Build or Buy: Executive’s Guide to Choosing the Right Approach to Loan Management Software 

Explore the pros and cons of building or buying loan management software (including a hybrid approach) from an executive’s perspective. Learn from real-world examples and expert insights to make the right choice for your business.

A Word from Turnkey Lender CEO

The decision to upgrade your lending business with automation software gives a clear sign that you prioritize convenience for your customers and efficiency in your operations.

It also means you care about adapting to the evolving financial landscape. 

Now you stand before the choice whether to develop this solution in-house, work with a vendor, or a combination of both.

Choosing between building or buying can determine the success or failure of the entire project. The wrong path can lead to wasted resources, delayed implementation, or a system that doesn’t fit your needs.  

Rest assured, there’s no room for indecision. The right choice depends on the nature of your business and your unique requirements.  

In this guide, we will show you the pros and cons of each approach, pose essential questions, highlight key factors, and help you make the best decision for your business. 

– Dmytro Voronenko, CEO at TurnKey Lender 

What Does This Guide on Building or Buying a Loan Management Software Entail?

1. What exactly is loan management software, and why should you care?

Dive into the fundamentals of loan automation. Discover why it’s becoming a game-changer in the financial industry. Learn how automation can reduce processing costs by up to 70% and why industry leaders predict 90% of finance-related analytics will be automated by 2027.  

2. Buying loan management software: advantages and who it’s for

Explore why purchasing an off-the-shelf solution could be your smartest move. Through real-world success stories from Globe Telecom and National Iron Bank, see how buying a loan automation solution can speed up your time to market and provide immediate ROI.  

3. Building loan management software: advantages and who it’s for

Is custom development the right path for your unique business needs? Uncover the compelling reasons why some organizations choose to build their own loan automation software. Learn the critical success factors and potential pitfalls that could make or break your custom development project. Essential reading for companies considering in-house development. 

4. Considerations on building vs buying a loan management software from TurnKey Lender’s CEO

Get insights from Dmytro Voronenko, TurnKey Lender’s CEO, with over two decades of fintech experience. Learn from the cautionary tale of Goldman Sachs’ Marcus project and understand why even industry giants can stumble in their automation journey. This part offers executive-level perspective on avoiding common pitfalls in the decision-making process.

5. Combining buy and build: the hybrid approach to loan management software

Discover how to get the best of both worlds by combining pre-built solutions with custom development. Learn how this strategic approach can offer both rapid deployment and unique competitive advantages. Explore a practical 5-step process for implementing a hybrid solution.

This Guide Gives You Clarity to Make the Right Choice

Making the right choice about loan automation software can transform your business. Or drain your resources. 

We’ve designed this journey to build your understanding step by step. Whether you’re considering a ready-made solution, contemplating custom development, or exploring something in-between, you’ll find frameworks and real-world examples to guide your decision. 

This isn’t theory. It’s a practical roadmap built from decades of industry experience. 

But first, let’s start with what exactly is loan management software. 

Prefer to read the entire guide at your own pace? Download it as a PDF version.