TurnKey Lender Releases New Features to Address The Market Needs Post Covid-19

The need for intelligent, flexible, and scalable lending digitalization is now more urgent and evident due to the current crisis. Over the last five months, the TurnKey Lender team worked harder and smarter than ever to help clients and communities weather the crisis by adjusting and updating solutions for the new economic reality. Today, we are releasing updates that address specific needs that arose due to the COVID-19 pandemic. In this release, we introduce new AI applications, new functionality, and updated modules of the TurnKey Lender Unified Lending Management Solution. 

AI-Powered Bank Statement Scoring

Even before the Covid-19 crisis hit the economy, it was safer and more profitable to utilize both traditional and alternative borrower evaluation approaches. And now, with the current crisis, traditional credit scoring models have become too slow and rigid to rely on; thus, the demand for alternative approaches, like bank statements scoring, has skyrocketed.  

To meet this demand, the TurnKey Lender Solution now comes with an additional scoring model: AI-Powered Bank Statements’ Scoring. This new scoring is built around the numerous data points that can be retrieved from a client’s bank statement and evaluates the data using AI algorithms to provide a completed analysis result instantly.

This scoring model can be used as the primary model or can be combined with the default scoring model, or used as an addition to your own scorecard. AI-Powered Bank Statement Scoring is superior in terms of the quality of credit decisions and optimal terms’ predictions and 80+ percent of lenders who try it, don’t switch back because of the improved performance.  

Meaningful AI Included In Business KPI Dashboard

A powerful addition to the Reports Workplace of TurnKey Lender is brought to life in form of a brand-new dashboard that uses machine learning to collect, process, and presents all of the important business performance indicators at a glance. One dashboard lets you get a working understanding of the business’ well-being, analyze the current effectiveness of staff efforts, and explore aggregated assets and current portfolio state.

New Integration With Borrower Geo-Location Tracking And Analysis 

The platform now includes implementation with a Gmap service integration to improve business analytical, marketing, and sales capabilities. The TurnKey Lender technology allows you to collect the borrowers’ coordinates when they apply for a loan (with their permission). These data points are used for auto-checking business rules and are shown on specialized maps for underwriters, loan managers, and collectors to simplify their day-to-day.

AI-Driven Employees Performance/KPI Tracking 

With the remote work trend being the new normal, it’s critical to be able to clearly see your staff’s performance at a glance. The built-in KPI tracking functionality lets you instantly outperform even the big banks in terms of quality and accuracy of insights you get about your originators, underwriters, as well as servicing and collateral officers.

The evaluation of each employee’s productivity is based on their responsibilities, taking into account numerous relevant factors, and then uses AI to process, cross-reference, and present the data to the lender.

Calculation Engine Updates

In the current turbulent economy, lenders have to be flexible and change loan terms if they want to get paid. Configurability and ease of adjusting the credit product is key to running a successful lending business in the market post the Covid-19 crisis. We’ve analyzed the market trends and have updated the rollover, restructuring, payoff, PTP, and grace period functionality to help creditors better meet the exact current needs of the borrowers.

Restructuring

The ability to restructure current loans for the COVID-19 period is one of the most commonly requested features, which is now updated and ready-for-use by lenders. So if a borrower is suddenly faced with low income or other financial difficulties, where they are unable to pay back the loan on time, they apply for restructuring. The entire process – from the borrower logging into their TurnKey Lender portal to the lender analyzing and approving the restructuring – takes several minutes.

Once past due payments are detected, extra overdue fees and penalties are accrued, so borrower’s debt increases. The deeper the borrower sinks in debt obligations, the less the lender’s chance to get back their funds and expected profit.

The restructure functionality allows changing the initial credit terms for a loan to repay the remaining debt amount and avoid the involvement of external collectors in case the borrower cannot repay the loan under initial credit terms.
For the restructured loan the System applies a new repayment schedule in accordance with specified credit product settings.

With the updated TurnKey Lender, it is possible to completely change loan terms: change loan duration, installment periodicity (monthly, weekly, etc.), loan calculation type (annuity, payday, classic, etc.), set new payment dates, and much more.

Customer Rating

Collectors and underwriters are able to instantly understand how to communicate with each particular client based thanks to a straight-forward rating next to each loan application. For ‘high rating’ borrowers, they can now offer special services, promo products, and terms. If a borrower’s rating is getting worse, different marketing tools can be used to offer the borrower affordable short-term loans to improve their internal rating and even their score in a credit bureau. Evaluation, communication, and credit product changes are all done on the same platform which leads to higher customer satisfaction. 

API Payment Options Management

With this release, Public API now covers the entire Borrower Portal functionality in full. Of particular note, lenders with proprietary and third-party interfaces can now integrate a fully functional TurnKey Lender Borrower Portal through an API into their operation.

Public API covers all the Borrower Portal functionality allowing your borrowers to operate bank accounts, cards, and initiate ‘one-click’ payments to be processed by an integrated payment provider.

Loan Migration

Lenders can now migrate loans into the System on their own without involving the TurnKey Lender team. The functionality provides the lenders with an option to migrate Customers and Disbursed Loans manually. Put together all the important details of the loan you’d like to migrate: payments, past dues, scheduling, and then make sure that all the details are constructed properly.  Continue operating all your loans from the TurnKey Lender end-to-end lending management solution for increased productivity and profits.

That’s it for this release, but we are already at work on new features and updates for next month!  Stay tuned and, as always, let us know your feedback.