Top Fintech Software for Lending Businesses in 2022 – Part 2 

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As we mentioned in our previous article, ‘Top Fintech Trends for Small Business Lenders’, to keep up with the ever-evolving and competitive field of lending businesses, you need software solutions that can help you transform how you manage your entire business, improve customer relationships, and give you a technological advantage to get ahead of the competition. 

We previously discussed the new trends in the Fintech industry to be aware of by the end of 2022 and how they would help upgrade your loan business processes. Now we are digging deeper into this topic and providing you with examples of top fintech software for lenders that fit into these new trends, giving you a little sneak peek into how they can improve your business functionalities. Let’s start! 

Mobile Solutions 

SimpleNexus 

SimpleNexus is a nCino Company and leading homeownership platform with expertise in developing mobile-first softwatr for modern mortgage lending businesses. Their product, Nexus Origination, provides loan officers with robust mobile-first technology to improve loan production and take action on a loan from anywhere using a smart device, making the home-buying experience flexible and seamless. 

Benefits: 

  1. Personalized mobile app. 
  2. On-the-go efficiency. 
  3. View your entire loan pipeline from your mobile device. 
  4. Connects borrowers, loan officers, real estate agents, and settlement service providers throughout the home-buying process. 

Plaid 

Plaid offers its Auth solution to help lenders instantly authenticate bank accounts for ACH payments without requiring microdeposits. Users can authorize the authentication from their mobile devices. This solution works with any ACH processor, including Dwolla and Sila. It can pull real-time available account & routing numbers when users connect their checking or savings account using bank credentials. Additionally, Plaid can be integrated with the #1 CRM, Salesforce, meaning if your business is using Salesforce as your customer relationship management, you can integrate not only Auth Solution but also Plaid’s products: Balance, Identity, Transaction, and Assets, providing you with a holistic picture of users’ financial health by consolidating data from multiple sources. 

Benefits: 

  1. Ensure borrowers have sufficient available balance to pay back the loan. 
  2. Verify the user’s identity with the information on file in their financial institution. 
  3. Detect and reduce fraudulent activity. 
  4. By integrating with Salesforce, you get a more cost-effective and time-saving solution. 
  5. Perform risk analysis to make more accurate credit decisions. 

Artificial Intelligence and Machine Learning 

Salesforce Einstein   

When Salesforce decided to take their chances working with Artificial Intelligence in 2016, they created Salesforce Einstein. Since then, this technology has evolved. Salesforce has added 60+ AI-driven products, like Einstein’s Discovery, Conversation Insights, Conversation Mining, Reply Recommendations, Automate, CRM Analytics, Discovery Bias Detector, and many more.  

These products can help lending companies better understand what is happening in their businesses, how to improve their processes, and what the following steps to take are. Additionally, Salesforce AI-driven tools help lending institutions to automate workflows, create smart-filtering submission channels, and automate renewal forecasting, making the lending process more intelligent.  

The right AI tool can track all the correct information a sales rep may need, like conversation details, stage notes, assigned tasks, etc., and use this data to deliver detailed reports and dashboards to bring essential insights into your business pipeline so you know what is working best.  

Furthermore, Salesforce Einstein can help improve the communication between all parties involved in the lending process, allowing brokers to respond to merchants and lenders quickly and have all the necessary information ready and organized. This information can help lenders quickly identify merchants ready for renewal and automate the renewal forecasting to help plan and build a renewal pipeline. 

There is so much value that Salesforce AI-powered products can bring to lending businesses, but we’ll mention some of the most important benefits.  

