Financial Institutions that focus on loan products juggle many variants to understand consumers and improve operational efficiency.
New lending technology offers solutions to:
- improve decision making transparency,
- provide better customer experience,
- offer better loans that meet customers’ needs, etc.
We’ve gathered the top seven digital lending software that will help your institution simplify lending service. But first, let’s understand what digital lending is and entails.
What is digital lending?
Digital lending refers to the online application and disbursal of loans where all processes, even loan approval and recovery, are digital.
It allows organizations to speed up credit decisions and offer mobile banking, personalized loans and services.
Why financial institutions need to become digital lenders
Through instant digital lending, institutions can improve their lending experience by:
- speeding credit checks and decision making,
- offering customized loans and lowering costs,
- improving traceability.
Not to mention the ability of financial institutions to reach a larger pool of potential customers and close deals from any place.
By speeding up the lending process, financial organizations will also be able to better serve underbanked consumers.
What is instant lending
Instant lending refers to the use of automation technology to process loans in an express and fully digital way.
Instant Lending software, allows financial institutions to go from submission to funding in as little as 10 minutes.
What is a digital lending software?
A digital lending software is a new type of lending technology that allows financial institutions to create an enhanced consumer experience for borrowers. It gives clients access to a variety of product offerings through digital loan processes.
With a digital lending platform, the loan application can be completed online, even through mobile apps or digital lending app.
The point of sale becomes any place the client is.
Let’s then explore the top 6 digital lending solutions and platforms for banks, credit unions, and other financial institutions.
Virtus Flow Lending
Virtus Flow Instant Lending allows financial institutions to digitize and customize their full lending processes code free.
It’s able to streamline the full lending process: application, identity verification, credit scoring and funding; making possible to close loans in as little as 10 minutes.
What it provides
On the customer side:
- Online Application (web or app)
- Status of application
- Funding
On the Lending Department side:
- Automatic distribution by type of loan
- Instant identity verification
- Automatic contract generation
- 360º visibility over loan activity
- Simplify reporting
Relevant features
- Digital Loan Management dashboard
- Fully No-Code platform (allows to build and customize your unique loan workflows in hours)
- Integrated to Experian Digital Lending
- Incredibly fast to deploy
- Digital documents (automatic contract generation and management, esignatures, etc)
- and so much more…
Our partnership with Experian allows you to:
- have real time access to credit report and income
- authenticate identification documents in seconds
- do biometric analysis,
- reduce risk with multiple fraud controls,
- have a fully streamlined instant lending process.
Blend
Blend helps banks unify their digital banking experience with two main platforms: a mortgage suite and a consumer banking suite.
Mortgage offers a platform for seamless digital journeys from application to close.
Consumer Banking helps financial institutions enhance experiences in loan applications, deposit accounts, lending products, and credit cards.
Roostify
It offers a unified digital platform that simplifies the home buying journey: acquisition, application, fulfillment and closing.
The platform offers an accelerated online mortgage experience, from enterprise banks to independent brokerages.
Relevant features
- Brand Customization
- Custom workflows
- Self service tools
- Automated document review
Braviant
This lending platform helps financial institutions improve the customer journey by streamlining the borrowing process and transforming how people access their credit online.
Relevant features
- Automated verification process
- Real time underwriting
- Digital borrowing experience
Stavvy
Stavvy simplifies mortgage lending, real estate and legal workflows by improving efficiency, collaboration and visibility in a unified platform.
It enables lenders to collaborate seamlessly with title and settlement professionals, enhancing the mortgage closing experience through flexible hybrid, eNote, and full eClosing options
Open Lending
This platform specializes in car loan analytics, risk-based pricing, risk modeling and automated decision technology in the United States.
It analyzes borrower risk using proprietary data and analytics, helps lenders approve more loans safely and provides default insurance coverage on those loans.
Relevant features
- Decisioning analytics
- Embedded CECL Treatment
- Pre-packaged third-party auto loan default insurance
