Best Digital Lending Software for Enterprises 2021
Digital lending software is one of the most vital components in a Bank and fintech startup. It allows your business to accept and process online loans made by individual lenders or investors. As the competition in this industry becomes increasingly competitive, new technology has become an imperative for companies that want to gain a foothold in their respective verticals.
Over the years, technological revolutions in the Fintech industry have made significant strides with Digital lending being the biggest one of them. The advent of Digital lending and ever-improving AI and ML algorithms for accurate as well as faster credit assessment and disbursements have improved the overall customer experience and reduced multiple costs. The impact of this revolution is such that it is now estimated that the market size of digital lending will grow at a CAGR of 16.7% from Year 2020 to Year 2027 to reach USD 20.31 billion by the Year 2027.
Digital lending software, which can be customized and integrated with existing systems, can help digital lending businesses become more efficient and effective. Software that facilitates the following processes is best suited for fintechs and Banks in this industry:
1. Loan application and screening process
2. Ability to run complex mathematical models to arrive at the best terms for a loan product
3. Customer support features that allow for easy processing of customer queries during the lending experience
4. Integrations with accounting software packages and other e-commerce platforms such as marketplaces
5. The ability to use an API and a consistent set of application programming interfaces (APIs) that can be used by other fintech firms or external developers
Different levels of automation are available in digital lending software solutions, which means you have the flexibility to choose between tools that allow for full customization if needed or simple off-the-shelf solutions that may not be as customizable but are affordable and easy to use. Some digital lending software offers integrations with accounting software, which means all your financial data is stored in one place, without the need for manual entries or other time-consuming processes.
Best Digital Lending Software 2021 Key Criteria
The best digital lending software is, of course, the one that works best for your business. In other words, a product may be widely used by industry leaders but may not necessarily meet all your needs. When selecting digital lending software for your company, you should base your decision on the answers to these questions:
1. Does it offer the features that allow you to run all the business processes and functions smoothly?
2. Does it support a wide range of lending products?
3. What is the pricing model for this product or solution, and can you get it at a cost that's easy on your bottom line?
4. What industry awards have been granted to digital lending software solutions?
5. How flexible is the software in terms of customization and adaptability to your unique business needs?
6. Is it easy to use, and will it offer all the features you need at a price within your budget?
7. What kind of customer support does the vendor offer for this product or solution?
8. Is it easy to learn and implement, even for companies that have limited time and resources?
9. Can you get support for the product from a vendor with experience in this industry or one that has been established for a long period of time?
10. Does the software integrate with other business solutions simply and easily, or does it require a lot of customization?
11. Does the vendor offer flexibility for users who want to start small or team up with other fintech firms to increase their reach and customer base?
12. Will the digital lending software meet your budget for this product, including maintenance costs over time?
To get started with loan automation software solutions and determine the best fit for your business, you should first take a close look at platforms that are widely used by fintechs and Banks in this industry. The best digital lending software must meet all their functional requirements, be easy to use yet allow for customization if needed, integrate smoothly with other tools and systems in use by these enterprises, and be simple to implement.
We present to you the list of Best Digital Lending Software available as a white label platform which has been the torchbearers in the landscape of Digital lending.
Here is our list of Best Digital Lending Platforms:
Arttha
Arttha is an award winning, microservices platform for Banks and Fintech companies that is best-in-class digital lending software which also tops our list in this category as it allows businesses to digitize their entire loan process from loan application to loan management, disbursements as well as closures. Arttha is a one-stop digital lending platform that provides businesses with a 360-degree control of their entire loan life-cycle management process.
It comes with powerful features and is a cloud-first open API based platform that makes it easier to be integrated with any third-party application and/or service and build an integrated data ecosystem ensuring real-time as well as extremely secured access to critical customer data. This platform lets businesses configure their multiple loan products, leverage the loan attributes, manage all the documents as well as collateral, define multiple roles and what not.
It is being used by big banks, credit unions and financial businesses globally. To know more about it visit: Fintech Solutions | Fintech Platform - Arttha | www.arttha.com
Credit Online
Credit online is yet another good white-label digital lending software for businesses and comes second on our list. It is designed in a way that automates the entire loan process and successfully complete it with minimal human intervention. This platform is continuously updated and optimized letting businesses leverage the potential of it in its entirety. It is extremely customizable and configurable as per the business needs and requirements making it an ideal choice for businesses that are looking for a tailor-made white-label digital lending software for their businesses.
To know more about it visit: https://www.creditonline.eu/landing-page/
ADP
ADP stands for ‘Automatic Decision Platform’ is a powerful white-label digital lending tool that can reduce biasness, human errors and increasing fairness in lending decisions. It is equipped with a user-friendly user interface that can be operated without any technical and/or IT expertise. It is best suited for businesses that are looking to automate and quicken their decision making in the entire loan process. To know more about it visit: Home | LendingMetrics
AutoPal Software
AutoPal loan servicing software is one of a leading cloud-based white-label digital lending platform that can increase the lending success as well as lending speed and convenience of businesses using it. It is being used by big businesses across the globe as their lending platform. AutoPal does not come with a free version, however, businesses can access and learn to use it through its free trial. Being a cloud-based platform for digital loan servicing, it can be accessed by multiple users anywhere without any hindrances.
To know more about it visit: Loan Servicing Software (autopalsoftware.com)
Encompass
Encompass is one of the most widely used white-label digital-lending platform that is capable of handling entire loan process including loan origination as well as its closure. It is a cloud-based mortgage platform that is equipped with the next-generation security system letting both the borrower and lender feel safe and least concerned about their respective privacy. It is an extremely simple, easy-to-use, and flexible white-label digital lending software.
These 5 white-label digital lending tools have been leaps and bound ahead of their competition for years and it can be difficult for many to choose amongst these.