Mobile Loan and Telecom Financing Software for Telecom Companies
In today’s highly competitive business environment telecommunications companies are working hard to counteract thin margins and flat ARPU (average revenue per customer). The most successful telecom businesses are redefining their relationship with their customers. They offer innovative new approaches, like mobile loans or telco loans to finance their customers’ equipment and services.
The telecom industry is uniquely positioned to extend credit due to the type of information that’s captured during the account set-up process. In fact, most telco companies have been extending credit for the past 100 years, considering the nature of the billing cycle where payment is due after the service has already been provided.
Mobile financing, often referred to as mobile lending, used to be limited to funding for equipment and services. But recently this area is expanding to include mobile online banking functions or telecom online banking. And Millennials are quickly embracing the idea of using their smart phone as a payment device in order to minimize their wallet.
Telecom companies also benefit from the database of customer usage patterns and consumer insights that can fuel “pre-approved” upsell and cross sell promotions. These premium offers increase customer loyalty, reduce churn, and improve revenues and profits.
In the retail industry POS financing is a proven tactic that closes more sales. In fact, recent findings from Filene Research Institute and CU Direct indicate the potential market for retail point-of-sale lending is $391 billion on an annual basis. Many telecom and mobile lending decisions require the retailer or service provider to make approval and pricing decisions in real time while the buyer is waiting, so a specialized mobile loan software is essential.
Speed, Accuracy & Efficiency
You already know that speed and accuracy are critical when it comes to telecom financing. Regardless of whether you’re processing a new application, managing customer payments, or mining customer data for marketing opportunities like upsell and cross-sell products and add-ons.
Turnkey Lender provides an advanced mobile loan software and account management system that delivers the level of automation and credit scoring that minimizes processing time without compromising security, pricing accuracy or risk tolerance.
Here are some of the key factors to consider when choosing an origination and servicing software that delivers long-term benefits to your mobile financing and telecom financing operation.
It’s important to get your staff up-to-speed quickly to get the most from your new system. The Turnkey Lender platform provides an all-in-one loan origination and servicing system, so there’s no need for the IT department to integrate separate software into the existing origination platform. And our intuitive workflow acts like a built-in training tool.
IT support and customer service is available 24/7 to answer all your implementation and training questions getting you up-and-running fast.
Automation & Workflow
Turnkey Lender was created with the end-user in mind. It creates efficiencies by automating multiple mundane tasks, so your loan servicing managers can focus their best efforts on high level evaluation & decision tasks. Your business and your servicing managers are individuals. We start with a rules based foundation system with pre-sets based on lending industry best practices – that’s easily customized to meet individual needs.
Comprehensive Origination & Servicing Functionality
- Automated decision-making and borrower evaluation cycle
- Automated calculation of optimal loan parameters: loan amount, term of the loan, interest rate, etc.
- Customer risk segmentation
- Flexible management of the lender’s credit rules, credit policies and scoring models
- Remote access for distributed sales points
- Setting individual evaluation processes for different products, portfolio segments and business lines
- Evaluating the efficiency and adequacy of the loan origination system’s performance and staff productivity
- Ability to swiftly adjust credit policy (new lending rules, changes in lending rules, appropriate risk margin)
- Digital statement capability to supplement or even replace high cost paper statements
- Automatically tracks all interactions between lender and borrower, including payment history and customer service queries
- Automatically updates borrower credit bureau data
- Push communications via SMS, text and/or email for account alerts and payment reminders
- Customers can upload documents for fast, easy application review
- Customers can make payments via direct debits and auto-pay features
Interface & Integration
Simplicity is key when you’re designing a software solution that creates measurable efficiencies. The Turnkey Lender interface is clean and clear. It was designed to be understood intuitively with little or no cross reference to cumbersome manuals or pop-up screens. It easily integrates with multiple outside providers, so all the loan servicing tasks can be completed without the need to exit the loan servicing environment. This outside vendor integration also allows numerous data fields to be auto-populated, saving substantial time and energy by reducing the need for manual data re-entry. This process also reduces processing time by reducing human error during the data re-entry process.
IT Support & Customer Service
As a small to mid-size lender you don’t often enjoy the luxury of an internal IT department that manages all your technology needs in real time. At Turnkey Lender you (and your customers) get the next best thing. A team of technical professionals who are on-call and at your disposal 24/7 via online chat, email, live telephone call, or online Q&A. Whatever communication channel works best for you.
One with all the functionality reserved for big financial institutions, but specially designed for a small to mid-size lender?