Blog Post

Providing a One-stop Shop for Digital Transformation in Lending

Evolving consumer behaviours spurred on by the aftermath of the pandemic have prompted traditional banks to adopt digital lending solutions that enhance the customer journey and bolster SME lending profitability. The key to success lies in working with the right partner in deploying the necessary systems to enable all of these new services.  

Challenger banks have raised the bar when it comes to customer experience, processing speed and reduced operational costs. They’ve set a new benchmark that other financial institutions must strive to meet to remain competitive.  

The days of antiquated legacy systems are coming to an end, paving the way for cutting-edge, cloud-based platforms that boost efficiency, transparency and user experience. According to the Digital Banking Report (2020), 85% of banks and lending institutions have now enabled their clientele to apply for loans online, emphasising their commitment to delivering a top-notch experience.

Many are seeking the assistance of agile fintech companies. Traditional banks and financial institutions are shifting their perspective. They no longer see FinTechs as unpredictable newcomers encroaching on their territory. Instead, they now see them as crucial collaborators key to achieving ambitious objectives pertaining to digital transformation and lending processes.  

What to look for in a digital lending platform  

As banks continue to shift towards digital transformation in lending, it’s important to choose the right digital lending platform. A robust digital lending platform should improve the overall customer experience, reduce lending costs, and provide seamless integration with existing systems.  

When choosing a digital lending platform, financial institutions should seek out features that streamline the lending process in its entirety, as well as features that enable embedded lending. Embedded lending can be an effective way to integrate lending into existing systems to provide customers with easy access to credit.  

A decent digital platform will also automate decision-making processes to reduce turnaround times and provide quicker approvals. This improves productivity and efficiency while enhancing the customer experience.  

Security should also be considered when selecting a digital lending platform. Secure data storage and transmission, as well as compliance with industry standards is key.  

Knowing what to look for in a digital lending platform is key to streamlining the lending process, reducing costs, and improving the overall customer experience by focusing on convenience and speedy access to loans for potential customers.  

Everything you need under one roof 

Banks often assume they need to collaborate with separate partners for every feature they desire; one that offers exceptional UX development, another for managing all KYC/AML needs, and yet another to evaluate credit risks, among others.  

But business customers and financial institutions alike prioritise convenience. Recognising this need, ezbob’s award-winning platform, provides an all-encompassing solution for the entire lending process from customer onboarding to disbursement.

By choosing to collaborate with a single, dependable partner, banks and financial institutions can reap several advantages. This approach is not only cost-effective but also allows the bank to maintain greater control through a single point of contact. Also, a unified, streamlined method accelerates the time to market and guarantees swifter upgrade cycles as new features become available.  

Initially launched as an online lending platform managing over £1billion of SME loan applications, ezbob has since transitioned to becoming a lending technology provider. By merging extensive industry knowledge with a robust digital proposition, ezbob has emerged as one of the most advanced business lending solutions available in 2023.  

Our revolutionary digital banking platform solution is the only bank-grade, automated, paperless SME lending solution encompassing the complete user journey as well as all aspects of compliance, risk and decision-making elements. There’s an impressive amount of tech at work behind the scenes.  

  • Smart onboarding - Financial institutions aim to digitalise the application process but often struggle with creating a user-friendly and seamless process flow. Through comprehensive testing, ezbob has developed a streamlined UX that reduces the number of questions required for an SME loan application by up to 75%.  
  • Customer application decisioning - ezbob offers a fully customisable decisioning engine for accurate credit risk scoring and segmentation which is in line with a bank’s distinct underwriting criteria for credit policy orchestration, scoring models and affordability assessments. Our solution harnesses the power of third-party real-time data and proprietary AI-driven decisioning analytics to enable up to 100% STP (straight-through-processing) that speeds up decisioning reducing the cost of processing as a result.  
  • Real-time data sources - Banks and other financial are keen on optimising their digital pathways and refining risk evaluation by employing integrated data partners and assimilating digital KYC techniques into their process. Ezbob’s platform consolidates data from more than 40 API-connected real-time sources, resulting in better data that leads to more effective risk management and well-informed lending decisions. We collect 3,500 data points in under a second.  
  • Cloud-based on AWS - ezbob's cloud-based solution operates on the highly secure Amazon Web Services (AWS) platform. This eliminates the need for financial institutions to invest in upfront infrastructure, while ensuring complete security for their data. With immediate and unlimited scalability, ezbob's platform not only reduces infrastructure expenses but also removes ongoing maintenance costs, providing an exceptional all-in-one solution. 
  • Plug-in integration – Financial establishments often face difficulties due to the complex nature of their existing systems and the multitude of integrations necessary to ensure a smooth end-to-end process. To address these challenges, we offer a stand-alone application that bypasses the need for integration with core banking, resulting in quicker market entry and reduced implementation expenses. Account applications are effortlessly transferred to your CRM platform daily.  
  • Value pricing – Express is a packaged and streamlined version of the full platform edition, making cutting-edge lending technology available to a broader audience. This scaled-down version retains core features essential for optimising your application process, including intelligent onboarding, decisioning engines, real-time data integration and analytics. As your business requirements grow, Express can be seamlessly upgraded to our full enterprise edition. 

Get in touch today to find out more about how our lending solutions can help you digitise processes and transform your lending offering.