Microlender Outperforms Competition By Using Intelligent Automation

Background/Opportunity

When the Money Managers team founded the microlending business in 2018, they knew that if they wanted to make it in their regional market, they needed to offer a superior lending experience to their borrowers from the very beginning. Their end goal was to outperform all of the local competition in terms of quality, speed, and efficiency of credit decisioning, loan origination, servicing, collection, and reporting.
To find the best possible solution to address their needs, they started by analyzing the lending automation space. They found that they would need a fully integrated, intelligent, all-in-one solution that would also be flexible, scalable, and cost-effective. Money Managers was looking for loan management application so"ware that would:
1. Have all the functionality required for running a lending business
2. Be convenient and easy to use for employees and clients
3. Provide high value for the money
4. Be fully cloud-based to allow work from anywhere and from any device
5. Have advanced cybersecurity and user roles

Thanks to TurnKey Lender’s automation, we are by far the most convenient solution in our market. Every customer says that it’s the easiest lending
experience they’ve had.

Patrick McFall

President

Solution

After careful market research, several demos, and a detailed discussion of the company’s needs, the Money Managers team found
that the TurnKey Lender All-in-One Box solution would best suit their needs. The solution was customized and deployed within
two months of the first contact.

The most important attributes of the implemented system include:

1. A custom credit-decisioning algorithm based on TurnKey Lender’s scorecard
2. AI-driven loan origination and application processing
3. A convenient underwriting workspace
4. Intuitive interfaces for employees and clients
5. Automated loan servicing
6. A cloud-based system accessible from anywhere in the world
7. Automated collection and payment modules
8. Integration with QuickBooks, payment providers, Excel, etc.
9. Sophisticated loan portfolio analytics

Results

With under a year since its Turnkey Lender integration launched, MoneyManagers has become the most convenient, user-friendly lender in their market. The company uses a custom credit score model, and TurnKey Lender has adjusted its default scorecard to suit Money Manager’s needs; the resulting solution provides automatic risk evaluation.
While their competitors are all still using outdated paper- or Excel-based work processes, Money Managers has the most automated, streamlined microlending experience in the Bahamas. They utilize TurnKey Lender’s automation, intelligence, and convenience to reach new audiences, boost business growth, offer better service at better rates, and spend less on operations while maintaining a lower risk profile.
Thanks to advanced analytics, management is able to easily track portfolio health, delinquency status, and the accuracy of the general ledger. Month after month, the company is seeing 7 percent to 10 percent growth, and the ongoing trend looks optimistic.