TurnKey Lender

TurnKey Lender Standard Platform Capabilities (With a Bonus White Paper) 

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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 – turn-key.  

The Standard Edition is an end-to-end lending infrastructure that comes built-in with all the modules, calculations, and features most businesses will need to start, run, and scale their lending operations.  

To simplify the process for clients in various business domains, separate editions of TurnKey Lender are tailored to the needs of different lenders including: 

  • Traditional creditors 

Banks and credit unions 

  • Embedded lenders 

Equipment manufacturers, retailers, medical professionals, auto dealers, etc. 

  • Alternative lenders  

Microfinance, digital, P2P lenders 

For businesses that need custom and unique lending processes automation, there is the Transformer Edition, a custom solution with a set of extra flexible and powerful bank-grade tools capable of automating lending flows and decision logics of any complexity. 

You can download a full-size white paper about TurnKey Lender Standard’s capabilities or keep on reading to get a quick look. 

TurnKey Lender Standard Features Overview – How the Platform Works 

TurnKey Lender is an integrated platform with dedicated permission-based workplaces that have features tailored to the needs of different types of users that interact with or work in a lending business. 

Loan Origination for flexible application processing

The Loan Origination Workspace in TurnKey Lender includes the functionality for loan application creation, terms and schedule management, as well as bank and contact details collection. The fully configurable loan application process allows for creation of custom application flows, dictionaries, and loan offers, as well as supports disclaimers and document templates management.  

As is necessary for the lending space, loan origination in TurnKey Lender ties in natively with Underwriting and Credit Decisions, transferring data between the workplaces and other employees.  This allows for one to make accurate loan decisions powered by AI instantly where other software providers still require manual analysis and requires days of work time on each application.    

Underwriting for instant risk evaluation and borrower analysis

The Underwriting Workspace of TurnKey Lender includes functionality for in-depth risk scoring, borrower evaluation, decision rules checks, loan agreement generation, loan offer management, and more. This workplace is designed in an intuitive way to present the maximum amount of credit scoring data on a single screen and to allow underwriters to make informed loan decisions in a matter of seconds.  

TurnKey Lender then aggregates all the data your instance has access to internally and through integrations to come up with a single creditworthiness metric that lenders can see at the very top of their workspace. Applications can be assigned to employees, moved back to Origination, commented on, and analyzed in every possible detail by the employee.  

TurnKey Lender’s award-winning Decision Engine uses self-learning algorithms and deep neural networks to process both alternative and conventional risk assessment data and make a fully automatic loan decision or to provide an underwriting specialist with the in-depth analysis results at a glance.  This allows lenders to streamline and fully automate their credit processing and achieve almost instant loan decisions.  

Intuitive Collateral Management for accurate and timely management of various assets   

If your business works with secured loans, your TurnKey Lender Standard Edition will come with a fully functional Collateral workplace where all the operations with collateral assets are carried out in.   

The Collateral Officer in charge of the loan application can:  

  • Evaluate new collateral assets  
  • Reevaluate existing collateral assets  
  • Add and create documents about the collateral asset both as a staff member and as a borrower  
  • Edit existing collateral assets  
  • Delete collateral assets

Loan Servicing for Loan management the way it’s meant to be done 

The Loan Servicing module in TurnKey Lender encompasses all the activities related to loan management post loan approval. Loan managers or servicing officers use this module to manage loans’ schedules, charge installments manually, implement loan modifications, rollovers, grace periods, restructure loans, communicate to borrowers directly from the dashboard, and more.  

 Automated Loan Collection Alleviating Headaches of a lender  

The Debt collection module allows for efficient management of loans’ collections with AI-driven collection priority, delinquency buckets, configurable collection strategies, and conversation scripts.  

Collections is another workplace where we apply our proprietary AI. In this workplace, the machine learning algorithms learn to evaluate the borrower base of a lender and evaluate the collectability of each loan to help the staff pursue the right approaches with each borrower.  

