Financial Institutions that focus on loan products juggle many variants to understand consumers.

New lending technology offers solutions to improve decision making transparency, provide better customer experiences, and offer better loans that meet customers’ needs.

We’ve gathered the top seven digital lending software that will help your institution simplify lending operations. But first, let’s understand digital lending.

what is digital lending

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.

The shift is part of the digital transformation pushed by the pandemic (1).

It allows organizations to speed up credit decisions and offer personalized loans, mobile banking, etc.

What are Digital Lending platforms?

what are digital lending platforms

A digital lending platform is a new type of lending technology that allows banks and credit unions 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, or even through mobile apps or digital lending app.

The point of sale becomes any place the client is.

Explore Virtus Flow Lending

Why do financial institutions need to use digital lending?

Through digital lending, institutions can improve their lending processes by speeding credit checks and decision making up, offering customized loans and lowering costs.

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 are also able to better serve underbanked consumers.

Let’s now explore the top 7 digital lending applications and platforms for banks, credit unions, and other financial institutions.

Virtus Flow Lending

Virtus Flow Lending allows financial institutions to digitize and customize their full lending processes. It enables financial institutions to close loans in as little as 10 minutes.

From application, to identity verification to funding.

HR professionals can conduct better performance management over the progress of employees using time tracking tools.

These tools help HR professionals in automating timesheets and invoicing, thus allowing companies to get more accurate data. They also help in the management of employees and projects.

With tools to provide this kind of information, HR employees simply have to analyze the time data of the workforce to have productivity and performance input.

digital loan management

What it provides

On the customer side:

      • Online Application (web or app)
      • Status of application
      • Funding

On the Lending Department side:

      • Automatic distribution by loan category
      • 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 desired Credit Bureau
      • Automatic contract generation
      • Incredibly fast to deploy

Learn how to streamline your loan processes

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.

blend

Relevant features

      • Asset verification
      • Income and employment verification
      • Automated workflows
      • CRM

Roostify

It offers a unified digital platform that simplifies the home buying journey: acquisition, application, fulfillment and closing.

roostify

Relevant features

      • Brand Customization
      • Custom workflows
      • Self service tools
      • Automated document review

Braviant

This lending platform helps financial institutions improve the customer experience by streamlining the borrowing process and transforming how people access their credit online.

Relevant features

      • Automated verification process
      • Real time underwriting

Stavvy

Stavvy simplifies mortgage lending, real estate and legal workflows by improving efficiency, collaboration and visibility in a unified platform.

Stavvy

Relevant features

      • Loan servicing
      • Loan origination
      • Legal Services
      • Title and settlement

Open Lending

This digital lending platform specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the United States.

Relevant features

      • Decisioning analytics
      • Embedded CECL Treatment
      • Pre-packaged third-party auto loan default insurance

PeerIQ

PeerIQ offers solutions for banks and credit unions that are looking to add credit data to their portfolio. The solution also gives users the ability to manage their portfolios in real time with analytics and service reporting tools.

PeerIq

Relevant features

      • Portfolio Management
      • Due Diligence Tools
      • Cash flow projections
      • ALLL/CECL tools

Discover how to deploy fully digital loan processes in days!