We’re happy to announce a major release of the TurnKey Lender Box solution - TurnKey Lender v7.1. And this is a BIG one.

This edition is packed with new features and important upgrades that our customers have often requested. Below you can find a detailed description of the upgrades that make TurnKey Lender even more efficient in automating every step of the lending process for our clients.

Version 7.1 updates:

Meaningful AI in the Business KPI Dashboard

This dashboard presents all the important business data at a glance. One look lets you get a working understanding of the business' well-being, analyze the current effectiveness of the staff efforts, as well as explore aggregated assets and current portfolio state.

This will be the first and the most important page for the stake-holders to evaluate the state of their operation. We’ve analyzed and put together the most useful metrics and statistics on one page to make sure the real state of the business is presented in a well-designed interface.

Open

Portfolio report - Analyse your current performance through a powerful set of charts designed to provide all the main business indicators.

Geographical report - a heat-map of geographical distribution of applications in the portfolio, can be presented in three different layers:

• Processed Applications

• Delinquency

• Portfolio

Open

Risk report - key indicator showing current risk level distributions of the portfolio:

• The green group shows the percentage of early payments, on-time payments, and overdue payments for the selected period.

• The red group shows the percentage of bad debt and the portfolio in risk for the selected period.

• The blue group shows the percentage of written-off debt for the selected period. 

Among other indicators provided, you can get reports on:

• Performance

• Top write-off reasons

• Collections

• Time Series

AI-Powered Bank Scoring

What it is

Over the years we've automated lending operations and credit decisions in over 50 countries for lenders of all sizes and types. Observing the performance of our clients, we've noticed that even in the pre-corona economy it was a lot safer and more profitable to utilize both traditional and alternative evaluation approaches. And now, as the 2020 crisis makes traditional credit scoring models obsolete, the demand for alternative approaches, like bank statements scoring, skyrockets. 

This edition of the System has an additional scorecard - AI-Powered Bank Statements' Scoring. It is built around the particular data points you can retrieve from a bank statement and evaluates the data using AI algorithms to provide you with a completed analysis result almost instantly.

It's a set of features that allow to adjust your credit scoring to the new economic reality and evaluate borrowers more accurately than ever before.

How it works?

1-Click Bank Account Verification for Underwriters to carry out Bank Verification of the potential borrowers with just one click:

1. The employees with Underwriter access permission use the Bank Verification feature. One click and the application is sent for bank verification

2. Bank Account Verification Request notification is automatically sent to the borrower

3. A disclaimer in the dashboard will prompt the borrower to verify their bank account

4. In case the bank verification is expired, the loan application moves to the Archive. You can access it there at any time. 

Here's how it looks in the System Dashboard:  

Decision Rules Tailored to Bank Statements Data. Every time borrower verifies a bank account, a bank account statement is validated against a set of rules. The System checks the following data by default:

1. Negative balance

2. Debit transactions

3. Credit transactions

4. Number of ATM Withdrawals

These data points and other behavioral data has proved to be sufficient to evaluate with high accuracy whether or not the borrower will return the loan, what risk group they are in, and what interest they need to be assigned.

Customer Rating

Every borrower now has its own rating that helps to segregate and find more valuable clients for your company.

Lenders (especially collectors and underwriters) are now able to instantly understand how to communicate with this particular client. For ‘high rating’ borrowers, they can offer better service, promo products, and special terms. If a borrower’s rating is getting worse, different marketing tools can be used to offer this borrower affordable short-term loans to improve their internal rating and even their score in a credit bureau.

The rate is calculated based on ways the borrower interacts with the platform and staff as well as certain encourageable and risky behaviors. New users get an average rating which then changes depending on the borrower's payment behavior, the risk levels of their loan applications, number of successfully paid loans, etc. Basically, the better the borrower’s history in your company, the higher their rating.

Collection Scoring

Collector managers have a duty to contact problematic customers on a day-to-day basis. Collector’s efficiency tracking and KPIs are built-in the TurnKey Lender 7.1 and depend directly on the employee's performance.

In this release, we’re happy to present another new feature - Сollection scoring.

