Product configuration - LendFusion

Loan product setup and configuration

LendFusion enables you to configure your system to do what is required. Define new loan products as the need emerges and add different products into the system with minimal effort.

Every loan product can have different states and phases – these are different statuses of a loan which can trigger different events and actions in the loan management system. You are able to define the phases on your own and set any corresponding actions or triggers with loan events.

Loan events in LendFusion have many functions, some of which include sending out automated messages to customers based on their loan life cycle – for example you might want to send a payment reminder to any customer with an instalment loan 2 days before the monthly payment date. Or perhaps you want the system to auto-generate a task within LendFusion if a customer has signed their loan draft and are now waiting for a disbursement of funds.

Add new loan products within minutes

Define loan lifecycle with no-code configuration

In LendFusion you can set the interest type, interest rate and any brackets for both interest rate and loan period. You are able to select whether to use a flat or diminishing interest rate, and the minimum and maximum values for the specific loan product. You can set interest period type to days, months or years; select how you prefer to perform the interest calculation – three options are available.

A payment holiday, contract fee calculation and collateral usage are also useful options.

You are able to set different charges for the loan, which can either be fees, fines or penalties. Any charge can be named and it can be either a fixed amount or a percentage of the loan amount.

The loan products in LendFusion have a built-in version control to ensure that any changes are recorded and can be reverted back to if any changes are unsatisfactory.

Set interest, term, fees, fines, etc., through an intuitive process

Application type configuration

Applications are most often the first point of contact with your customer, which makes them critical for your business. In LendFusion’s lending software, while the application most likely has to be custom-built for your business, you have the option to select which application uses which loan product and decision engine combination. You are able to configure the repayment schedule type, the percentage of the amount to be amortised and whether or not to repay in equal amounts, for each application type.

No-code automated decision engine for loan software

Decision engine configuration

Every submitted application needs a decision to be made. LendFusion supports both manual and automated decision making. LendFusion provides you with an automated decision-making engine which you can configure within the backoffice of the system. This engine enables you to use variables of data from the application and other variables pulled from third-party integrations to make better decisions on whom to lend. For example, you would have no trouble checking to see if the customer’s reported income matches the data available from open banking. LendFusion wants to help your business succeed and we think this is best done by letting you make your own decisions on how to use the system. LendFusion is easily configured to provide you with the best experience and support for your business.

Setting up a new decision engine is a breeze. Name your new scenario; select either individuals or businesses; and then add different decision blocks together with actions taken based on the results. If you want to check that the customer age falls between 18 and 65 and any other age can be automatically declined then this is easy. But you will also be able to make an automated lending decision based on the customer’s place of residence in combination with their average spending on accommodation and current debt level – it’s just a matter of entering the conditions.

Based on any decisions the automated decision engine has the built-in option to take action: Take a note, Set a flag or Create a task. Additional functionality can be added to this list with custom development during the LendFusion system setup process.

Flags

One of the fields where LendFusion excels is great ease of use. The loan management system has been supervised by UI/UX specialists and the flagging option is present to give the system its best possible user experience.

Flags are small markers that help identify key elements in the system with just a glance at the screen. Flags can be added to applications, loans and customer records. Flags are visible both in the list and detailed views, thus giving a sense of continuity.

Flag management is located under the Settings section, making it easily accessible. A backoffice user of the LendFusion loan management platform can set up an unlimited number of different flags for any of the three categories. You can choose between different colours and symbols to better decide what delivers your idea in the best way.

Clean and modern UI/UX for best loan management

Email, SMS and document templates for personalised communication

Automated notifications to customers

Templates

The Templates module is something that connects every piece of communication sent to customers. Whether it’s SMS text messages, automated or manual email or documents – it is all managed from Templates.

Templates are grouped based on their use and context. You can have templates grouped by loans, applications or customers and at the same time there can be a subdivision for different components within the group. For example, perhaps you would like to send an email to only the guarantor of the loan when the borrower has defaulted.

Different context and grouping enables LendFusion to provide you with the specific variables or tokens to be used within those templates – such as customer name, date of birth or country of residence. This helps you create communication templates for your customers, which makes them feel important for your business.

Templates are there to be used for automated communication in cases where you would like to remind your customer of a due date or create documents for loan agreements or any other legal requirements.

For entering templates a WYSIWYG editor is at your disposal. One of the many beneficial features LendFusion offers is to attach any files to outgoing emails so you will be able to send the required informational materials to customers or further personalise your communication with your customers.

The templates are set up from the Settings navigation but they are then used with loan, application, customer or loan product views.

Email and SMS

The backbone of any reliable communication is email and text messaging. LendFusion has standard email and SMS functionality already pre-integrated, so all you have to do is sign up with your preferred service provider. We support Messente and AWS SNS and the SMS services out of the box. For emails you can use your preferred solution, we only need data about either SMTP or IMAP service credentials. Any messaging – automated or otherwise – can be accessed from the communication block via the quicklink in the header of LendFusion. Communication is also separated under customer records to make it very clear for BO users what the customer has received and how they have responded.

Users and permissions

Even if you start your company on your own you will probably need employees when scaling. For that purpose LendFusion has a neat user, roles and permissions module. Not every team member needs to change the loan product or configure a new iteration of the decision engine. With the user and permissions module you have all modules and permissions separated out. You can even divide those permission schemas into roles to assign members of your team.

Every employee can log in securely (2FA) to the BO system from wherever they are since LendFusion is a cloud-based lending management system and users only have access to the modules they require to complete their tasks.

Secure login to cloud-based loan platform