Can you launch a lending business in 60 secs for free? Introducing Embedded
Lending Framework ( ELF).
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
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 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
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
( ELF)” 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. ELF 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
Configurable lending solutions comprising in our ELF
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
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
only limited to 3 wishes. We are building an experience of a high-tech
solution product followed by customisation delivered as a service.