From now on, Collection managers can easily find loans with high collection priority and pay as much attention to them as possible.

Collectability ods are evaluated for every loan. This helps collectors take informed action on bad debt early on and cut the losses or even increase profits.

Major Public API Upgrades

Payment Options Management

The API functionality has undergone major improvements in v7.1. From this version forward, Public API covers the entire Borrower Portal functionality in full. In particular, lenders with proprietary and third-party interfaces can integrate a fully functional TurnKey Lender borrower portal through an API into their operation.

In particular, Public API perfectly covers all the Borrower Portal functionality allowing your borrowers to operate bank accounts, cards, and initiate ‘one-click’ payments to be processed by an integrated payment provider.

Use API to Launch Your Own Mobile App Powered by TurnKey Lender

TurnKey Lender Public API is updated to support new features (Calculation Engine, disclaimer management, and other) on Customer’s Dashboard in mobile apps.

You can create your own fully functional iOS or Android applications for your borrowers, or power up the existing one with TurnKey Lender's new API functionality and superior lending automation, calculations, and decision-making engine.

TurnKey Lender Public API is ready-for-use right out of the box. As a business owner you are free to choose which functionality you’d like to use, depending on your business flow without any specialized development.

Public API is updated with every release, so all up-to-date and advanced features will be available for you indefinitely.

Customers & Loans Management

The users of TurnKey Lender v7.1, lenders can now integrate our lending software with their core CRM of choice.

In earlier versions, it was possible to create borrower's accounts, update their personal details, and migrate active (i.e. disbursed) loans from any third-party service to TurnKey Lender solution.

From now on, you can implement the general application flow as a whole: mass create new borrowers and absolutely new loan applications for them from your CRM directly and then pass them along to auto-processing in TurnKey Lender.

Integrations

Security Module (ipstack)

To reduce risks associated with fraud and identity theft, ipstack Security Module integration is added. It is used to assess risks and threats originating from borrowers' IP addresses. TurnKey Lender v7.1 comes with new decision rules based on ipstack integration built-in.

Repay (ACH & Card)

Repay Holdings Corporation (NASDAQ:RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, announced its partnership with TurnKey Lender, a cloud-based lending software for evaluating borrowers, decision-making support, and online-lending process automation.

REPAY and TurnKey Lender both serve the lending marketplace in the United States and Canada.

The integration between REPAY and TurnKey Lender will enable credit unions, finance companies, and lenders to fund loans 24/7 and subsequently accept loan payments via card and ACH directly through the TurnKey Lender platform as well as consumer-facing payment channels, including Interactive Voice Response (IVR)/phone pay, text pay, mobile apps, and white-labeled online portals.

Payliance payment provider for card repayments (USA)

One of the well-known payment providers in the USA now supports card repayments along with the ACH transactions.

Stripe

One of the most well-known payment providers in the USA and worldwide now easily integrates with TurnKey Lender to supports card repayments along with ACH transactions.

PayPal

Lenders and borrowers can now use a fully-functional integration with PayPal, one of the most widely used platforms for manual online payments, directly from the TurnKey Lender Borrower Portal.

New, Improved, and Simplified Calculations Management

Loan calculation types

TurnKey Lender customers work in all kinds of business verticals and offer numerous different credit products to their clients. From release to release, our team makes sure that all of their crediting needs are met and automated. And to address the specific need for flexible credit products management, we’ve enhanced the list of pre-configured credit products in Light mode with three new loan types:

• Classic implies a decreasing installment monthly payment due to a gradually reduced interest

• Bullet is based on the payment of Principal in the last installment

• Flat interest stays the same throughout the loan tenure

So from now on, the templates for all most common loan types are built-in.
All other possible loan types can be configured in the Advanced mode which can be accessed from each credit product’s editing screen.

Change Due Dates

The ability to change loan installment due dates on the fly is one of the most commonly requested features, which is now available to the lenders by default.

The first due date can be shifted, for example, to fit the borrower's salary date. As a result, the first installment can be either longer or shorter than the others, but all the further installments will follow in equal periods according to the credit product settings. 

