Modern No-Code Lending Platforms
No-code platforms allow teams to be nimble, and if there’s one thing that 2020 taught the lending community it’s that it’s difficult to create new programs and processes in an efficient way. Add remote work on top of this, and the task becomes even more difficult. In the real world, lending teams need to be able to quickly improve internal workflows and external borrower experiences in real time. A modern No-Code lending platform provides flexibility to create, measure, and improve both internal and external processes.
No-code development platforms (NCDPs) allow programmers and non-programmers alike to create products through point and click user interfaces instead of traditional computer programming.
In the past, selecting new software has been a long process followed by long implementation cycles partly due to heavy coding and customization requirements from individuals who have to learn your process from scratch. Inflexible systems with instances that are created and edited by a development team or gurus. As a result, there’s a lot of pressure to get it right the first time as fine tuning and updating the new platform are long arduous processes impact both your ability to achieve goals as well as morale.
Other delays include RFP requests that are based on what a team might think is possible versus what’s actually possible with the latest technology. For example, it’s not uncommon for a prospective Lenderfit customer to realize that more backend systems will only provide marginal benefit versus a client-facing platform that helps with expectation management. No one knows the problems you’re trying to solve like you and your team, and your RFP may be screening out new platforms with better solutions.
3 Features to look for in a No-Code Lending Platform:
1. Click to Create Workflows
No code platforms give teams the opportunities to be innovative in their process. The ability to switch things up, or test Process A versus Process B without needing to hire a consultant or a software engineer saves time and money, while empowering team members to think creatively. By utilizing the following no-code solutions, lenders can easily adapt their processes and build from scratch in a day vs. months of strategic planning.
"Click to Create" templates make it easy to create and update processes on the fly, making it easy to say yes to funders who are eager to provide capital for new program needs.
Being able to adjust your workflows with drag and drop reordering is vital these days. Policy changes are constantly affecting things like Emergency grant guidelines, opportunities to secure funding, and requirements for proper procedures. Without a no code platform, teams that fail to keep up with the ever-evolving landscape of financing risk losing applicants.
2. Simple Automation Controls
Weekly status updates and inactivity alerts ensure wrap-around engagement for your clients that leaves them feeling supported, organized, and up to date on their program with you. Being able to turn on and off automated messaging with the click of a button gives you the flexibility to fine tune the tone and the cadence of the messaging your clients receive.
By baking in messaging that’s triggered by your decisions, you’re immediately managing your clients’ expectations while keeping lines of communications open and active.
3. Long-term Ease of Use
Having the ability to add additional context for applicants, support articles/videos, , and checklist items with the simple nomenclature reduce bottlenecks right out of the gate. As time goes on, you’ll likely find friction points in your process where clients are getting stuck or asking a lot of questions. This is where having easy access to be able to edit problem areas without needing to know how to code is a major win.