This Lending operating system empowers marketplace lender to bypass costly tech built-outs, minimize IT infrastructure and accelerate the process in the lending market. LF enables market place lenders to focus on their core lending business, with access to the latest acquisition, underwriting technologies, readymade loan servicing software and portfolio benchmarking.
The platform is being built to serve the lending marketplace and it is now the trusted platform of choice, from start-ups to enterprises, including some of today’s largest online marketplace lending companies.
I worked with the company's founder and CTO designing the workflow and the user experience and collaborated with US Development team in designing the interface for the desktop application. I was also responsible for the branding and visual design of the desktop platform.
The dream of achieving rapid, large-scale process automation is becoming a reality for some lending companies. Competitors cannot afford to miss the opportunity to transform their own back-office processes.
Our research indicated that a significant opportunity exists to increase the levels of automation in lending offices. By reworking their architecture, lending companies can have much smaller operational units run value-adding tasks, including complex processes, such as deal origination, and activities that require human intervention, such as financial reviews.
By taking full advantage of this approach, lending companies can often generate an improvement of more than 50 percent in productivity and customer service.
Due to the nature of the complexity of the project and the amount of compliance that takes place, the team needed to come up with a customizable solution that would provide end-to end lending solutions that covered different needs in the process from loan origination, marketing, acquisition, underwriting, loan servicing and maintenance.
Inductive Design Approach:
I worked very closely with the CTO creating wireframes for all the different scenarios and user profiles as every user would have a different set of tasks and responsibilities to accomplish in each given scenario. Once we defined the work flow, I worked on low-res prototypes, iterate until we agreed on a high resolution interface and experience for the platform.
LendFoundry provides all the tools lenders need to be successful, facilitate customer management, compliance, reporting, authentication and security, marketing, and enable a unified search functions.
Scalability: The goal was to render a platform on the cloud which can be easily scaled to suit the client’s needs.
Simplicity: Through pre-packaged integrations with credit bureaus, bank data provides, document handlers and marketing applications.
Intelligence: Build a platform with built-in analytics which assesses credit worthiness while churning data from multiple sources.
As a result, the amount of time back-office staff spent handling account changeovers fell by 70 percent; the time customers needed to adjust to the switch was reduced by more than 25 percent. The cost-benefit ratio for this project was also significantly better than it had been in previous automation efforts: the project generated a return on investment of 75 percent and payback in just 15 months.
LendFoundry is now the trusted platform of choice, from start-ups to enterprises, including some of today's largest online marketplace lending companies.