The loan can be disbursed on any date, nonetheless, Back-Office managers can also set up the Start date for a loan (the date when the loan obligations take effect). Principal, interest, and fees are accrued starting with the Start date even if the loan was disbursed before or after it.  

Improved Collections Management with Promise to Pay (PTP)

Now more than ever many borrowers need a little break. With the upgraded Promise to Pay functionality, TurnKey Lender makes this process as simple as it gets for the lender.

Allow your borrowers to postpone repaying their debt or stop adding interest for a selected period if the borrower promises to pay out a part of the loan’s body.

Customers with bad debt can add a promise to pay (PTP) within allowed limits from within the System. You have an option to suppress Late Interest and Late Fees for his loan until this date.
If a customer doesn't pay the promised amount until the promised date, all suppressed fees are accrued automatically for the whole PTP period.

Loan Migration

With TurnKey Lender v7.1, lenders can migrate loans into the System on their own without involving the TurnKey Lender team.

This is a new step of e-lending autonomation for the business owner.

The functionality provides the lenders with an option to migrate Customers and disbursed Loans manually. 

Put together all the important details of the loan you’d like to migrate: payments, past dues, schedule - make sure that all the details are constructed properly and continue operating all your loans from the TurnKey Lender end-to-end lending management solution.

New settings for the date converter

Commercial lenders commonly calculate loans in three ways: 30/360, Actual/365, and Actual/360, however, this only applies to counting interest rate.

By contrast, TurnKey Lender Calculation Engine splits settings for calculating rates and for schedule building. In addition, TurnKey Lender provides the following options now:

• a number of days in a year can be 360, 365 or actual,

• a number of weeks in a year can be 52 or actual.

Different combinations of these options allow business owners to adjust the system to any real business requirements. These features allow for more granular loans' management and increased profits as a result.

New fee types

New frequently-used fees and penalties are included in the list of pre-defined templates for credit products. These improvements allow adjusting TurnKey Lender Box solution to a wide spectrum of business models and help you grow revenue from the lending part of your business.

• Disbursement fees are deducted from the loan amount and the rest is disbursed to a borrower. The loan is still based on the initial Loan Amount. 

• Repayment Fees are charged from each repayment transaction.  The remaining amount is applied according to the general rules. 

• Pay Off fees are accrued and paid when a repayment transaction with 'PayOff' type is applied.

UX / UI

Side menus reorganization and redesign

TurnKey Lender always strives to provide the best user experience on the market. Based on the feedback received from our clients, we’ve completely reorganized the Settings workplace to address their requests.

As a result, the sidebar menu allows for intuitive navigation through the System configuration.

Loan Header Redesign

Back-Office managers analyze large amounts of borrower and loan data. The better this information is organized, structured, and displayed, the more efficient these managers can carry out their duties.

To simplify the day-to-day of these employees, all the important information is now grouped in the header of the loan application. The data displayed there differs for staff members with different access permissions, depending on what info they need most. With this update, managers are able to make decisions faster and more accurately.

More improvements

• Disclaimer management page redesign - the Disclaimer management functionality in TurnKey Lender v7.1 was fully redesigned to provide an even more flexibility.

• Loan filters redesign - the System also comes with fully redesigned loan filters. The functionality helps to intuitively search and filter loan applications in a matter of seconds.

• Informative error messages during payments import - some formatting errors might occur while importing payment transactions data. Starting with v7.1, TurnKey Lender creates a report with all the problems encountered. The data can be analyzed and the issues fix before trying the import once again.

• Document management new fields - to be able to use new functionality in loan agreement and other document templates added new merge fields were added for

  • Bank account details

  • Card details

  • Customer Details

  • Loan fees (Origination fee, Administration fee, Late fee, etc.)

• Preview the logo during the System set-up.

• Reasons for closed loans - to simplify and speed-up the loan management process. The System has predefined loan closure reasons added:

  • Cancel loan

  • Write off loan

  • Close loan

Final thoughts

This is a HUGE release! There’s a ton of features and new unique functionality that makes TurnKey Lender stand out among competition even more. So let’s sell it like it’s hot!