traditionally used by banks continue to inhibit their efficiency and slow their ability to bring new solutions to market. Banks searching for more holistic lending solutions are looking to leverage platform technologies to lower their technology cost base by eliminating product-specific solutions and using a platform to extend automation investments across multiple credit products.
Companies like TurnKey Lender provide digital banking platforms focused specifically on different lending segments.
Key findings of the report:
- In the 2020 Gartner Line of Business Buyer Survey, financial services line of business leaders list modernizing credit processes as the top strategic initiative, followed immediately by automating processes (modernizing core systems came in third). Buyers anticipate leveraging technology to achieve desired outcomes of improved customer satisfaction and product and service quality.
- Loan automation initiatives are focused on achieving a robust customer experience, efficient origination that minimizes errors and compliance risk, and faster decisioning.
- Hyperautomation is driving improvements in productivity ranging from assessing loan application completeness to automating financial spreading in order to eliminate hours of effort from the underwriting process.
You can find the full report here.
About TurnKey Lender
TurnKey Lender is a global B2B SaaS company that provides AI-powered lending automation and decision management solutions and services for traditional, alternative, and embedded creditors worldwide. From origination and underwriting, to servicing, collection, and reporting – the company’s award-winning software automates the entire lending process just as well as its specific parts for both consumer and business lenders. Designed with the latest design best-practices in mind, TurnKey Lender exceeds regulatory requirements for data security with SOC2 Type I and SOC2 Type II compliance reports, the globally recognized PCI DSS and ISO 27001 certifications.