In-depth yet clear reporting for all your lending analytics needs   

The Reports Module analyzes, formats, and presents insights from all the business-related data across the TurnKey Lender system. Reports are presented in the form of easy-to-understand graphs and dynamic dashboards which can be quickly updated or formatted differently depending on the current business need.  

Lenders can also create fully custom reports in the built-in Reports builder which uses hundreds of smart markers to pull any type of operation’s data lender might need for their stakeholders or internal analytics. 

Borrower Portal to make sure your borrowers have a quality digital experience with you  

Borrowers get a digital end-to end experience that provides an exceptional and perfect lending interaction. . The digital workspace provides borrowers  with a fully digital web (or mobile) app where they can manage their personal and payment details, apply for new loans, make repayments, and keep track of all the lending-related information. 

Optional: Vendor Portal 

As businesses must move their operations online to remain competitive, more and more SMEs are considering launching an in-house financing program for their vendors, merchants, and partners. Vendor financing with TurnKey Lender allows businesses to add a new sophisticated monetization source for a business to be able to build more meaningful relations with clients and partners through affordable and easy-to-use credit. 

Through the vendor portal a business owner can now offer in-house financing and other credit products to vendors directly. This functionality is created to provide the freedom to finance vendors and separate stores without involving any middlemen.  

Optional: Peer-to-Peer (P2P) Module (with Investor Portal) 

If you’re operating  a peer-to-peer lending business , you will get the Peer-to-Peer Module in your TurnKey Lender Standard Edition. . This workplace provides the functionality sufficient to manage investors and investments, funds collection and deposits, loan bidding, and more.  

The P2P Investor Portal provides investors in a lending platform with a fully functional web cabinet where they can bid on loans, manage investment opportunities and account details, as well as track current and past investments.   

 From the side of the borrower/investor/vendor, they get an easy-to-use application flow and a dedicated Borrower Portal/Vendor portal or Investor portal respectively. All of the credit checks, application processing, pre-qualification, KYC, documentation are done on full autopilot with employees nonetheless being able to get involved or change the automatic flow the way they see fit in any given business scenario. 

 

In an overview, here’s what a standard loan’s lifecycle looks like in a digital end to end solution: 

 

And as you can see, TurnKey Lender includes a digital experience for all parts of a lending experience.   

[download] 

Features that Resonate  and Make TurnKey Lender Stand Out

  • A powerful Calculations Engine to create and manage credit products of any complexity 

No matter the needs of a lender (be it an alternative lender, a retailer, a telecom, or a revolutionary FinTech startup, etc.), the Calculations Engine can easily create credit products that address these needs specifically. This is achieved with help of numerous calculation approaches that come built-in the solution. The entire process of creating and launching new credit products takes a minute or less. Similar changes take lenders with hard-coded systems months.

Once published, credit products can be used by borrowers instantly and lenders can always stay competitive to help your community and grow your business. 

  • Configurable Loan Application Flow 

As a manager of a TurnKey Lender instance you can quickly change the loan application flow in a impactful way, adding co-applicants, adding or removing certain parts of the application process, changing the collected data points, setting the documents the borrower will be required to attach to the loan application form, etc. Once again, this doesn’t require platform source code changes, as a lender you can do it in a matter of minutes from your admin dashboard. 

  • Configurable Loan Offers and Loan Agreement Generation

Depending on the local regulations, laws, and internal policies the loan offers and loan agreements will differ substantially . That is why in TurnKey Lender lenders can fully customize the contents of loan offers and loan agreements which are automatically generated and sent to the borrowers. Never again will our lenders have to create each of those documents manually.  

  • Flexible Documents Management 

To further configure application flow and customer experience, system administrators can create detailed requirements for borrower and loan documents which are collected during the loan application as well as inside the system workplaces and the borrower portal.   

Adding new custom documents used to require intricate system customization. Now, lenders can create new documents and add their collection to the borrower on any stage of their loan’s lifecycle. At the same time employees can quickly find, verify and manage borrower and loan documents easier than ever.   

