Loan origination is a labor and time-intensive process because everything is done manually in a step-by-step manner. Loan Origination System (LOS) is the need of the hour for banks and NBFCs to cut down manual work and loan processing time. But LOS is not only useful in reducing the processing time, it also helps to time the market. Digital lending products are expected to grow at 40% CAGR in India. And with GenZ and Millenials comprising 70%-75% of the total digital lenders, LOS will help digital lenders move fast.
Moving fast means investing in the best LOS. Jocata’s platform, Jocata GRID, is one such example of high-quality solution. It is a sophisticated ecosystem that plugs in with your existing back-end systems and automates the processes. Jocata GRID is flexible and because you can build the ecosystem the way you like, it’s one of the best software that can automate the loan origination process.
However, it has its limitations which we will cover in this blog post. We will also share the top 10 alternatives to Jocata GRID that you must explore before investing in an LOS.
Why consider alternatives to Jocata?
Here are the four reasons why you should be checking out Jocata GRID alternatives:
Flexibility and adaptability
The Jocata website doesn’t mention the API capabilities of the tool in detail. This drops confidence in the tool because if you’re using third-party vendors currently, Jocata GRID might not work with them smoothly. For example, your CRM system might not connect with Jocata. That means the borrower’s contact information will not be added to the CRM automatically. It will make your team’s life miserable as they have to work extra hours making these entries manually.
Pricing
Jocata doesn’t offer standard subscription plans, so the pricing is customized based on the setup. This is good news as long as you have a palatable budget. Setting up customized workflows for uninterrupted data flow usually requires a lot of commitment in terms of time and infrastructure. Therefore, the initial set-up cost could be higher and take a big slice out of your budget especially if you’re a small or medium-sized financial institution.
Ease of use
The flip side of using customized software is the steep learning curve. It will take time for your team to get used to the new workflow and until they reach there, you might have to spend considerable time training them. If you’re a small organization looking to grow faster, this could be a valid point to look for alternatives.
Data security
The Jocata website mentions three terms in their security policy – Confidentiality, Integrity, and Availability. This is great, but not enough. Financial organizations are the custodian of their customer’s private information. Any form of information leak could result in a snowballing effect damaging the bank’s reputation. Jocata is a trusted partner for many financial companies, however, the absence of any mention of the security standards like GDPR and CCA certainly raises eyebrows.
How do we evaluate the top alternatives?
We made a comprehensive list of tools offering features similar to Jocata. Then we picked the best tools based on their reviews from websites like G2 and Capterra.
Overview of the top 10 Jocata alternatives
| Top alternatives | Free trial availability | Standout features |
 HyperVerge | Yes | Digital identity verification and fraud prevention |
 LendingWise | No | App-like experience for borrowers and brokers |
 Bryt Software | Yes | Unlimited number of contact storage in the built-in CRM |
 InteGREAT | No | Providing solutions to Direct Service Agents (DSAs) |
 Finflux | No | Robust Business Rule Engine (BRE) to analyze different scenarios |
 LoanPro | No | Well-built API infrastructure |
 Lentra | No | Centralizes the entire loan process in a single screen |
 FinBox | No | Ability to launch new products in less than 2-weeks |
 Decimal | No | Custom workflows for credit assessment |
 Turnkey Lender | No | Drag-and-drop flow builder |
A detailed list of the 10 best Jocata alternatives for automated loan journeys
Here are the best 10 tools that you must consider if you’re looking to explore more solutions apart from Jocata:
HyperVerge
Basic info
HyperVerge is end-to-end customer onboarding, loan origination and management software. It uses AI and Machine Learning (ML) for digital identity verification, fraud prevention, and anti money laundering. When someone applies for a loan, HyperVerge takes care of the entire KYC process in real time. The process is fast and there is no manual intervention required. You can also build customized workflows for customer journeys after their application has been approved. You don’t have to involve your development team in this because it’s done with the help of a no-code builder. The biggest reason to consider HyperVerge is to offer a superior service to your customers and boost your revenue.
Best for
Financial services, Crypto, Insurance, Gaming and E-commerce
HyperVerge pricing
HyperVerge offers three pricing plans:
Starter: Best-suited for startup companies. This plan offers a free trial, complete integration set-up, SDK, biometric analysis and more.
Grow: This is an ideal choice for mid-size companies. You get everything in the starter plan, plus a dedicated customer success manager, face liveness check, custom user roles and more.
Enterprise: If you’re a large organization, this is the plan to opt for. You get a dedicated support team, custom collaborative innovation and a custom pricing structure
What do HyperVerge users say?
