Can you launch a lending business in 60 secs for free? Introducing Global Lending Ecosystem (GLENZY).
The concept of finance and technology was introduced to the world years ago and it has been booming since then. When you merge these two separate yet extremely strong entities, it builds up a robust platform that can make you millions or maybe billions. With the world turning digital and preferring the hassle-free method of payments, loans, deposits and all monetary transactions, fintech's future is bright. We enable you to make that dream a reality!
Is the Fintech industry here to stay? Fintech Growth cycle
The fintech industry is expected to continue growing in the coming years. There are a few key factors driving this growth:
  • Increased adoption of digital technologies: As more consumers and businesses rely on digital technologies for their financial needs, fintech companies are well-positioned to meet this demand.
  • Changing consumer preferences: Consumers are becoming increasingly comfortable with using digital platforms for financial services, which has led to a rise in fintech usage.
  • Regulatory changes: Governments around the world are implementing regulations to support the growth of fintech companies, which has helped to create a more favourable environment for these firms to operate.
  • The rise of open banking: With the rise of open banking, consumers are able to share their financial data with third parties, which has led to an increase in the number of fintech companies offering new and innovative services.
  • The increasing use of Artificial Intelligence and Machine Learning: By implementing AI and ML, fintech companies are able to offer more personalized services, such as financial advice and fraud detection, making the experience easier for the consumer.
Let's talk about the Tech in Fintech
The Tech in Fintech makes hours of laborious work into a simple and systematic system, therefore, increasing efficiency and accuracy at the same time. Technology plays a critical role in the lending process by automating and streamlining many of the traditionally manual tasks that were previously required. For example, online lending platforms use algorithms and data analysis to assess a borrower's creditworthiness and determine the terms of a loan, such as the interest rate and repayment schedule. This allows for faster loan approvals and lower interest rates for borrowers. Additionally, technology can be used to verify a borrower's identity and income and to securely transfer funds between the lender and the borrower. Overall, technology enables fintech companies to offer more efficient and convenient lending services to consumers and small businesses.
The 3 important lending pillars in the lending process
  • Lenders
  • Dealers
  • Borrowers
  • Lenders are financial institutions or individuals who provide loans to borrowers. They can be traditional banks, credit unions, online lenders, NBFA or other types of financial institutions. Lenders assess the creditworthiness of borrowers and determine the terms of the loan, such as the interest rate and repayment schedule.

  • Borrowers are the individuals or entities that apply for and receive loans from lenders. They may be individuals seeking personal loans, or businesses looking for funding to expand their operations. Borrowers are typically required to provide information about their income, assets, and credit history in order to qualify for a loan.

  • Dealers are intermediaries between lenders and borrowers. They may connect borrowers with lenders, and help to facilitate the loan process. They can be independent agents, financial institutions like banks, or online platforms that match borrowers and lenders. Dealers can also provide additional services such as credit counselling or loan origination.

    The role of dealers in the lending business is immensely inclining as a lot of consumers prefer EMI and loan options directly from the stores rather than opting for a long route of reaching out to a financial institution, getting a loan and then buying the product from the store.
The Process of a money lending procedure in fintech
  • Application: The borrower submits an online application, including personal and financial information. Fintech companies typically use digital channels like their website or mobile app to make the process more convenient for the borrowers.
  • Eligibility check: The lender reviews the application and checks the borrower's creditworthiness and eligibility for the loan. They use various digital tools such as alternative data and machine learning algorithms to make a decision.
  • Approval/Denial: The lender approves or denies the loan application based on their internal policies and guidelines. Fintech companies tend to have more lenient policies and use more advanced technology that allows them to make faster decisions compared to traditional financial institutions.
  • Document submission: If approved, the borrower submits additional documentation, such as proof of income and identification. Fintech companies can use digital tools such as e-signatures and automated document verification to make this process more efficient.
  • Funding: If approved, the loan is funded and the borrower receives the funds. Fintech companies can use digital channels such as mobile wallets and bank transfers to disburse the funds.
  • Repayment: The borrower makes regular payments to the lender until the loan is fully repaid. Fintech companies can use digital channels like recurring payments and automatic payments to make the repayment process more convenient for the borrower.
How to streamline the entire lending process in less than 60 secs?
As a fintech company, structuring and initialising the entire lending process from top to down can be achieved in two ways, either hiring a separate in-house team for product development or hiring a third-party company for developing the entire functional software. It is difficult to arrive at a “ONE SIZE FITS ALL” product with such a sublime process as every client has their own customisation and requirements resulting in the entire process taking a huge amount of time and money. Theecode cracked the code for introducing “Embedded Lending Framework (GLENZY)” which is a full fletched lending process configuration delivered to you in less than 60 secs. It's a sandbox for every user to experience the usual format of the lending process and can be used for trials and actual lending purposes as well. GLENZY will enable you to kickstart your leading business without any hassle for free in less than 60 secs. IT'S TRUE! We are focusing on building a revolutionary product to cater to the high demand in the fintech industry which fits every requirement for a seamless lending process portal. We are envisioning going forward as a product company delivering you coherent and smooth tech along with focusing on personalisation and custom-made changes for your enterprise.
Configurable lending solutions comprising in our GLENZY
  • Theecode have spent months developing a perfect lending solution for your business. Whether you are a lender or a dealer we have everything intricately design the product for you. These are the 3 lending solutions we provide you through enabler.
  • Our Loan Origination System (LOS) is a software application that automates the process of a loan application, underwriting, and approval for the borrower. It typically includes features such as online application forms, credit score checks, document management, and electronic signature capabilities all in one place. Our systems can also integrate with other systems, such as credit reporting agencies and appraisal management systems, to provide a complete view of the loan application process.
  • With Loan Management System (LMS), you can automate and streamlines the process of loan origination, underwriting, servicing, and collection for the lender. It typically includes features such as credit analysis, document management, workflow management, and reporting. An LMS can be used by financial institutions, such as banks and credit unions, as well as by non-traditional lenders, such as peer-to-peer lending platforms. Our system is here to help organizations manage their loan portfolios more efficiently and effectively, while also reducing the risk of fraud and compliance violations.
  • Our Decision Engine (DE) are software systems that use a combination of data, algorithms, and rules to analyze information and make decisions. They can be used in a variety of applications such as business intelligence, fraud detection, and automated systems. DEs can be rule-based, where decisions are made based on a set of predefined rules, or more advanced, using techniques such as machine learning to make predictions and decisions.
  • With a combination of all the three leading lending solution requirements, you are set to go and test your lending model for free and if you need any specific alteration and specification, our highly trained tech comes to your rescue and delivers your wishes like a genie but not only limited to 3 wishes. We are building an experience of a high-tech solution product followed by customisation delivered as a service.

© Copyright 2024 Theecode Technologies Pvt Ltd. All Rights Reserved