Benefits: 

  1. Lending companies can use AI to suggest new products, add-ons, and personalized solutions based on borrowers’ information.  
  2. Find important answers to make data-driven decisions 
  3. Einstein Conversation Insights provides users with valuable information, key moments, and trends found from sales calls, so sales reps can analyze conversations like never before. 
  4. Einstein Reply Recommendation builds predictive models to identify common responses to customers’ questions from past Chats, to establish the best replies and recommendations to be available for service agents. 
  5. It provides relevant and smart content, recommendations, and insights to help buyers during every stage of the mortgage process to make it more personalized and valuable. 
  6. Use Einstein Conversation Mining to understand the types of interactions your business has with customers and get recommendations on improving the process and avoiding bottlenecks and delays. 
  7. Make your digital business faster by automating complex and manual processes quickly, combining AI, data integration, and your industry workflows in one platform. 
  8. AI-embedded data simplifies the borrower experience and helps Lending and Mortgage companies lend with more confidence. 
  9. Make the mortgage process smoother, more transparent, and easier to track. 
  10. Use Salesforce to target and market to potential borrowers and provide a superior customer experience. 
  11. Einstein Discovery Bias Detection helps businesses detect bias in the data, removing its misleading effects from analysis, predictions, and forecasting. 
  12. Provides more certainty into your forecasting, making it more accurate and transparent. 

Encapture 

Encapture is a machine learning platform for banks and lenders that reduces loan turn times, improves loan margins, increases operational capacity, and reduces the regulatory risk for banks, credit unions, and fintech lenders.  

This end-to-end solution combines next-gen machine learning pre-built libraries and easy-to-configure workflows to automate any process and increase team capacity. The platform seamlessly integrates into any banking or lending process to auto-verify incoming documents, populate business systems with crucial data points, and auto-request any extra information that is missing or incorrect.  

Benefits: 

  1. Identifies altered, fake, or invalid documents immediately. 
  2. Eliminates manual verification of borrowers. 
  3. Process applications in seconds instead of hours. 
  4. Enriches your business systems with extra data. 
  5. Borrowers can choose how to share documents by using Encapture’s omnichannel document collection. 
  6. Reduces underwriting times by automatically triggering requests for extra documentation. 
  7. Ensures data consistency by having all your documents in sync across all platforms. 
  8. Compares documents against data points in your LOS. 
  9. Ensures an accurate system of records by having 100% of loans reviewed. 

Chat and Virtual Assistants 

AlphaChat  

AlphaChat is a strong, no-code, Conversational AI platform that allows companies in different industries to build Natural Language Understanding Intelligent Virtual Assistance. This platform allows lending businesses to quickly express themselves through software and build high-quality Conversational AI.  

AlphaChat’s platform offers features such as Live chat, built-in Natural Language Understanding for training Virtual Assistants, polyglot mode, authentication, APIs, and many more. 

Benefits: 

  1. It provides everything you need to build your own AI. 
  2. It offers insights into customer conversations. 
  3. Provides insights and statistics on AI performance. 
  4. The NLU chatbot can chat in any language, even if it was trained in one language. 
  5. DIY custom code writing is available for advanced users.  

Haptik 

Haptik is a conversational AI platform that works on the Smart Skills technology. It is designed to help businesses in financial services and other industries manage customer experiences using omnichannel virtual assistants. The platform has a vast library of smart skills from key learnings and best practices of the financial services industry. 

Haptik’s chatbots can be used in several channels like SMS, WhatsApp, Messenger, and more and can be integrated with IVR systems such as Genesys, Avaya, Cisco, Zendesk, and more. Some of the platform’s key features include drag and drop interface, multilingual conversations, data security, and AI recommendations. Additionally, it helps provide a consistent brand voice across every department, like marketing, sales, service, and support.  

Benefits: 

  1. It offers natural, engaging, and personalized conversation across several platforms to improve the customer experience. 
  2. Improves the user interface by including menus, quick replies, chatbot prompts, an image carousel, and more. 
  3. Provides insights into customer interactions, trending user queries, and other metrics using analytics and NLU capabilities.  
  4. Tracks agents’ performance, status, and customer satisfaction scores. 
  5. Easily integrates with third-party systems like Salesforce, Shopify, Zendesk, and more.  

E-Signatures 

DocuSign 

This electronic signature and agreement cloud offers a frictionless, fast, and easy experience for FinServ customers to sign and send documents from anywhere, keeping their business moving forward no matter where they are. DocuSign provides a secure, mobile-friendly agreement process to capture and share important documents digitally.  

The DocuSign cloud for FinServ helps businesses to modernize agreements, automate and digitize every transaction that involves an agreement and capture customer information. Furthermore, the system helps analyze possible risks by using AI contract analytics to get insights from your agreements. 

