Benefits of Buy Now Pay Later services for consumers and businesses
It may feel like BNPL has been around forever, but Buy Now Pay Later services only gained major traction in the 2020s, revolutionizing the way consumers make large purchases and providing new opportunities for businesses. Let’s explore the concept of Buy Now Pay Later and go over its benefits for both consumers and businesses. From […]
How traditional finance providers can capitalize on the embedded lending revolution
A large portion of credit has moved to the point of sale forcing traditional and alternative lenders to embrace innovation and adapt to maintain and grow their borrower base. Nonetheless, most financial institutions still can’t meaningfully automate their manual loan origination, loan management, and debt collection processes. For established lenders, reimagining the operations of your […]
TurnKey Lender Standard Platform Capabilities (With a Bonus White Paper)Â
The mission behind TurnKey Lender is the global democratization of credit, for both borrowers and lenders alike. And in the effort to make e-lending as easy as modern online commerce, TurnKey Lender created the award-winning Standard Edition of its software. The TurnKey Lender Standard Platform makes lending automation plug-and-play, or as we prefer it – […]
How to offer pay later financing to customers – in-depth intro to the BNPL industry
Valued at $90.69 billion in 2020, the pay later market is projected to reach $3.98 trillion by 2030. A power shift in the client financing space is underway. PayPal Credit, Apple Pay Later, WeChat’s Fen Fu, Alipay, and other trend-setting players started the race as customer finance is moving to the point of sale. Letting […]
Part I: How to enter the commercial lending space (11 high-growth business lending sectors)
Before we get into the neat and grit of commercial lending automation, let’s size up the business opportunity we’re talking about. Looks like a market ripe for an innovative lender to take their share, right? It is. But at the same time, large, non-local banks are responsible for 89.5% of loans under $100k given to […]
Automated loan decisioning – solving the transition from manual to automatic loan origination process
A recent McKinsey report shows that only 18% of banks are halfway or more done with their digital transformation. And even the large banks that managed to digitize during Covid are 40% less productive than digital natives due to organizational silos and the need to migrate with complex legacy infrastructure. These inefficiencies, delays, and overhead […]
Navigating the Future: Machine Learning for Credit Scoring
According to an Experian study, an estimated 26 million people were considered to be “credit invisible”, which made traditional credit scoring models struggle to evaluate their creditworthiness. The winds of change have been brought about by the advent of machine learning in credit scoring. By analyzing unconventional variables and patterns, machine learning algorithms have shown […]
Decoding the Impact of Embedded Payments on the Financial Landscape
In the evolving digital ecosystem, embedded payments are gaining momentum and redefining the way we think about financial transactions. According to McKinsey, global payments revenues swelled to $1.9 trillion in 2018 and are predicted to exceed $3 trillion by 2023. This exponential growth is driven, in part, by the rising popularity of embedded payments. What […]
Offering Financing to Customers: The Game-Changer in Today’s Business Ecosystem
In the modern business arena, creating competitive advantage hinges on superior customer experience. A key strategy that’s not just trending, but firmly embedding itself in business operations, is offering financing options to customers. According to a report by ResearchAndMarkets, the global consumer lending market is expected to grow from $8.5 trillion in 2020 to $9.6 […]
Offering Finance to Customers: Unlocking Growth Opportunities
Consumer financing has long been a popular choice among consumers looking for flexible, convenient, and accessible financial solutions. But the magnitude of its potential has started to unfold only recently for businesses across the board. From retail and healthcare to home improvement and beyond, offering finance to customers is no longer just a value-added service, […]
Revolutionizing Lending: The Critical Role of Loan Manager Software
In today’s fast-paced digital age, financial institutions and lenders are experiencing a transformative wave brought about by loan manager software. This innovation is steadily becoming a cornerstone of the financial sector, facilitating streamlined, efficient, and precise loan management processes. According to PricewaterhouseCoopers, financial institutions that adopt digital solutions can reduce their cost of processing loans […]
Offering BNPL product or Underwriting Cash Advances? Either Way, TurnKey Lender Has You Covered
In just two decades, digital technology has gone from zero to connecting half the world’s population, and in the process democratizing and decentralizing the distribution of credit to consumers and other goods and services purchasers. With banks losing their grip on the levers of lending as a consequence of this leveling, other organizations — from […]