TurnKey Lender: How AI Will Impact the Lending Industry

We are on the brink of a transformation in the lending and financial industries as we head into 2020.

We saw the digital transformation of eCommerce with what 10 years ago was a complex process to open an online store that can now be accomplished in minutes. Gone are the expensive payment provider integrations with the rise of Shopify opening an online store is a streamlined and automatic process.

With the automation through machine learning and artificial intelligence of once complex lending processes, the same can now be said for how eLending is completely changing the banking and financial worlds.

Unified Lending Management – What It Is & How It Automates Lending

Unified Lending Management (ULM) is the concept that describes the complete complex of measures business undertakes to digitalize their crediting processes.

A solution that can automate all steps in the lending process from the loan origination approval through to the collections and reporting process is the way that lending processes can be automated to be as easy as the opening of a Shopify store.

One company leading the Unified Lending Management (ULM) industry in terms of innovation and reliability is TurnKey Lender. TurnKey Lender designs and develops end-to-end intelligent software products that automate the entire lending process.

TurnKey Lender offers software solutions that automate every part of the lending process for different types of creditors: money lenders, SME financing companies, grant management institutions, leasing, trade finance, in-house financing, and bank-grade lenders. Currently, TurnKey Lender serves customers in over 50 countries as the trend is developing. The functional modules, that come either fully integrated or as separate tools, cover application processing, loan origination, risk evaluation, underwriting and credit decisioning, loan servicing, collection, and reporting.

How Artificial Intelligence Drives Lending Automation

Led by Dmitry Voronenko, who holds a Ph.D. in Artificial Intelligence and has been creating banking solutions for decades, TurnKey Lender heavily invests in the idea of applying machine learning, deep neural networks, and other AI approaches to make the lending process more streamlined, intelligent, and secure.

This is an example of how technology and science can often take complex matters and make them simple and automated. Below is an overview of the thinking process that TurnKey Lender’s credit decisioning engine does. Additionally, it conducts the complete risk evaluation and credit decisioning process within a 30-second time frame. It would work even faster if requests for risk profiles came back from credit bureaus faster.

To deliver the most accurate and secure system for credit decisioning possible, TurnKey Lender developed sophisticated models powered by both deep neural networks and proven statistical techniques. The solution combines numerous evaluation approaches in the assessment of each borrower.

In order to build the process to be more potent than traditional scoring, the contributing parameters can include financials scoring, firmographics, credit bureau evaluations, loan application scoring, and bank account statement scoring with rules, decision trees, cross-checks, and calculations.

In the new digital reality, AI-powered credit decisioning allows lenders to:

  • Build up a fast and secure loan origination process
  • Automate every step of borrower`s digital journey
  • Find and filter out potentially ineligible borrowers based on sophisticated proprietary models powered by deep neural networks
  • Reduce the operational costs of origination
  • Be prepared for an increase in loan application volumes and expansion into new markets
  • Enable unhindered scalability of the lending business

Conclusion

Dmitry Voronenko, CEO and co-founder of TurnKey Lender

AI-powered credit scoring system is a part of TurnKey Lender’s Unified Lending Management solution and it can be delivered in tandem with many other pre-integrated systems or as a stand-alone tool. The system provides a choice between a fully automated borrower`s digital journey and a semi-automated creditworthiness analysis. This helps lenders combine the power of predictive models with the knowledge of in-house experts.

For more info about the company’s lending automation solutions or for a free personalized demo, contact the TurnKey Lender team at sales@turnkey-lender.com.

And to wrap up, here is a quote from Dmitry Voronenko, CEO and co-founder of TurnKey Lender: “The importance of this kind of proprietary technology is hard to put into words. This scoring has the potential to make business crediting across borders and industries safer, faster, and more lucrative for everyone involved.”

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