Unified Lending Management at the Turn of a Key

Blog Post

TurnKey Lender is changing how businesses everywhere succeed. The six-year-old company puts state-of-the-art lending software in the hands of businesses of all sizes, using proprietary technology that securely digitizes every step of credit management. 

Clients of TurnKey Lender’s end-to-end platform represent an array of industries, from traditional lenders to innovative retailers and service providers eager to boost point-of-sale and mobile purchasing support for their valued customers. 

Focused 

Dmitry Voronenko and Elena Ionenko founded Singapore-based TurnKey Lender in 2014Dmitry has a PhD in artificial intelligence and a winning track record, both as a business builder and as a financial-systems designer for companies around the world. Elena is a business-development innovator with international experience in the banking, branding and decision-management industries.  

“We launched Turnkey Lender in response to a gap in the market for smaller lenders,” says Dmitry, who previously co-founded Scorto, a decision-management software maker. “Often, these companies require the same comprehensive software platform as large retail lenders, but they lack the working capital to develop their own automated processing systems and credit scorecards.” 

That’s where we come in. TurnKey Lender provides expertise in credit-risk management and lending automation — gleaned from long experience in international finance service — and a range of software options to support everything from complex credit bureau eco-systems and multinational infrastructure projects with intergovernmental funding to specific retail-loan types, crowd-sourced and peer-to-peer loans — even micro lending to fight poverty in developing economies.  

Milestones 

With over 120 employees in North America, Asia, and Europe, TurnKey Lender has more than 100 institutional clients in more than 30 countries.  

TurnKey Lender has won more than 25 technology and financial-service awards. This list includes 2019 “Credit Award” as “Best Lending and Credit Management” provider, and the 2018 Bank News “Innovative Solutions” prize in the “Management, Operations and Processing” category.  

Confirming its status as an established enterprise with a growing user base and consistent revenuesTurnKey Lender raised Series A1 funding from an international consortium of venture backers early in 2019. 

Cutting Through 

For the better part of two decades, e-commerce has been an established and nearly universal aspect of doing business online. Just think how internet-based markets like Ali Baba and Amazon have changed the way consumers and businesses compare prices and make purchases. 

Before TurnKey Lender, e-lending lagged behind e-commerce for one main reason: complexity. While mortgage and car-loan applications have been available for some time, those were typically feeders to traditional lenders for processing by traditional means. 

TurnKey Lender explodes that model, cutting through inherent complexities to facilitate lending with full-cycle, end-to-end processing that can be cloud-based or hosted on the lender’s serversUsing advanced workflow and artificial-intelligence applications, TurnKey lender securely automates and integrates every step in the life of a loan, from credit decisioning and origination to servicing, collection and reporting — all backed by expert training and rigorous IT support. 

Pain Relief 

TurnKey Lender is steeped in best practices for the credit industry. That’s a distinct advantage in identifying and countering pain points shared by online lenders, such as: 

  • Lean resources and limited time: For this problem, we provide workflow efficiencies through automated processing 
  • Limited working capital: Our modular approach makes us the solution for companies of all sizes 
  • Regulatory compliance: We collect customer data in a clear format including everything needed to be GDP compliant to keep you informed about the latest, jurisdiction-specific changes to banking regulations and avoid funding anyone on a watch list. 
  • Accurate risk assessment and credit decisions:  Access to our proprietary credit-risk scoring for optimal risk assessment and pricing 
  • Debt collection: Built-in triggers keep you out ahead of payment issues before they make it to the bad-debt bucket 
  • Lack of enterprise-level IT expertise: Our fully-managed solution is highly accessible and easy to use with 24/7 tech support when you need it 
  • Quality customer generation: You provide the leads and we handle everything else, from loan origination, underwriting, servicing, reporting and collection. 

Outcomes 

With TurnKey Lender’s comprehensive AI-powered platform, traditional and non-traditional lenders can digitize lending processes for faster application processing, streamlined workflows, and more robust record keeping in an environment that virtually eliminates human errors. 

TurnKey Lender equips lenders to take on their biggest competitors with specialized online-lending software that delivers fast and accurate automation, and jurisdiction-specific risk and compliance controls. It also powers:  

  • Improved portfolio yield as a result of identifying your most profitable customers  
  • Best-in-class, AI-powered workflows to optimize business processes, and achieve optimal loan-approval flows 
  • Advanced credit scoring with an AI-optimized generic scoring template — or easily add another credit-score modeler 
  • Detailed credit-decision analytics to review and improve credit-risk strategies 
  • The versatility of a web-based app, so your team can log in securely to process loans from almost anywhere — including at the point of sale 
  • Support for all loan types from payday advances and student loans to micro lending, credit-bureau ecosystems, and everything in between 
  • Affordability as a result of our modular platforms, lenders can start with the basics and add functionality as needed — making TurnKey Lender cost effective for more kinds and sizes of businesses that want to extend credit to their customers 
  • IT support and client service to guide you through each step to get your white-labeled lending platform set up and fully customized 

TurnKey Lender supports a diverse group of lenders, from traditional players such as banks and credit unions looking to add white-label digital lending to their service menus, to the growing ranks of non-traditional lenders keen to help customers make purchases with minimal delay and robust record management throughout the life cycle of every loan. 

Consider how TurnKey Lender provides customizable support in the following market segments. 

Cloud Lenders 

The cloud-lending industry is poised for rapid growth, with analysts expecting digital loans to top $1 trillion a year by 2030.

To seize this opportunity, lenders must close a high volume of loans in head-to-head competition with traditional banks and hyper-nimble non-bank lenders. To stay competitive, lenders must realize cost savings with scalable operational efficiencies, an optimized risk profile, consistent accuracy, and industry-leading data security.  