Akshay P,Director, Computer Software, Small business ★★★★★ (5/5)
Vinay K,Co-founder and CEO, ★★★★★ (5/5)
LendingWise
Basic info
LendingWise is a loan origination platform with over a decade of experience working with lenders and brokers. It helps you build an app-like experience for your brokers and borrowers – they select the type of loan they want and the app takes care of the rest of the documentation process. Moreover, you can build customized workflows based on the loan type or credit score range, and automate events like sending an email.
LendingWise also offers CRM solutions that give you complete visibility over the deal pipeline. You can build dashboards customized to your requirements and export the data as Excel files for further analysis.
Best for
It fits for private lending, real estate, business and SBA loans.
LendingWise pricing
Starter trial: $119.17
Pro trial: $600
Elite trial: $1595
Enterprise: Contact for pricing
What do HyperVerge users say?
William Y, Loan officer, Mid-market, ★★★★★ (5/5)
Bryt Software
Basic info
Bryt software is a cloud-based loan management system designed for financial institutions to streamline and automate their loan process from start to end. Loan servicing, customer relationship management, escrow analysis, and workflow automation are the biggest highlights of this platform.
Bryt empowers organizations to offer customized loans to their clientele and reduce account management costs simultaneously. Their CRM stores and manages an unlimited number of contacts whether they are borrowers, agents, vendors or investors. One of the biggest advantages of using Bryt is its user-friendly interface and transparent pricing. It has a pricing calculator on their pricing page that gives a clear idea about the monthly or annual cost the user has to pay to use their software.
Best for
Fintech and microfinancing companies, and credit unions are the best fit for Bryt. However, it also serves other industries like construction, automotive, education, healthcare, and non-profit organizations
Bryt Software pricing
Business version: $ 590 yearly for 1 user
Professional version: $1,300 yearly for 1 user
Enterprise version: $ 5000 yearly for 5 users
What do Bryt Software users say?
Steve T,Mortgage investments, ★★★★★ (5/5)
InteGREAT
IntiGREAT is loan origination software and a platform designed by Perfios. The goal of IntiGREAT is to help financial institutions simplify the loan process by providing solutions for Direct Sales Agents (DSAs). It empowers DSAs to enter the loan details of their clients and help them find the best lender. The DSAs can also track the applications and calculate their commissions using InteGREAT.
Other features like customizable workflows for individual loans, form creations, identity verification, and credit risk assessment make IntiGREAT an ideal choice for companies looking to expand their digital loan portfolio.
Best for
Banks and financial institutions
InteGREAT pricing
Custom pricing
What do IntiGREAT users say?
We didn’t come across reviews specifically mentioning IntiGREAT. However, there were a few reviews about Perfios.
Linh N,Head of Engineering and Architecture, Enterprise ★★★★★ (5/5)
Finflux
Basic info
If you want your staff to be more productive and make the loan processing process faster and error-free, then Finflux is a very capable choice. It’s a cloud-based platform that automates your entire loan process from application and credit check to the final loan disbursement.
It reduces the technical complexity for digital lenders because it creates customized workflows to suit their requirements. Finflux makes a huge difference to your digital lending process by giving you the superpower to launch tailored products. Its customization facilities are top-notch and with a robust Business Rule Engine (BRE) you can analyze different scenarios using simulations. The BRE is a great add-on as it tells you how a business decision can impact your business.
Best for
Banks, NBFCs, and Credit Unions
Finflux pricing
Custom pricing based on the usage
What do Finflux users say?
Balaji K★★★★★ (4.5/5)
LoanPro
Basic info
LoanPro is an API-first architecture lending platform. It solves one of the biggest problems for banks and other lending institutions: innovating and scaling their services at the same time. It acts as a modern unified platform to meet all the requirements of the loan process – origination, payment, collection, and servicing.
LoanPro weeds out the challenges of using legacy API infrastructure by presenting a robust architecture that can launch new customized products in only two weeks. It automation engine services loan in the background – no service agent involvement is required. The Data on Demand functionality ensures that you always have access to your portfolio data.
Best fit
Consumer lending, auto lending, neo-banks, and financial institutions
LoanPro pricing
Custom pricing
What do LoanPro users say?
Verified user in financial services, Small business ★★★★★ (5/5)
Lentra
Basic Info
Lentra is another cloud-based platform that uses AI to offer a comprehensive list of solutions for financial institutions. The Lentra1LMS, the loan management system of Lentra is highly configurable and it centralizes the entire loan management process in a single screen. So all kinds of loans including their functionalities are put on the same screen for you to track and manage.
Lentra uses REST API to help you integrate the platform with third-party vendors. Moreover, it has a built-in reporting system and claims to automate almost all kinds of manual activity. It has three core modules concentrating on core functions: Accounting model, reporting model, and co-lending module.
