How to launch better credit products faster

More precise credit analysis, minimized risk, faster launch times — automated credit decisioning delivers the optimization levers needed to catalyze growth for early-stage fintechs.

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Jon Fry
June 17, 2022

To achieve sustained growth in today’s competitive market, early-stage fintechs need to uncover and perfect tomorrow’s get-to-market strategies…before somebody else does. 

When it comes to building and launching new credit products, expanding your reach isn’t simply a matter of finding new SMBs who want loans. To ensure your new customers aren’t just high-intent but qualified too, fintechs must run an optimized risk analysis on each new borrower to unlock greater market share without taking on additional risk. 

And there’s more. To keep pace with today’s ever-evolving digital landscape, in addition to unearthing high-quality borrowers, you’ll also need to launch products that are fast and user-friendly.

For more and more early-stage fintechs, that means leveraging a fast, accurate, and intuitive Credit Decisioning Engine that lends itself to first-class credit solutions. By streamlining your underwriting workflows, you can accelerate your go-to-market and optimize approval rates without compromising the thoroughness of your credit policies. 

With Lendflow’s advanced Credit Decisioning Engine, fintechs are turning the credit space on its head, beating traditional competitors to market, and transforming their own growth prospects. 

Here’s how:   

Long overdue: Why lending is ripe for innovation

As savvy fintechs know: staying ahead of the competition means staying at the forefront of innovation. 

Despite being marginalized by traditional financial institutions, qualified SMBs seeking capital have long sought out traditional lending institutions, because, until now, they lacked any credible alternatives

Remember: even in today’s digital age, traditional banks and creditors still execute manual credit checks and carry out underwriting cycles that often drag on for months. What’s worse: this system fails growth-minded SMBs — who stay sidelined from accessing capital to a disproportionate degree — because they may not possess the extensive credit history required by traditional institutions. 

This broken system represents an enormous opportunity for fintechs targeting the SMB market.

Automating your decisioning workflows: more approvals, happier customers 

With holistic customer profiles, customizable workflows, and more, Lendflow’s Credit Decisioning Engine catalyzes growth and optimizes lending outcomes across the board. Efficient underwriting processes — designed to maximize conversion rates, minimize risk, and drive down costs — allow fintechs to stay ahead of the curve and launch cutting-edge credit solutions in record time.  

The path to launching first-class credit solutions, with Lendflow, begins by harnessing detailed customer data across the full medley of traditional and non-traditional sources. Through a single API, with a single contract, fintechs can access a wide range of data, build complete customer profiles, and make credit decisions in a matter of seconds

Lendflow goes beyond the credit score to help fintechs build an accurate risk assessment of each applicant. Alternative data points can prove to be particularly valuable for building a true understanding of a borrower’s financial outlook.

Intelligent data collection just may be the secret sauce of Lendflow’s Credit Decisioning Engine — with comprehensive data from KYB to payroll to traditional credit data made available at deep discounts, you can slash data costs and get a clear read of a borrower’s creditworthiness. 

Bottom-line? Lendflow’s advanced data aggregation helps you effectively separate qualified applicants — including legitimate SMBs — from fraudulent ones and convert customers at a higher rate, faster.

But optimized accuracy doesn’t alone equate to optimal decisioning — after all, you’ll also need an efficient process specifically tailored to your underwriting requirements. With Lendflow’s Credit Decisioning Engine, automated workflows power faster turnaround times to maximize deal volume. Automated and customizable workflows — which allow you to run the most relevant data for each applicant in the most logical order while filtering out irrelevant data — are designed in compliance with internal policies to minimize risk.

Faster underwriting? Check. 

Superior credit analysis? Check.

Minimized credit risk? Check.

The benefits of a user-friendly application flow 

While an all-in-one Credit Decisioning Engine like Lendflow’s propels you to identify and approve more highly qualified applicants for loans, expanding your customer base requires a user-friendly interface too. Rest assured, we kept that in mind — and for good reason.

Traditional loan approval processes aren’t just inefficient and costly for lenders — they’re also a pain for borrowers who need fast access to capital. The form-filling process many creditors continue to employ adds friction at every step of the way and serves as a legitimate barrier to entry. Requirements like the manual uploading of bank statements, for example, only alienate borrowers and reduce completion rates. The more information an applicant has to fill out, the more likely they are to abandon the application process altogether. This model amounts to a lose-lose situation — borrowers fail to access vital capital, while lenders miss out on qualified borrowers. 

Lendflow’s Credit Decisioning Engine flips the script on its head — integrating into our larger Embedded Credit Operating System to improve application flow and keep your customers happy.

By tapping into a fully digital and streamlined application process that seamlessly flows into a powerful credit decisioning engine, you can take customer engagements to the next level without any effort. With minimal dev resources required, fintechs free up valuable time and money that can be re-directed towards enhancing other parts of your product experience and getting to market faster. 

Bringing credit into the tech age (finally)

To attract more borrowers, early-stage fintechs need to launch faster and one-up competing customer experiences. To approve more qualified borrowers, they’ll need a streamlined credit decisioning engine that runs faster than the manual underwriting processes that are still widely used today.

Lendflow solves it all, bringing fintechs to the forefront of modern credit products — whether they are credit cards, BNPL, or various types of SMB loans. Our decisioning engine powers more precise credit evaluations and enables faster approval times. Best of all, Lendflow’s ready-made credit decisioning engine complements our embedded credit ecosystem, meaning you’re not tasked with building a decisioning process AND customer onboarding or credit application flow from scratch. Far from it — Lendflow’s Credit Decisioning Engine enables fintechs to build end-to-end world-class credit solutions in record time with minimal resources.

For automated credit decisioning that’s both fast and user-friendly, Lendflow’s leading the way. With Lendflow, fintechs take advantage of superior data, streamlined workflows, and a straightforward credit application flow to scale credit products that drive brand engagements and move the needle for customers.

To learn more about how Lendflow can help you roll out the credit solutions of tomorrow in record time today, speak with our team!

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