Considerations When Selecting a Loan Origination Platform

07/02/2024
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Loan originations forms a key part of the customer journey for any lending product, from buying your first home to applying for a personal loan. This part of the journey is typically where the relationship is formed between the customer and the lender and acts as the ‘first impression’ – therefore, having a loan origination platform that enables a seamless onboarding and makes the customer’s experience as pleasant as possible is paramount for setting the tone of the relationship between customer and lender. 


There are a few key factors that set the great loan origination platforms aside from the rest and enable a superior customer journey.

Configurability

The loan originations process will vary depending on the asset class, and even between differing products within the same asset class. Therefore, a loan origination platform that enables customisation within the onboarding process is key to creating a bespoke customer journey based on both asset class and customer demographic. 


Lenders want to drive how their originations process flows based on the market they are targeting and the product they are delivering; being able to alter critical questions within the journey and where and when data is pulled in from exterior sources gives lenders this capability. Furthermore, platforms can be configured based on consumer behaviour research; delivering an onboarding process to the customer which suits their exact requirements.

Integration

In essence, loan originations is all about capturing customer data and validating this against a set of unique credit requirements. Typically, this data will reside on various platforms and sources. A loan origination platform that enables data to be transferred via automation that reduces manual inputs from customers and lenders will be successful in an environment where automation is king. 


There are so many opportunities within the loan origination journey for automation via integration with services such as Open Banking, Automated Valuations, Automated Decisioning etc. The platforms that leverage this integration capability within their platform are likely to be the ones that lenders lean towards when selecting a partner.

Scalability

The lending market is a dynamic environment, particularly over the last few years with external factors influencing interest rates so heavily. To remain competitive, lenders must be agile to changing market conditions. This capability relies on having a platform that enables change at speed, new product launches and enables scale when required. 


Furthermore, new entrants will also require a loan origination platform that enables scale and can keep up with their growth ambitions in order to be competitive in a highly saturated market where the margins are often so small.

Lenvi’s Loan Origination Platform Capabilities

Lenvi’s loan origination platform leverages automated workflow configurability with flexible event driven integration capability to deliver lenders the opportunity to drive bespoke originations journeys for their customers, whilst reducing operating costs. 


Our platform is API-first and leverages several third-party integrations out-the-box, in order to drive automation in the onboarding process and reduce manual intervention for the customer and lender. Furthermore, Lenvi’s origination module allows lenders to configure their desired originations journey, based on their target customer demographic; enabling lenders to remain competitive and agile to changing market conditions without the need to raise change requests. 


Our platform offers proven scalability through its cloud native architecture and containerisation, making Lenvi the Fintech of choice for both established banks and start-up lenders. Find out more about Lenvi’s origination software.

Find out more about Lenvi

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