TurnKey Lender Retail – Intelligent End-to-End Automation of In-house Financing
We’re happy to announce the release of TurnKey Lender v7.3. This is a scheduled update that includes major new functionality that enables fully operational retail financing out of the box, as well as updates to the existing features and minor improvements. You can schedule a free personalized TurnKey Lender Retail demo today, just drop us a line.
Retail Financing Solution by TurnKey Lender – New Features and Modules
TurnKey Lender v7.3 marks the launch of a fully functional retail financing solution that comes as a part of the end-to-end lending automation platform. The in-house financing module can be enabled by the lender at any time and used on par with all the other features of the Unified Lending Management platform.
Built-in Vendor Management for e-commerce financing
This edition lowers the lending industry entry barrier to an unmatched level by introducing and unifying all of the functionality required to run even enterprise-level retail financing programs from an easy-to-use SaaS powered by proprietary Artificial Intelligence.
The flexibility of the solution allows for a variety of business models like in-house retail financing, leasing, rent-to-own, lease-to-own, dealerships, e-Commerce, and service providers (dental, plastic surgery, educational, etc); all ran on an award-winning intelligent cloud-based software.
Vendor financing with TurnKey Lender allows you to add a new sophisticated monetization source for your business and build more meaningful relations with your clients and partners through affordable and easy-to-use credit without the middleman in form of a bank.
As businesses are forced to move their operations online, more and more SMEs are considering launching an in-house financing program for their vendors, merchants, and partners.
Any retail product or service provider can register on your lending platform and outsource crediting to you. The provider of goods doesn’t need a lending platform of their own or complex integration, they simply create new loan applications in their TurnKey Lender Vendor Portal.
The System comes with dedicated workplaces for the employees of the vendor and an intuitive interface to monitor all of their activity for the lender’s staff. This functionality is suited for the needs of different industries from retail and auto to medical.
A tax for the sales of goods and services is an important factor to keep in mind and, if possible, automate. The new functionality allows applying the sales tax in accordance with the regulations. Now you can carry out sales transactions in TurnKey Lender while staying within the compliance boundaries.
Application fee & Other initial payments
In many business models, it’s important to charge an application fee or any other initial payment before proceeding with disbursal. You can enable this feature and apply it to the credit product where it’s needed with exactly the settings you want.
Peer-to-peer lending automation v7.3 (Fully integrated investor management and advanced credit product settings)
The Peer-to-Peer module is a major addition to the TurnKey Lender’s Loan & Repayments management and the ULM itself. It allows anyone to implement a full-fledged P2P crediting program into their operations alongside consumer financing or as an additional monetization and marketing tool.
The introduced Peer-to-Peer functionality offers:
- granular credit product settings (loan schedule types, custom fees, payment applying options, taxes, grace periods, etc);
- an Investor portal that lets investors use your platform to finance borrowers directly within the terms selected by you;
- full integration with the TurnKey Lender Unified Lending Management solution, hence all the features required for running a successful lending business.
Creditworthiness Class to evaluate borrowers at a glance
To make the right credit decisions, Underwriters have to process enormous amounts of data and take into account data from different sources as well as borrower’s behavioral factors. TurnKey Lender allows you to save all of the time spent on manual analysis.
We’re introducing Creditworthiness Class, an integrated indicator we get from applying deep neural networks to analyze and process all data sources for each loan application:
- Application check ( Scorecard + Business rules) – the main scorecard in the system, either built-in or custom, and internal rules
- Bank accounts check ( Scorecard + Business rules) – the integrated scorecard and rules that process information from bank account statements.
- Credit Bureau check (Credit bureau score + Business rules) – score points value and credit rating received from a credit bureau are supplemented by specialized business rules.
- Anti-fraud check.
- Network security check.
- Geolocation check.
Creditworthiness Class is a single metric that offers an instant understanding of each borrower’s credit risk. We aggregate all the information, analyze it, and come up with a single rating that reduces credit risk to a bare minimum and allows making informed business decisions.
Automatic loan statement notifications
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.
Even more credit product flexibility in loan and repayments calculations
The Loan and Repayments Calculations Engine is getting even more powerful with new features simplifying the everyday life of a lender through automation. In this release, you get even more freedom and flexibility in credit product settings. Minimalistic UI and UX ensures simple settings adjustment and allows you to tailor credit products to exactly the requirements you have.
Loan Schedule History
This feature allows you to see any loan application on the stage it was at any given moment in the past. Allows back-office users to resolve any disagreements with the borrower by simply checking what happened on any given stage of a loan’s lifecycle.
In any given credit product you can implement multiple fee ranges applied to different borrowers in different circumstances. This simplifies the credit products’ management process since you can have only one credit product fitting the needs of various client groups. You can specify the needed fee or interest rate for every particular loan separately, that allows giving special treatment for your VIP customers or sub-prime ones.
Read the full TurnKey Lender v7.3 (a.k.a. TurnKey Lender Retail) Release Notes here.
Schedule a free personalized demo of TurnKey Lender Retail and start reaping the benefits of embedded in-house financing.