Benefits: 

  1. Makes business faster by digitizing key financial agreements and eliminating manual processes. 
  2. It has the capability to create trusted, mobile-first experiences. 
  3. Electronically sends and signs servicing and lending forms, and more in a secure manner. 
  4. Keeps a complete audit trail for every agreement. 
  5. Verifies signer’s identity with ID verification, SMS authentication, or Knowledge-based authentication. 
  6. It can be integrated with Salesforce to accelerate your contracts and agreements without leaving the platform. 

SignNow 

SignNow offers an intuitive interface to start sending and signing documents in minutes. The platform solution for the lending sector allows you to customize any signature block quickly and have the documentation signed from anywhere on any device. With its user-friendly interface, you can share folders between departments, build quality workflows and validate documents fast while also ensuring the data is safe by keeping track of every alteration to the contract.  

Benefits: 

  1. Build trust with protection-mindful buyers and employees. 
  2. Create, modify, and deliver interactive forms fast. 
  3. Keep track and control of all changes made to your template. 
  4. It provides a reasonable option for small businesses. 
  5. Easily connects with the tools you already use 
  6. Maintain complex eSignature workflows. 

Scalable Cloud-Based Software Solutions Built on your CRM 

BrokerSuite 

BrokerSuite is a Loan Origination System built natively on the Salesforce platform created by Cloudsquare- a Salesforce Consulting Partner. This LOS allows brokers in Merchant Cash Advance to get started with the CRM without the hassle of building a custom system but still is flexible enough to adapt to any business-specific needs.  

BrokerSuite doesn’t require any complex APEX knowledge or coding expertise to be configured. You can customize the system to meet your needs with just a handful of clicks. This is a turnkey solution with an intuitive interface that was designed following the feedback and decades of experience from hundreds of veterans in the lending industry.  

Some of the key critical features that BrokerSuite offers are built-in reports and dashboards to see your conversion rates and business metrics, custom setting page, automated applications, custom deal stages, out-of-the-box emails to keep in touch with all your contacts, submissions channels to send application packages to multiple lenders simultaneously, commission modules and renewals, and 3rd party app integrations. 

Benefits: 

  1. Ready to go, out of the box. No time-consuming or costly customization is required. 
  2. It allows you to customize the LOS to your exact needs without spending hundreds of hours of custom work. 
  3. Manages the entire origination process, from new lead to deal renewal. 
  4. Makes the MCA process more intelligent and faster. 
  5. BrokerSuite is scalable. It can integrate seamlessly with 3rd party apps, connect to your marketing platform, and grow as your business grows. 
  6. Digital forms and documents seamlessly connect to Salesforce and are attached to the merchant’s account. 
  7. Merchant’s details and funding terms automatically follow the Account all the way through the process.  
  8. It seamlessly transitions from one stage of the lending process to another. 
  9. Saves and stores all your lending contacts, ISOs, and funding partners in Salesforce.  
  10. Provides essential insights into the overall health of the pipeline and metrics. 
  11. BrokerSuite allows lending businesses to continually upgrade their systems. It can adapt without needing an extensive overhaul or reboot. 
  12. It’s natively ready to enable growth. 

Floify 

Floify is a cloud-based Mortgage Platform that helps automate and manage the mortgage loan origination processes. The platform provides a web-based access point for borrowers to interact with their loan from application through clear-to-close. 

Floify’s features include loan document management, automated borrower/agent communications, a realtor and referral partner portal, interviewed-styled questionnaires, email, and mobile applications. The LOS provides white-label solutions for users to customize iOS and Android mobile applications with brand value. 

Benefits: 

  1. The system can be integrated with 3rd party applications like Encompass, Calyz, LendingQB, Docusign, and others, along with banks.  
  2. Monitor the status of the loan in a single location. 
  3. Automate redundant tasks to save time 
  4. Provide a modern, mobile-optimized mortgage experience for borrowers. 
  5. Increase submission rates and data integrity by implementing a smooth, polished digital 1003. 

