The future of lending - top integrations for your lending system 2022

27th January 2022 - 7 min read

The future of lending - top integrations for your lending system 2022​

Today, a top lender requires strong partnerships, cooperation, and integrations because nobody can be the best at everything. It is no longer a question of whether we should be partnering but more about finding the best products out there for your lending business.

There is a product out there for almost every step in the lending lifecycle to make things easier, faster, better, smoother, and simpler. In this article, we explore some of our favourites. Some of the best lending tech out there, which also rather nicely integrates very nicely into our own system 😉 Here are our top 8 picks of the best in modern lending tech.

Unleash the value of PSD2 data in lending: Kreditz

Open banking has revolutionised the world of lending through greater financial transparency. Kreditz helps businesses gain better insight into consumers and companies in a financially transparent environment to make better credit decisions. Using transactional bank data Kreditz provides intelligent insights, which unleash the value of PSD2 data.

For any lender that wants to develop a digitised lending platform, Kreditz provides best in class products to make better credit decisions, including income verification, real-time credit scoring, affordability models, customer spending behaviour and debt involvement. Kreditz has options for both B2B and B2C lending and can form a significant part of a lender’s risk strategy when it comes to reducing credit risk and, at the same time, increasing approval rates.

Kreditz helps lenders understand their customers, make better lending decisions and choose the right pricing to match the credit risk.

E-signing and ID verification for finance: Scrive

The world has moved on from the days of handwritten applications, but many organisations still require their customers to attend physical meetings to sign applications and agreements.

There is, of course, a good reason for this: Know Your Customer (KYC) requirements mean that a legally binding agreement must include identity verification along with the signature. Scrive was developed to handle these steps within a seamless digital workflow.

Scrive provides e-signing and ID verification services that can be fully integrated into core banking platform workflows for onboarding, online signatures, payment authorisations and know-your-customer compliance.

Collect transactional data: Tink

Tink is one of the hottest fintechs right now, and with good reason, their products transform the way a lender collects and analyses transactional data.

While PSD2 aims to harmonise banking services and information provision across Europe, this process has yet to be standardised. Tink’s API provides access to data from more than 3,400 banks and financial institutions across Europe. As well as the tech to gain insights and actionable advice from the data.

Tink provides real-time access to consumers’ bank data to make better-informed credit and risk assessments. Tink delivers insights into actual financial behaviour, helping FIs accept more and reduce risk while providing personalised offers and getting risk-based pricing.

Create, manage and validate digital documents: Enigio

For many, the discussion of blockchain technology and its implications on our lives is a largely theoretical exercise. Still, Enigio has leveraged distributed ledgers to provide an elegant, secure and practical alternative to paper documentation.

Enigio’s patented solution trace:original creates digitally original documents freely transferrable to anyone. Once created, they can be managed and invalidated by the original holder. Possession of the original can be freely transferred to anyone with a computer and the internet. 

Enigio’s trace:original makes it possible to digitalise all kinds of documents, including negotiable instruments and documents of title, such as promissory notes (in Swedish “löpande skuldebrev”), bills of exchange, bills of lading, warehouse receipts, warrants, bank guarantees and standby letters of credits which makes it ideal for connecting to a core banking SaaS system. Making this an essential add-on for any innovative bank.

Compliance tools for lending: Clever Compliance

For lenders, compliance is a fact of life. Whilst it might be considered a drag on operation activities, an excellent compliance function can reduce risk and improve customer experiences.

Clever Compliance provides a suite of time-saving compliance tools and additional features to help organise and improve daily compliance needs. These include; a compliance system to check a lending product against compliance criteria, a supplier compliance portal that ensures supply chains are compliant, and an innovative compliance marketplace that gives access to service providers to help with their compliance needs.

Clever Compliance provides cutting-edge tech tools to efficiently manage regulatory compliance tasks. Saving compliance teams time and ensuring that products are in regulatory alignment.

Verify and protect digital identities: Behaviosec

As digital services become facets of everyday life, the need for ever-better digital tools to protect FIs becomes increasingly significant. Security is a real challenge for any lender, from combat attacks, to data security threats and authenticating transactions to fraudsters using stolen or fictitious identities to create loan applications.

Threats abound from almost every direction. Often the measures required to protect the lender and its customers come at the expense of the user experience. These improved security measures come at the cost of increased drop-out rates as additional barriers to completing an application are added.

BehavioSec solves these issues by verifying and protecting human digital identities by understanding how we uniquely type and swipe across our ever-changing devices. The pioneering tech offers organisations the user experience, precision, and scale needed to keep customers engaged while catching evasive, real-time attacks other solutions miss.

Powered by behavioural biometrics, Behaviosec’s tech automatically verifies the human behind the digital identity, increasing security without making sign-in procedures too onerous. Making fraud, account takeovers and other security threats a thing of the past.

Overview of SME finances: Mynumbers

Lenders process enormous quantities of data every day while serving their customers. There is considerable value in effectively harnessing that data to efficiently manage their business and meet customer expectations. MyNumbers takes this raw data and converts it into a dashboard that shows key figures in an easy to digest way.

Information is power, and MyNumbers unlocks this power for business lenders. They offer real-time insight into the financial status of SME’s through integration with their accounting software (Visma, Fortknox etc.). By applying MyNumber’s financial data service in, for example, credit management, risk assessment and financial advisory processes, new opportunities for business improvements are created in combination with an increased service level for existing and new customers.

Frictionless payment: Trustly

Even before Covid, payments companies were some of fintech’s fastest-growing. The pandemic has only further highlighted the importance of seamless payment processes. This is what Trustly delivers. A fast, simple and secure way to pay that doesn’t take customers away from your website.

In an environment where consumers are spoiled for choice when selecting a lender, Trustly provides payment products that help make your offering stand out. Their products reduce the friction involved with paying out and repaying loans, improving acquisition, increasing customer loyalty, and reducing admin.

With North of 525m customers worldwide and a multi-currency platform that can work instantly, Trustly can completely transform any lender’s payment, payout and receipt process with its API connectivity and sophisticated technology.

Trustly provides a simple and effective way to add frictionless payment methods to a lender’s website and has the added benefit of also making outgoing payments.

Choose the best tech for your needs

Utilising an API integrated tech stack brings significant value for most firms. Leveraging open banking, AI technology, and blockchain distributed ledgers provides lenders with a competitive advantage, reduces costs, and makes the customer experience much more pleasurable.

These products are our recommendations because we’ve tested them, used them, and know they work. More importantly, our customers really rate the added functionality that they bring.

While it may seem like many different integrations add to the complexity, this doesn’t have to be the case at all. Näktergal’s system is built for easy integrations using secure APIs to ensure best in class tech at every stage. So, everything is in one place. The information, insights, and tools are available inside the core banking system.

Näktergal’s lending system is built to integrate the best lending tech out there because we know the value these collaborations bring. We know how much a core banking system utilising best-in-class tech to give functionality, information, and automation will transform lending.

Sound interesting? We’re really excited by the transformation our system can deliver for our customers, and we’d love to show you how Näktergal is propelling mortgages into the age of the cloud.

Call us now, and we’ll give you a free demo of how good life can be.

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TL;DR

There are so many great tech products out there to make lending better. Products in almost every aspect of lending, from automating processes, to providing insight from data, signing contracts and even paying out loans quickly. Choosing the best can be a mine-field, and until you’ve integrated or starting using a product it is almost impossible to know if it can actually do what says on the tin. We put together this handy guide of our top picks to help navigating just a little easier. 

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