Unified Lending Management at the Turn of a Key

Digital Lending

TurnKey Lender is changing how businesses everywhere succeed. The eight-year-old Austin-headquartered 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 lending platform represent an array of industries, from traditional lenders and alternative lenders to innovative retailers, equipment, and service providers, clinics, auto dealers, and anyone else eager to boost fully digital point-of-sale and mobile purchasing support for their valued customers. 

Dmitry Voronenko and Elena Ionenko founded TurnKey Lender in 2014 to build the smartest and easiest-to-use lending technology platformDmitry is Ph.D. in artificial intelligence and has 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.  

Recognized Market Research Leaders About TurnKey Lender

We launched Turnkey Lender in response to a gap in the market for small and medium-sized 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. 

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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.  

Voronenko adds: “Assisting the process of reaching the underbanked and unbanked around the globe is one of the pillars TurnKey Lender is built on and we’re making a conscious effort to work with socially-conscious lenders who offer fair credit to people who need it most like asylum seekers, refugees, students, and small business owners. Over 20% of our clients are non-profits and we’re proud of the change and the development of communities and families our software enables.” 

Milestones 

With over 200 employees in North America, Asia, and Europe, TurnKey Lender has more than 100 institutional clients in more than 50 countries.  Not to mention

  • 98.5% customer satisfaction rate
  • 839 million alternative scoring data points
  • 6 offices across 3 key regions: North America, Europe, and Southeast Asia
  • 1 global team that works for your business 24/7/365
  • Over 20% of our clients use TurnKey Lender for non-profit work and other socially responsible programs
  • 100+ trees a month saved by automation

TurnKey Lender has won more than 50 technology and financial-service awards. This list includes:

  • Innovator of the Year Award at Finovate Awards 
  • Newcomer Award at Credit Excellence Awards 
  • FinTech (Banking) Award at SBR Technology Excellence Awards
  • Singapore FinTech Industry New Product Innovation Award at Frost & Sullivan Asia Pacific Best Practices Awards  
  • and many more

Confirming its status as an established enterprise with a growing user base and consistent revenuesTurnKey Lender raised several rounds of funding from an international consortium of venture backers.

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E-Lending Is the New E-Commerce 

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, leveling the playing field to facilitate lending automation accessible to any business anywhere in the world with little-to-no learning curve and the fastest time to market. TurnKey Lender boasts full-cycle, end-to-end loan lifecycle automation that can be cloud-based or hosted on the lender’s serversUsing highly-configurable workflow automation and proprietary 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. 

Combating the pain points listed above, TurnKey Lender helps lenders by:

  • Cutting credit risks, thanks to AI-driven credit scoring.   
  • Replacing outdated processes with software tailored to any business’ needs.   
  • Eliminating unnecessary paperwork throughout the lending process.  
  • Reducing operational cost of running a lending business.    
  • Getting rid of any human error in the entire crediting process.  
  • Reducing the cost and time-to-market of launching an e-lending business.  
  • Unifying all of loan management tasks in one end-to-end platform

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 and time. 
  • Advanced credit scoring with AI-driven scorecards built-in — or easily add your own credit scoring models. 
  • 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. The 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, or even sooner given the fastened digitalization of the market. 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 cybersecurity, and an AI overlay for improved credit quality over time. 

Embedded Lenders

Embedded 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, point-of-sale lending helps retailers close more big-ticket sales on the spot. 

Embedded lending is an approach in which a non-financial business implements in-house customer financing into their operations. This leads to them becoming a specialty lender, someone whose main business does not come from extending credit but who nonetheless offers it and uses it not only as a monetization tool, but mainly to grow their business and reach wider consumer groups. 

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 any business willing to offer payment plans to their clients in-house and convert browsers into buyers with a bank-grade financing platform that outputs decisions instantly 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. 

Equipment Manufacturers and Lease Providers  

With traditional banks declining more than three-quarters of loan applications from small and midsize businesses, demand for equipment 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 dedicated edition of its software, TurnKey Lender Equipment Financing Platform, the 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 are 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. 

Traditional Lenders

It’s extremely hard for banks to handle digital transformation efficiently, safely, and without spending millions upon millions of dollars and years developing a new solution which would be outdated by the time it’s released. That is why many of you are still using the services of banks whose websites look like they came straight out of 1990s.

But TurnKey Lender Enterprise for Banks changes that and allows any large-scale traditional lender to quickly create a fully custom lending automation platform that would be tailored by our team to their exact requirements and will make their clients and their staff happy they have chosen this financial institution. 

TurnKey lender can help by providing a fully custom solution for large-scale lenders. It is a fully configurable, customer-centric, easy-to-use platform that lets you manage your bank’s entire lending process from anywhere in the world. TurnKey Lender applies proprietary AI to automate origination, credit decisioning, servicing, collection, due diligence, and all parts of digital banking.

 

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 date, micro financiers 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. 

Microlenders 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. 

Bottom Line 

TurnKey Lender provides bank-grade software products and services that make it easy for anyone to become a digital lender and compete on a level playing field with large-scale financial institutions. The company’s key product, Unified Lending Management (ULM) software, includes all the functionality required to automate lending processes including loan application, origination, underwriting, servicing, collateral management, collection, and reporting.   

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.   

Credit scoring in TurnKey Lender is powered by a proprietary AI-powered Decision Engine. It 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 underwriting specialist with the in-depth analysis results at a glance.  

Separate editions of the TurnKey Lender ULM 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), and alternative lenders (micro lenders, digital, P2P lenders).   

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. 

Book a call with our talented team to learn more.

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