NewTech Friday : Näktergal – Digitizing the lending system
Näktergal is a Stockholm-based fintech that was founded in 2015 by two experienced banking professionals, Erik Bennerhult and Mikael Abrahamsson, with a mission to revolutionize outdated and inefficient banking systems. Erik Bennerhult tells Qorus more about it.
Näktergal is a Stockholm-based fintech that was founded in 2015 by two experienced banking professionals, Erik Bennerhult and Mikael Abrahamsson, with a mission to revolutionize outdated and inefficient banking systems. Erik Bennerhult tells Qorus more about it.
What led to the creation of Näktergal?
Having spent decades dealing with complex and manual legacy technologies, we were determined to bring about change. From the outset, our consumer lending system attracted paying customers, and it has since evolved into a highly configurable solution that can be launched in just a few weeks.
However, we soon realized that the mortgage industry presented the biggest challenges, given that it largely relies on antiquated manual processes and legacy technologies. This realization prompted us to shift our focus to mortgages. Mortgages have been relatively untouched by digitization, and we still see ample room to make mortgages better for banks and consumers. In fact, it was the inspiration for why we started Näktergal.
Borrowers now expect user-friendly experiences in their digital lives, and banks must adapt to these expectations. Yet, many mortgage applications still require multiple exchanges of documents and different systems for different stages of the process, resulting in a time-consuming and frustrating experience for both parties. To address these issues, we have developed a mortgage lending system that streamlines and automates various aspects of the mortgage process. By identifying areas that could be simplified and automated, we aim to make the mortgage application process more efficient and user-friendly for all involved.
Could you present Näktergal's offer?
Näktergal is revolutionizing the banking industry by enabling financial institutions to deploy modern, cloud-native systems. We're making it easy for banks, challengers and lending institutions to scale seamlessly and stay competitive in today's complex and ever-changing market. Our mission is to solve banking's most fundamental problem: reliance on inefficient legacy tech.
As banking veterans ourselves, we understand the importance of speed, convenience and trust in lending. That's why our system is built to prioritize these key aspects. We examine the entire lending process, identifying bottlenecks and outdated ways of doing things. Over the years, we've put over 50,000 hours into building and refining our lending system, ensuring that it meets the highest standards of quality and efficiency. We even ensure our solutions are fully compliant with regulations, so our customers can rest easy.
Our cloud-based core banking end-to-end system automates every touchpoint from onboarding to servicing, providing greater transparency, smoother handoffs between departments, and reduced resource strains for our customers. We also offer a consumer lending system that intelligently digitizes the entire loan lifecycle, allowing banks to process applications more quickly, approve more of the right loans, and reduce risk. Our all-in-one system provides intuitive experiences, reduces back-office work, and enables growth in volumes, allowing everyone in the client organization to work off the same system of record.
With Näktergal, financial institutions can easily scale and stay competitive in today’s market. Our automated lending systems provide a delightful experience for their customers, allowing them to focus on analyzing loan performance and customer behavior. Launching our consumer lending system takes just a few weeks, allowing banks to quickly improve their efficiency and transform their customer services.
What's coming next for Näktergal?
We have worked hard to standardize our consumer lending system, resulting in a SaaS that allows clients to launch within weeks. For young fintechs, the possibility of launching instantly is exciting, but we see even more value for established actors. For example, to launch new products in days, allowing for experimentation and validation on a new scale. We plan to build on our solid foundations by working with clients to further develop our standardized lending system and solve problems they may not be aware of. Readers interested in Näktergal's vision can visit our website to learn more about the company.
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