TurnKey lender can help with award-winning origination and account servicing that evolves to keep pace with the competition. Our fully managed platform reduces approval time from hours to minutes, tracks payments, and monitors borrowers’ credit ratings.  

Alternative Lenders 

Like cloud-based lending, proprietary server-based online lending is expected to hit $1 trillion a year — only it’s expected to hit that mark five years sooner, in 2025. This explosive growth — largely the result of big banks getting in on digital lending by integrating legacy systems with online distribution, augmented by the advent of disruptive fintech lenders — is propelling the industry through rapid change. 

For online lenders, the challenge is to close more loans faster in competition with traditional lenders while maintaining your risk profiles and offering a variety of credit vehicles  

TurnKey lender can help small and midsize enterprises achieve fast, risk-adjusted application approvals, payment tracking, fund-transfer processing , and credit-score monitoring. And all this comes with pricing accuracy, advanced cyber security and an AI overlay for improved credit quality over time. 

Point-of-Sale Lenders 

POS lending enables brick-and-mortar stores to win customers from the internet-shopping juggernauts that are transforming the retail landscape. Already accounting for $391 billion in loans, POS lending helps retailers close more big-ticket sales on the spot. 

Because speed is key to success in POS lending, retailers find traditional systems don’t meet their need for fast application processing and quick decisions. 

TurnKey lender can help retailers convert browsers into buyers with a POS-financing platform that outputs decisions in minutes without sacrificing pricing accuracy, risk tolerance, or data security. Meanwhile the  account-management system scans the customer’s data for up-sale and cross-sell opportunities. 

Payday Lenders 

Payday loans generate more than $9 billion a year in fees for lenders in the US, and  interest in the topic spins off more than 670,000 daily internet searches, according to Google’s analytics division. Online portals help lenders win business with borrowers who are willing to pay relatively high interest rates.  

Payday lenders compete to make loans quickly, often within 24 hours of origination. Lenders are also under pressure from US regulators responding to bad actors in the payday space. 

TurnKey lender can help payday lenders meet complex regulatory requirements with a platform that delivers superior automation and credit scoring, accommodates alternative credit-scoring models to profiling and risk assessment of prospects with thin credit files, automatically incorporates new compliance rules for relevant jurisdictions.   

Micro Lenders  

To datemicrofinanciers have helped more than 130 million clients worldwide have benefitted from micro lending intended to support business development in emerging communities around the world — with 80% of that market still untapped, and global microfinance markets expected to grow by 10% to 15% a year. 

Micro lenders have to meet strict reporting standards to ensure transparency on tax filings and stakeholder reviews — often a tall order where multi-jurisdictional compliance, financial accounting and credit-risk management for emerging markets aren’t core capabilities.  

TurnKey lender can help micro lenders support people who have vision and initiative but limited resources with a lending platform that’s already the lending software standard with credit cooperatives, credit unions and microfinance organizations in Europe, Asia, Africa and the Americas. 

Equipment-Lease Lenders 

With traditional banks declining more than three-quarters of loan applications from small and midsize businesses, demand for equipment-leasing financing has doubled since 2012 to $280 billion a year — which is just 15% of a worldwide equipment equipment-leasing market worth $1.8 trillion annually according to the Equipment Leasing and Finance Foundation.  

With tech-enabled lenders leading the way, lessees and lessors alike have come to expect the convenience of point-of-sale or mobile origination. 

TurnKey lender can help by delivering a best-in-class, cloud-based lease-financing platform that supports appropriate approval and price decisions. The system is integrated with a POS solution with intuitive workflows and automatic functionality and regulatory updates. 

Medical and Dental Lenders 

Practices that provide proprietary financing for medical and dental care find they spend more time with patients and less time on onerous payment negotiations. More important, point-of-treatment financing means patients get the care they need rather than the care they can afford at the moment. As a result, tech-driven lenders are flooding into this space. 

Medical and dental practices require lending systems that busy staff members can use as a clear cut enhancement to patient service without a major investment of time and energy.  

TurnKey lender can help by providing a lending platform that automates application approvals and minimizes processing time without compromising security, accurate pricing or risk tolerance. Further, as a specialist in healthcare financing, the TurnKey Lender system adjusts for patients’ special situations and changing regulatory requirements such as reserves, recourse and hold-backs for partial payments, insurance tracking, and risk analysis for multiple borrowers. 

Telecom Lenders 

With nearly a quarter of smartphone buyers already financing their purchases — and 42% of consumers preferring retail locations that provide the option — telecom providers are eager to boost sales by offering point-of-sale financing that’s fast, easy to use, and robust. 

To compete with large telecoms with access to sophisticated financial-service technology, smaller players have to provide access to fast, straightforward financing options at checkout.  

TurnKey lender can help by providing a cloud-based mobile lending platform that’s compliant, fast, easy to use, and provides accurate scoring and pricing data that’s calibrated to your telecom firm’s risk tolerance. The program tracks monthly billing and payments, and can integrate with your firm’s CRM to up-sales and customer-loyalty incentives. 

Bottom Line 

Some enterprises use TurnKey Lender’s software to compete with large companies to extend credit to businesses and consumers looking to strengthen and diversify their loan portfolios.  

For others, adopting or improving digital-lending capabilities comes down to better client retention, and faster processing for purchases clients — think small and midsize enterprises — that can’t always secure credit at reasonable rates from big banks and other traditional lenders.  

For all, success in the marketplace depends on achieving success in leveraging third-party technologies to meet the expectations of their customers, and internal requirements for administrative efficiencies.  

The success of TurnKey lender’s underlying technology is rooted in a proven ability to identify underserved markets and lucrative niches, and provide them with best-in-class solutions at competitive prices. 

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