  • Export and Import Payments, Customer, Loans, and Schedule Data 

TurnKey Lender comes with robust export and import capabilities allowing back-office users to conduct exports and imports of data from and into the system with a click of a button. TurnKey Lender allows export payment, loans, customer profiles, payment schedules, etc. The system supports Metro2 reports for reporting to credit bureaus. Batch import and export of customers, loans, disbursements, and payments also couldn’t be easier. 

  • Dashboard, Email, and SMS Notifications  

TurnKey Lender comes with 40+ templates for borrower notifications which can be edited and are triggered by the most common events that happen in a life of a borrower and their loan to make sure it’s repaid in full and on time. The system also has a list of back-office notifications for staff members to instantly see important changes to the loans they are responsible for. The notifications can be sent via email, dashboard messages or SMS – depending on the preferences of the lender.  

  • Integrations 

The system comes pre-configured for integrations with popular credit bureaus, payment providers, SMS and email services, e-signature providers, etc. The software is white label, and the built-in API Client allows for configuration of any needed third-party integrations.     

  • Branch Management 

As a lender, you can create and organize as many branches as you may need and assign specific staff members to each of them to make sure every person has access to the right data and loan applications. 

  • Automatic Loan Statement Generation 

This feature helps you save the time your staff spends on collecting, updating, and sending out loan statements. From now on, the System automatically generates updated loan statements for every installment. You can create the template of the statement yourself and set the System to send it to a customer before the due dates. Automating collection, updates, and formatting of this data save every loan officer, and the business, hundreds of work hours. 

  • Extensive API client coverage

TurnKey Lender API client makes it possible to integrate all major TurnKey Lender features into your operation’s existing infrastructure. Our API covers: 

  • Front-Office functionality   
  • Investors portal  
  • Customer’s bank payment options management.   
  • External customers and loans management.  
  • External payments management. 
  • Security Features 

Here are just some of the cyber security certifications and features TurnKey Lender Standard platform includes/complies with: 

  • SOC 2 Type II Certification.  
  • PCI DSS compliant 
  • NIST 
  • OWASP 
  • ISO 27001 
  • GDPR (plug-in) 
  • User permissions 
  • Loan assignment
  • Adjustable password strength 
  • Two-factor authentication (plug-in)  

Learn about information security in TurnKey Lender

  • Theme Editor for Appearance Configuration   

The built-in Theme editor allows lenders to fully customize the appearance and color scheme of your TurnKey Lender instance from an easy-to-use interface. For all the important platform sections you can both add new background images and tweak the color scheme with intuitive color options.

You can learn about all of these features and others in more details in the whitepaper attached below:

[download] 

Reach out to our team to schedule an intro call and become a lender backed by the most advanced, intelligent, sophisticated, and easy-to-use platform on the market.

Get in touch today. 

Share:

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 – turn-key.  

The Standard Edition is an end-to-end lending infrastructure that comes built-in with all the modules, calculations, and features most businesses will need to start, run, and scale their lending operations.  

To simplify the process for clients in various business domains, separate editions of TurnKey Lender are tailored to the needs of different lenders including: 

  • Traditional creditors 

Banks and credit unions 

  • Embedded lenders 

Equipment manufacturers, retailers, medical professionals, auto dealers, etc. 

  • Alternative lenders  

Microfinance, digital, P2P lenders 

For businesses that need custom and unique lending processes automation, there is the Transformer Edition, a custom solution with a set of extra flexible and powerful bank-grade tools capable of automating lending flows and decision logics of any complexity. 

You can download a full-size white paper about TurnKey Lender Standard’s capabilities or keep on reading to get a quick look. 

TurnKey Lender Standard Features Overview – How the Platform Works 

TurnKey Lender is an integrated platform with dedicated permission-based workplaces that have features tailored to the needs of different types of users that interact with or work in a lending business. 

Loan Origination for flexible application processing

The Loan Origination Workspace in TurnKey Lender includes the functionality for loan application creation, terms and schedule management, as well as bank and contact details collection. The fully configurable loan application process allows for creation of custom application flows, dictionaries, and loan offers, as well as supports disclaimers and document templates management.  

