What Do You Need to Know
The rising demand for digital solutions in the financial industry stimulates the growth of the lending software market significantly. The forecasts show that the global loan software market will hit a total value of $20.5 billion by 2026 at a CAGR of 13.8%. Another research conducted by Global Market Insights Inc. stated that the digital loan platform market will be valued at $59 billion by 2032. These statistics look quite promising, doesn’t it? So now is a good time to join a trendy and innovative niche and enter the market with a new up-to-date digital lending platform!
Let’s figure out the basic terms!
To start with, lending software is a specific platform that enables automation of every step of the loan process – from the very beginning to closing the deal. Thanks to such software, the lender and the borrower can communicate directly with each other without the need to involve third parties. That makes the lending process time-efficient, speeds up the verification of important data, and minimizes the possibility of errors maru gujarat.
As of 2023, the best lending software that you can use as a reference for your digital solution are SimpleNexus Mortgage Platform, Upgrade, Shape Mortgage Software, LendingPad, LoanCatcher, etc.
Before you start to build your lending software, it’s important to investigate the types of this software and pick the one that is the most winning for you. In general, we can outline the following loan software types:
- For large organizations:
- Mortgage fintech software
- Retail loan software
- Business loan platforms
- Student loan software
- For private lenders:
- Loan accounting software
- Online loan application
- Loan processing software
What are the key features you should include in your lending software?
Of course, the feature set of your software fully depends on your ideas and needs. Still, some features can be considered a ‘golden standard’ and should be included in any loan platform:
- Registration/Login (for the user’s convenience it will be great to add the ability to register or login via Google account or social networks + two-factor authentication)
- Apply for Loans
- Define a payback period
- Interest calculation
- Payment schedule and billing
- Connect your bank account and transfer money to it
and many other basic features.
However, if you want to attract more users and outpace your competitors you should think of adding advanced features to your software. Among them are chatbots, smart analytics, Robo-advisors, bank support, multilingual and multi-currency, integration with different payment systems and other digital solutions, etc. Of course, there’s no need to implement all these features at once, it’s very important to investigate your project and decide which one feature will be the most winning for you. Our lending software development team Perfsol can provide you with all the needed recommendations to create a winning lending software, so, please, feel free to contact us
Lending app development process
The Perfsol team usually follows the classic lending software development canvas as it’s the most effective one:
1 – Investigation of client’s needs and goals, market research, deep analysis of competitors and target audience
2 – Building of strategy and precise resource planning
3 – Prototyping
4 – UI/UX design
5 – Code creation
6 – QA/testing
7 – Launching to the market
We also recommend adding to this process MVP creation. Minimum Viable Product is the most basic version of your lending software that includes only the most crucial features. Still, you can test it among first users, attract new investors and even gain first profits to fund further development of your full-fledged platform. It’s an ideal option for startupers and those who seek budget flexibility.
Perfsol has vast experience in lending app development and know how to make this process time- and cost-efficient without losses in quality! We’re excited to get to know more about your project, so, please, fill in the form on our website
