Zventus has launched a solution designed to help lenders better compete with FinTech companies.
The global business services provider said in a Friday (Dec. 2) press release that its new FinTech-in-a-Box enables lenders of all types to simplify lending processes, improve the borrower experience, reduce costs and add new technologies.
“With so many challenges in today’s market, lender transformation is essential,” Zventus President Angel Alban said in the release. “Our FinTech-in-a-Box solution makes that transformation much more manageable, providing access to specialized skills that will drive innovation and growth in the mortgage and lending sectors.”
The new solution was designed by consumer lending experts, covers everything from origination to servicing, and enables business to select the capabilities they need, according to the release.
With these new capabilities, lenders can move into new markets, add products and services, and conduct mergers and acquisitions, the release said.
“We designed FinTech-in-a-Box to tackle rising interest rates, low production volumes, declining loan profitability, increased digital lending competition, high costs to originate and demand for customer-facing digital services,” Zventus Managing Director James Hendrick said in the release.
In addition, the solution is licensed by the Nationwide Multistate Licensing System (NMLS) in all 50 states, according to the release.
“If lenders want to offer new channels and services in different states, we can help them process, underwrite and sell loans in new locations to test the market,” Zventus Chief Technology Officer Marvin Bantugan said in the release.
PYMNTS research has found that most consumers have loan accounts with outstanding balances, and most of them manage those accounts online.
Sixty-one percent of consumers have loan accounts with outstanding balances, and 62% of them manage these accounts online, according to “Account Opening and Loan Servicing in the Digital Environment,” a PYMNTS collaboration with Finicity, a Mastercard company.