As is necessary for the lending space, loan origination in TurnKey Lender ties in natively with Underwriting and Credit Decisions, transferring data between the workplaces and other employees.  This allows for one to make accurate loan decisions powered by AI instantly where other software providers still require manual analysis and requires days of work time on each application.    

Underwriting for instant risk evaluation and borrower analysis

The Underwriting Workspace of TurnKey Lender includes functionality for in-depth risk scoring, borrower evaluation, decision rules checks, loan agreement generation, loan offer management, and more. This workplace is designed in an intuitive way to present the maximum amount of credit scoring data on a single screen and to allow underwriters to make informed loan decisions in a matter of seconds.  

TurnKey Lender then aggregates all the data your instance has access to internally and through integrations to come up with a single creditworthiness metric that lenders can see at the very top of their workspace. Applications can be assigned to employees, moved back to Origination, commented on, and analyzed in every possible detail by the employee.  

TurnKey Lender’s award-winning Decision Engine uses self-learning algorithms and deep neural networks to process both alternative and conventional risk assessment data and make a fully automatic loan decision or to provide an underwriting specialist with the in-depth analysis results at a glance.  This allows lenders to streamline and fully automate their credit processing and achieve almost instant loan decisions.  

Intuitive Collateral Management for accurate and timely management of various assets   

If your business works with secured loans, your TurnKey Lender Standard Edition will come with a fully functional Collateral workplace where all the operations with collateral assets are carried out in.   

The Collateral Officer in charge of the loan application can:  

  • Evaluate new collateral assets  
  • Reevaluate existing collateral assets  
  • Add and create documents about the collateral asset both as a staff member and as a borrower  
  • Edit existing collateral assets  
  • Delete collateral assets

Loan Servicing for Loan management the way it’s meant to be done 

The Loan Servicing module in TurnKey Lender encompasses all the activities related to loan management post loan approval. Loan managers or servicing officers use this module to manage loans’ schedules, charge installments manually, implement loan modifications, rollovers, grace periods, restructure loans, communicate to borrowers directly from the dashboard, and more.  

 Automated Loan Collection Alleviating Headaches of a lender  

The Debt collection module allows for efficient management of loans’ collections with AI-driven collection priority, delinquency buckets, configurable collection strategies, and conversation scripts.  

Collections is another workplace where we apply our proprietary AI. In this workplace, the machine learning algorithms learn to evaluate the borrower base of a lender and evaluate the collectability of each loan to help the staff pursue the right approaches with each borrower.  

In-depth yet clear reporting for all your lending analytics needs   

The Reports Module analyzes, formats, and presents insights from all the business-related data across the TurnKey Lender system. Reports are presented in the form of easy-to-understand graphs and dynamic dashboards which can be quickly updated or formatted differently depending on the current business need.  

Lenders can also create fully custom reports in the built-in Reports builder which uses hundreds of smart markers to pull any type of operation’s data lender might need for their stakeholders or internal analytics. 

Borrower Portal to make sure your borrowers have a quality digital experience with you  

Borrowers get a digital end-to end experience that provides an exceptional and perfect lending interaction. . The digital workspace provides borrowers  with a fully digital web (or mobile) app where they can manage their personal and payment details, apply for new loans, make repayments, and keep track of all the lending-related information. 

Optional: Vendor Portal 

As businesses must move their operations online to remain competitive, more and more SMEs are considering launching an in-house financing program for their vendors, merchants, and partners. Vendor financing with TurnKey Lender allows businesses to add a new sophisticated monetization source for a business to be able to build more meaningful relations with clients and partners through affordable and easy-to-use credit. 

Through the vendor portal a business owner can now offer in-house financing and other credit products to vendors directly. This functionality is created to provide the freedom to finance vendors and separate stores without involving any middlemen.  

Optional: Peer-to-Peer (P2P) Module (with Investor Portal) 

If you’re operating  a peer-to-peer lending business , you will get the Peer-to-Peer Module in your TurnKey Lender Standard Edition. . This workplace provides the functionality sufficient to manage investors and investments, funds collection and deposits, loan bidding, and more.  

