Singlify Nyuki (v12) release

We are very excited to present you the Singlify Nyuki (v12) Release! As always, we want to thank our customers who helped us shape this new release by requesting new features and suggesting improvements. This has been, as always, the main driver for shaping our product roadmap.

After our previous Lion release, it is now time for the next social animal to shine: the bee, or ‘Nyuki’ in Swahili.

The Release Webinar contains a wrap-up and some interesting demos of all the new functionality in this release, topped up with a sneak preview of the next release!

If you prefer written text, here’s the usual overview of the main new or improved features in this release.

What’s with the bee?

Since Singlify’s first launch in 2018, we have been naming our releases according to the main Salesforce releases (Spring, Summer, Winter). We realised that this is not very intuitive to our customers and employees on the southern hemisphere, and can be confusing in terms of timing.

So we embarked on a quest to find a new theme around our releases, looking for something fun, international, and reflecting our core values. And what is more fun, social and international than animals?

For our previous release, v11, the honour was given to the lion. And for this release, v12, we have chosen the bee! Bees are known for their solo searches for nectar and pollen. And whilst some bees are solitary, many live in various types of communities. The most advanced of these community living bees are characterised by cooperative brood care and a division of labour into reproductive and non-reproductive adults, plus overlapping generations – truly complex social beings!

And what is new in this release, is that we actually ‘Singlifize’ the release name a bit more by using the Swahili version of the animal name, in honour of our product development and implementation teams in Kenya. Bee translates to the beautiful word Nyuki, hence the Nyuki (v12) release!

Release highlights

Recovery Management

In the world of lending, unforeseen challenges can arise, even with the most carefully crafted plans. It’s only natural that some loans may encounter difficulties along the way. Providing effective support to borrowers and collaboratively finding solutions is vital for both their financial well-being and your success as a lender.

With this in mind, we are thrilled to introduce our latest innovation: the “Recovery Management” module. This powerful tool is designed to streamline and systematise your processes, making it easier than ever to document and monitor the steps required to restore loans to a healthy state.

Credit Scoring and Reporting

Credit Agency reporting is a crucial component that aids lenders in making informed decisions when extending credit, whether in the B2C or B2B domain. We are therefore very happy to announce our first integration with a prominent UK credit agency.

However, receiving credit scoring from an agency is just one aspect of the relationship between lenders and these agencies. Lenders also have the responsibility to provide valuable insights on how loans are performing back to the agencies. In response, we have developed powerful features that enable lenders to effortlessly generate the necessary reports in the formats required by UK and Irish credit agencies.

Schedule Loans with Defined Instalment Amount

Understanding a loan applicant’s financial situation is not always straightforward. Some applicants find it easier to articulate how much they can comfortably repay each month rather than specifying a fixed loan term. To address these unique scenarios, we’ve made a significant enhancement to the Singlify loan engine.

Introducing a more flexible approach: you can now schedule loans based on the key parameters of loan amount, interest rate, and instalment amount. This means you can create a loan schedule without a predefined number of periods. It provides you with the flexibility to engage in meaningful discussions with applicants about adjusting the loan amount or instalment to tailor the loan’s duration to their preferences.

Line of Credit Enhancements

Line of Credit is a relatively new type of product in Singlify and as more and more customers have started using it, we have also received quite some requests for enhancements. We therefore are pleased to announce a number of new features, including: the ability to transfer from schedule-based loans to line of credit (and vice-versa); charging setup fee; different ways to tie charge transactions to the facility.

Dynamic Reschedule Layout

Flexibility and customization are key when it comes to managing loans effectively. As the adoption of the rescheduling feature within Singlify Loan Management continues to grow, so does the demand for customization.

In our commitment to supporting your unique business processes, we are happy to introduce a significant enhancement. Now, you have the power to tailor the Reschedule page to your specific needs. In addition to the standard Singlify fields, you can effortlessly add any custom or standard fields, providing you with a highly flexible and customisable solution.

Salesforce Winter ’24 Release highlights

All Singlify customers automatically benefit from the generic Salesforce releases. The Salesforce’s Winter ’24 release recently went live and as usual is packed with new features as well. We are in particular very excited about the Flow Builder Reactive Screens and the Flow Orchestration enhancements. Learn more about this release on the Salesforce Release Overview Page or jump right onto the release training on Salesforce Trailheads.

And yet more features…

Like always, this is not everything! You can find the full list of new features on our documentation site at https://support.singlify.app/. If you don’t have access yet, send us a quick message at [email protected] and you’ll be set up within the day.