Q2 Introduces Symphonix to Help Global Non-Bank Lenders Deliver Better Borrowing Experiences

Last month, Q2 introduced Symphonix, its non-bank lending solution (formerly known as Cloud Lending), to transform the digital lending experience. Symphonix is a comprehensive lending platform that enables non-bank lenders to streamline operations and improve customer experiences by providing cloud-based loan origination, loan servicing, collections and investor management applications across the globe. 

Currently, Symphonix supports over 1.5 million monthly loan applications for non-bank lenders, which is our primary market and one which lacks the core infrastructure that banks use to build and manage their portfolios. We help non-banks with the application process and the full life cycle of a loan. 

We also sell our origination solution to leasing companies and global banks, where the Symphonix solution is integrated with their core system for servicing. 

Non-Traditional Borrowers

There’s a huge market of individuals and small businesses that don't necessarily meet traditional loan requirements or just want a differentiated experience, and that’s where non-bank lenders step in. But serving those markets is expensive because it often requires collecting more information to get a true financial picture of an individual or a deeper understanding of a particular business niche or vertical. Processing that information manually is time-consuming, expensive and error-prone, and it doesn’t enable the digital-first experience that modern borrowers are looking for. 

Our customers told us that they needed a platform that makes it possible to orchestrate all these individual pieces into a world class lending experience — and that’s what we provide. Symphonix’s automated technology offers a 360-degree view of borrowers and instant access to critical information (which boosts efficiency in the back office).

Transforming the Digital Lending Experience

When we started doing brand exploration for our Cloud Lending solution, we were at a transition point in digital lending. It’s what I like to call digital lending 1.0, which was about taking a paper-based, highly manual lending process and moving it to the cloud. PDFs were replaced with web forms and file cabinets were replaced with databases, but it was still largely a manual lender-led process. 

As we thought about the future of digital transformation in lending, we believed it would be much more of an omnichannel process. And indeed there are many different parties involved in the digital lending journey, whether that's a dealer, a broker or the borrower directly. Lending is moving to low/no touch, but not everything can be automated. To be as efficient as possible, lenders are also starting to specialize in the back office across underwriting, servicing, and collections. In addition to more specialist roles that help facilitate the application process or the life cycle of the loan, there is considerably more data. 

That means lenders are pulling a lot more data programmatically and the decision-making process has become more automated through machine learning or generative AI. There’s simply more automation to incorporate into the process. 

Time and time again, our customers and prospects told us they spent too much time trying to pull all these pieces together, which left less time for their actual job: marketing and targeting customers, underwriting and servicing loans, raising the funds to lend and, crucially, maintaining their compliance obligations.

When we thought about digital lending 2.0 and our role in that ecosystem, we really wanted to be the platform that makes it possible to orchestrate better borrowing experiences. A symphony composer has to seamlessly bring together the brass, woodwind, string, and percussion in a way that takes the audience on a journey. We want to do the same thing for lending by orchestrating brokers, borrowers, dealers, underwriters, servicers, data from APIs and automated decision-making into a harmonious customer experience. 

As we go forward, we're increasing our focus on building out support for the omnichannel experiences of all stakeholders. This includes developing innovative solutions that use machine learning and AI to reduce the time our customers spend on manual re-keying and other integration work. 

Our mission is to expand the global community of lenders and borrowers and create a world where access to capital no longer constrains people and small businesses from realizing their full potential. Non-bank lenders are critical to the fulfillment of that mission.

To learn more about Symphonix, go to symphonix.com