The P2P Investor Portal provides investors in a lending platform with a fully functional web cabinet where they can bid on loans, manage investment opportunities and account details, as well as track current and past investments.   

 From the side of the borrower/investor/vendor, they get an easy-to-use application flow and a dedicated Borrower Portal/Vendor portal or Investor portal respectively. All of the credit checks, application processing, pre-qualification, KYC, documentation are done on full autopilot with employees nonetheless being able to get involved or change the automatic flow the way they see fit in any given business scenario. 

 

In an overview, here’s what a standard loan’s lifecycle looks like in a digital end to end solution: 

 

And as you can see, TurnKey Lender includes a digital experience for all parts of a lending experience.   

[download] 

Features that Resonate  and Make TurnKey Lender Stand Out

  • A powerful Calculations Engine to create and manage credit products of any complexity 

No matter the needs of a lender (be it an alternative lender, a retailer, a telecom, or a revolutionary FinTech startup, etc.), the Calculations Engine can easily create credit products that address these needs specifically. This is achieved with help of numerous calculation approaches that come built-in the solution. The entire process of creating and launching new credit products takes a minute or less. Similar changes take lenders with hard-coded systems months.

Once published, credit products can be used by borrowers instantly and lenders can always stay competitive to help your community and grow your business. 

  • Configurable Loan Application Flow 

As a manager of a TurnKey Lender instance you can quickly change the loan application flow in a impactful way, adding co-applicants, adding or removing certain parts of the application process, changing the collected data points, setting the documents the borrower will be required to attach to the loan application form, etc. Once again, this doesn’t require platform source code changes, as a lender you can do it in a matter of minutes from your admin dashboard. 

  • Configurable Loan Offers and Loan Agreement Generation

Depending on the local regulations, laws, and internal policies the loan offers and loan agreements will differ substantially . That is why in TurnKey Lender lenders can fully customize the contents of loan offers and loan agreements which are automatically generated and sent to the borrowers. Never again will our lenders have to create each of those documents manually.  

  • Flexible Documents Management 

To further configure application flow and customer experience, system administrators can create detailed requirements for borrower and loan documents which are collected during the loan application as well as inside the system workplaces and the borrower portal.   

Adding new custom documents used to require intricate system customization. Now, lenders can create new documents and add their collection to the borrower on any stage of their loan’s lifecycle. At the same time employees can quickly find, verify and manage borrower and loan documents easier than ever.   

  • Export and Import Payments, Customer, Loans, and Schedule Data 

TurnKey Lender comes with robust export and import capabilities allowing back-office users to conduct exports and imports of data from and into the system with a click of a button. TurnKey Lender allows export payment, loans, customer profiles, payment schedules, etc. The system supports Metro2 reports for reporting to credit bureaus. Batch import and export of customers, loans, disbursements, and payments also couldn’t be easier. 

  • Dashboard, Email, and SMS Notifications  

TurnKey Lender comes with 40+ templates for borrower notifications which can be edited and are triggered by the most common events that happen in a life of a borrower and their loan to make sure it’s repaid in full and on time. The system also has a list of back-office notifications for staff members to instantly see important changes to the loans they are responsible for. The notifications can be sent via email, dashboard messages or SMS – depending on the preferences of the lender.  

  • Integrations 

The system comes pre-configured for integrations with popular credit bureaus, payment providers, SMS and email services, e-signature providers, etc. The software is white label, and the built-in API Client allows for configuration of any needed third-party integrations.     

  • Branch Management 

As a lender, you can create and organize as many branches as you may need and assign specific staff members to each of them to make sure every person has access to the right data and loan applications. 

  • Automatic Loan Statement Generation 

This feature helps you save the time your staff spends on collecting, updating, and sending out loan statements. From now on, the System automatically generates updated loan statements for every installment. You can create the template of the statement yourself and set the System to send it to a customer before the due dates. Automating collection, updates, and formatting of this data save every loan officer, and the business, hundreds of work hours. 

  • Extensive API client coverage

TurnKey Lender API client makes it possible to integrate all major TurnKey Lender features into your operation’s existing infrastructure. Our API covers: 

  • Front-Office functionality