Credit Reporting Software 

Credit Hero 

Credit Hero is a credit reporting tool that enables underwriters to make credit inquiries from Experian, Equifax, and TransUnion directly from within the Salesforce platform. The software provides users with fast and easy access to key credit data. It allows them to run soft and/or hard pulls and to fully automate the decision-making process according to their unique business model.  

Credit Hero directly connects to all three major Credit Bureaus and enables lending businesses to run credit reports from one or all three of the bureaus. All data points from the reports are parsed out individually into Salesforce, allowing for the creation of sophisticated business logic to automate the qualification process and predetermine what happens next.  

Additionally, Credit Hero allows businesses to see everything the credit reporting agency has to offer, such as credit scores utilizing the desired models, credit summary, liabilities, inquiries, public records, consumer identity, consumer addresses, OFAC, and other regulatory products. 

Benefits: 

  1. Reduce human errors and automate business processes. 
  2. Speed up the underwriting process and make smarter credit decisions. 
  3. You can choose which type of pull to run based on your business use case or set up the automation to do it for you. 
  4. Set up predefined pull settings, build processes for how and when to pull, and create triggers based on the results of the pull.  
  5. Data is automatically pulled and saved to your opportunities or contacts in a matter of seconds. 
  6. A quick preview screen immediately shows the PDF report, which is saved in the system for easy access and further analysis. 

iSoftpull 

iSoftpull is a credit reporting software that enables businesses to instantly view customers’ complete credit reports and FICO Score from Equifax and TransUnion. The software delivers proprietary data to businesses wanting to pre-qualify their customers for financing. It allows you to automate the pre-qualification process to enhance your business processes and increase the efficiency of your marketing and sales departments. 

Benefits: 

  1. Know your customer’s credit score immediately, and don’t spend time and costs on unqualified leads. 
  2. By knowing your client’s credit scores, you can start sending relevant marketing material to them. 
  3. Focus on prospects that have the creditworthiness to close. 
  4. Accurately understand and calculate prospects’ debt-to-income without running a hard pull. 
  5. Increase sales and revenue by focusing on deals that have the credit conditions to qualify. 

Cybersecurity 

Einstein Data Detect 

If you are a Salesforce user, Einstein Data Detect, one of the four components of Salesforce Shield, is a great option to help you scan your Salesforce database and identify sensitive data so you can take steps to protect it. The system identifies the data based on five data patterns: credit card numbers, URLs, IP addresses, emails, and social security numbers.  

One of the benefits Einstein Data Detect brings is that because they use native platform-native technology, you don’t have to rely on third-party services or have your data outside of Salesforce. Einstein Data Detect can be purchased with the other three components of Salesforce Shield or independently. 

Benefits: 

  1. Get better directions on how to classify data and which data to encrypt. 
  2. Protect essential data from all Salesforce users. 
  3. Detect insider threats and report anomalies 
  4. Pair with other products to keep data compliant and secure. 
  5. Use the data classification for reporting and creating Transaction Security and Shield Platform Encryption policies. 

Bitdefender Total Security 

Bitdefender is cybersecurity software that offers multi-layer ransomware protection and network threat protection and provides both Best Protection and Lowest Impact on Performance. Bitdefender technology claims to predict, prevent, detect, and remediate even the latest cyber threats. Additionally, it provides anti-malware protection against e-threats across major operating systems such as Windows, macOS, iOS, and Android. 

Benefits: 

  1. The software reacts instantly to malware without compromising the system’s performance. 
  2. Protects your online privacy and personal information. 
  3. Bitdefender Identity Theft Protection solution alerts you in case of any identity threats, so you can take the appropriate actions. 
  4. It understands your credit score and how your online data is used. 
  5. Provides you with total control of your data. 

In Short 

These are only a few of the systems that are bringing value and improving how lending companies function in 2022, giving them a technological edge over their competitors. Keep an eye on these trends in the future, and hopefully, our list can help your business improve its technology stack.  

If you are looking for more personalized business consulting, or a solution that encompasses everything you need to boost your organization’s efficiencies, and helps streamline your business lending processes, get in touch with our subject matter experts and learn how our solutions and integrations can help lending companies increase productivity and maximize ROI. 

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