Best fit
Banks, NBFCs, and Fintech companies
Lentra pricing
Custom pricing
FinBox
Basic info
FinBox’s loan origination system helps financial institutions revolutionize the lending journeys of their customers and offer a seamless customer experience. It’s fast – you can launch a new credit product in less than 2 weeks. But what after the product is launched? FinBox takes care of that too by pre-qualifying and approving the user and then presenting them with the custom product. All of this happens in the background with minimal development.
The built-in finance verification capability enables you to run a KYC check on any document. It also offers 30+ integrations to simplify the onboarding process and provide multi-channel support via DSAs, branches, and native apps.
Best fit
Banks, digital lending platforms, and fintech companies
FinBox pricing
Custom pricing
Decimal
Basic info
Confidence, Convenience, and Security are at the core of DigiLend, Decimal’s digital lending platform. It uses the holy trinity of modern platforms to revolutionize the lending experience: AI, API integration, and no-code architecture. It can be easily customized and automated from start to finish of the loan management process.
It caters to a variety of loans and offers custom workflows for credit assessment and an advanced digital underwriting portal.
Best fit
Banking, financial services, and insurance industry
Decimal pricing
Custom pricing
Turnkey Lender
Basic info
Turnkey Lender calls itself a lending automation platform for B2B and B2C credit. It covers loan origination, loan servicing, credit decision engine, and flow builder among its long list of features. The AI engine does the credit scoring automatically allowing you to make quicker decisions.
The flow builder is a drag-and-drop loan application logic creator tool. It’s like building a customized loan process based on specific clients. The debt collection software is worth mentioning here. It automatically prioritizes the accounts loans’ collections, creates strategies, and offers advanced reporting and analytics for your perusal.
Best fit
Banks, medical finance, and e-commerce
Turnkey Lender pricing
Custom pricing
What do Turnkey Lenders users say?
JC,CEO, Financial Services Software, ★★★★★ (5/5)
How to choose the best Jocata alternative for your business
All the tools we listed above are impressive and it’s tough to pick the right one for your business. So here’s a 7-point list that will help you choose the best tool:
Functionality and features
Well-developed and varied features should be at the top of your priority list for evaluating the tools. A platform with core capabilities like loan origination, servicing, accounting and reporting will be a huge asset to manage the loan process. Once you have clarity about the tool’s capabilities, match them with your business needs. Is it capable of handling all loan types? Will it be able to fulfil the business needs? These are some questions you need while making the assessment.
Look for an end-to-end solution
When a customer applies for a loan they enroll themselves into a long journey. To ensure that they have a comfortable journey and leave with a pleasant experience, you need a solution to optimize each step. The biggest advantage is you will be able to build a synchronous end-to-end user experience with only one solution.
Ease of use and onboarding
Pick software that is easy to use and provides an excellent onboarding experience. Ease of use will ensure that your team will have minimal hiccups while using the software. The learning will be quick, and you will witness higher productivity in less time. The onboarding experience will give you a glimpse of the vendor’s customer support quality and how quickly they are available to solve queries.
Scalability and flexibility
With the new solution coming in, your business will most likely scale faster. But is the tool capable of handling the business volume? That’s something you need to figure out before you even invest in the tool. The best way to find that out is by testing the features for their configuration and customization abilities. This will tell you how easy it will be to tune the product according to the business’s growth trajectory.
Integration and compatibility
Your existing tools should integrate with the new-entrant solution. Period. Because if it doesn’t happen, you’re inviting more work for you and your team. Your CRM, accounting platform, and even credit bureaus should have a tight integration with your loan management solution to ensure seamless data exchange between the tools.
Security and compliance
Your customers share their data in your system because they trust it will be safe with you. Losing this trust will have a detrimental effect on your business. To avoid this, read the security and privacy policy of the vendor offering the solution. Check for security certifications and data privacy measures like GDPR and CAA. Give more priority to solutions that offer robust data protection, access control, and compliance with global regulations.
Customer support and reputation
Despite an excellent onboarding experience, your team might get stuck while using the solution. Therefore, always analyze the quality of technical support before making the final decision. Also, check the vendor’s reputation with companies operating in your space through customer reviews. Spending time on analyzing these granular factors will make a huge difference in the future.
Boost your approval ratings with automated end-to-end LOS
If you want to reduce customer drop-offs, increase approval ratings, and increase conversions in only 90 days, then HyperVerge One is your best choice. It has a no-code, drag-and-drop workflow builder which means you can design the customer journey from scratch and test them for effectiveness with A/B testing. It also lets you decide on the UI design to be more synonymous with your branding elements. The application review portal is a huge help to your back office team because it lets them review all the loan applications in one place and improve business logic. The last but not the least is the downtime protection. In the case of API downtimes, HyperVerge suggests automated fallback options to ensure a smooth user experience.
Ready to take the leap? Book a demo to get all the details about HyperVerge One.
