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 […]
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 […]
10-point checklist for choosing your new loan origination software  in 2024
Companies spend months negotiating with LOS vendors to choose the infrastructure for their lending operations. But same as when picking a car, if you know what to look for, weeding out vendors who’ll turn out incompatible is immensely easier. Initial SaaS filtering criteria There are many loan origination systems. And most of them don’t meet […]
Steps of the Commercial and Consumer Lending Process You Can and Should Automate in 2024
The digital lending entry barrier got lower than ever with the rise of intelligent, functional, and user-friendly FinTechs. Now anyone can launch an end-to-end lending automation platform to compete with large-scale financial institutions on a level playing field. And this doesn’t only apply to alternative lenders, pretty much any SME, retailer, e-commerce or manufacturer can […]
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 […]
In-Depth Guide to Digital Transformation of a Bank
Even before the COVID-crisis and the overwhelming social distancing trend, traditional banks were forced to play catchup with nimble alternative and in-house lenders who offer a fully digital crediting process. Now, relying on clumsy legacy solutions and paper-based workflows is simply not sustainable. Large-scale lenders need to either embrace the digitalization of credit or they […]
How Much It Costs to Automate a Lending Business 2024
To get into the real lending game thirty years ago, one needed immense resources. And not just cash in store for funding the consumer or business borrowers, but also money for opening and maintaining offices and branches, originators, servicing managers, underwriters, collectors, analysts, etc. Even ten years ago, when FinTech craze was conquering the business […]
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 […]
White paper: How to automate every part of your commercial lending process Â
The World Bank has done the math – the international B2B lending market has an unmet demand of approximately $5.2 trillion a year. With $1.4trillion more in the US alone.  But despite this enormous opportunity, commercial credit is still viewed by many would-be B2B lenders as something too complex for them to efficiently automate. […]
Part II: All you need to know before you automate your commercial lending process Â
What is the cost of a mistake or a delay in commercial lending? Let’s put a price tag on every wrong b2b loan decision. Average SME loan sizes shed some light. For a large bank an average is $564k, for a small bank – $185k and for an alternative B2B lender -$80k. And yet, over […]