Digital Lending Software

The financing industry is becoming increasingly digitised as borrowers look for fast and easy ways to raise funds. Our automated digital lending software will help you streamline your loan management processes, from origination to repayment, with a system tailored to your needs.

What is Digital Lending?

Digital lending utilises online technology throughout the financing process. The involvement of digital platforms ranges, from simple online applications to full scale automated loan origination software. The introduction of digital technology into the lending industry started in 2005, and since then it has developed to become a keystone in today’s market. This is hardly surprising given the significant benefits to both lenders and consumers, including more convenient applications and faster processing of loans for seamless end-to-end management. For more information on the benefits check out our blog post comparing digital and traditional lending.

Crowdfunding software

Crowdfunding enables people who believe in your project or idea to contribute funds through online platforms. This form of lending can often help to raise finances a lot faster than traditional methods. To find out more crowdfunding and how our loan management software can benefit you, visit our webpage

Peer to peer loan software

Peer to peer lending connects borrowers with lenders directly through a digital platform. This removes intermediaries meaning loan agreements can often be reached a lot faster, giving you quicker access to funds. Check out our P2P page for more information on this form of digital lending and how we can help.

Marketplace

This type of digital lending follows the same concept of peer to peer, where borrowers and lenders interact directly via digital platforms. This type of investment has become increasingly popular with big companies and institutions, which is where marketplace lending originates from. Click here to find out more.

Automated

Our digital lending software allows for the automation of multiple processes within the loan management lifecycle, from the generation of loan agreements and legal documents to communication with clients.

Customizeable

Our platform can be completely customised to suit the needs of your business, with optional software modules specific to different parts of the digital lending lifecycle.

Secure

At CREDITONLINE we understand the importance of data security and protection. We are ISO 27001 and ISO 9001 certified, and fully GDPR compliant, so you can be sure that we abide by safe and secure practices.

Scaleable

Our cloud-based digital lending software allows for unlimited workspaces, so as the requirements of your platform increase with the growth of your business, CREDITONLINE will adapt to accommodate this.

Flexible

Our modular design allows for increased flexibility when it comes to the end-to-end management of digital lending, enabling administrators to isolate access to different parts of the system for specific team members.

Training and support

At CREDITONLINE we provide free training of our digital lending software to ensure that all members of your team upskill as fast as possible. You will also be assigned a dedicated relationship manager to support when needed.

Challenges faced by the digital lending industry

As digital lending software is increasingly adopted within the industry, businesses are likely to face three main challenges: process, data and organisational challenges.

Firstly, traditional lending often relies heavily on manual processes that are slow and have a negative impact on the customer journey. This reliance on manual processes also impacts business efficiency and bottom lines as larger numbers of staff are required to complete the loan process. Digital lending software allows for an almost fully automated process enabling businesses to reduce the time it takes to process an application, improve the customer journey and increase business efficiency. However, in order to implement the move to digital forms of lending, employees at all levels within the organisation must be ready to adapt to this new methodology.

The second biggest challenge firms face in the move to increased digitisation is data. Many firms rely on multiple servers and storage sources to store customer and business data. These older data storage methods are not equipped to meet the real-time demands of new digital lending software. Therefore, initial groundwork must be undertaken to ensure all relevant data is transferred to secure servers online that can instantly interact with the digital lending software. It is likely that this work will be manual and will rely on a joint effort from employees. Once this initial work to transfer the data to digital sources is complete, both customers and employees will benefit from smoother and more efficient digital lending services.

The third challenge businesses face during the digitisation process is organisational. For those in the lending industry there are multiple stakeholders involved whose needs must be satisfied. If stakeholders are not working together towards a common goal as they are too focused on their independent objectives, the digital transformation process can be challenging. It is vital that all stakeholders across the business are willing to collaborate and work together to improve the digital lending process. Only when all stakeholders are working together to achieve a common goal will the transition to digital lending software be smooth.

Frequently Asked Digital Lending Questions

How are digital platforms transforming the lending sector?

With the significant benefits that digital lending solutions provide to the consumer, including a much faster, easier and customer-friendly approach, it is not surprising that the lending sector looks very different to how it did in the past. More inclusive platforms mean more businesses and individuals have access to quality credit products and services when cash is tight. Interactions between customers and lenders is also much more seamless, with digital communication channels allowing for issues to be resolved quickly and efficiently. As well as this, the requirement for physical documentation is minimal for digital lending, with all legal documents being exchanged in digital formats.

What are the advantages of digital lending?

There are multiple benefits to digital forms of lending for both lenders and customers including increased loan processing speeds, reduced paperwork and more efficient end-to-end management. Overall, digital lending provides customers with a much more friendly experience, allowing them to make applications from the comfort of their own home. These applications can be approved much faster than with traditional lending methods, meaning funds can be secured at short notice.

What training do you provide for your digital lending software?

We provide full and personalized staff training for free. We also offer further training even after the project is launched at an additional fee.

What functionality do I get with a free demo of your platform?

We offer basic system functionality, our very core system would be available so you could explore our basic processes.

How much does your digital lending software cost?

As our digital lending software is completely adaptable to the needs of any lender, this depends on your requirements of the platform and the features you want access to. To discuss pricing contact our team here, or call us with inquiries.