Overview
The Value-Added Marketplace Powered Lending is a digital journey that allows bank customers to apply for loans to fund their vacation or for other purposes As a showcase, the digital journey developed allows a customer to apply for a personal loan to fund a vacation. However, it can accommodate any flow with complex elements built in FintechOS such as creating a savings account, applying for a house loan or other financial processes.
In this particular case, the process first identifies the needs of the customer through hyper-personalization, helps the customer choose some traveling details, such as transportation, accommodation, travel insurance and more. This is possible through integrations with certain providers (Momondo, Booking.com, Airbnb, Enterprise rent a car, Dollar rent a car, American International Group and Allianz Travel). Any provider can be used, not just the providers in question.
The journey can be modified within FintechOS Studio to fit more form driven flows, not just traveling arrangements, but also other purposes that customers might have for a loan. The modifications can be done using low-code, no-code thanks to our Automation Processors.
In this solution, the user can pay for the holiday that they have configured in the first screens or choose to save the loan amount for other purposes. The solution is an end-to-end, fully automated, self-service journey available in an authenticated environment such as internet banking. The user is an existing authenticated customer (a customer of the bank, authenticated in the FintechOS Portal). This journey is tailored to the retail individual customer segment. During the journey, a user creates a request for a loan to go on holiday, but it can accommodate other purposes as well:
- car loan
- home renovation loan
- projects
- medical loan
- consumer loan
- student loan
- wedding loan.
Business Pain Points
The Value-Added Marketplace Powered Lending digital journey is aimed at resolving some of the pain points of customers' daily banking needs:
- creating a loan request;
- requires documents to verify identity;
- customers rely on information received from clerks;
- mismanagement of time with multiple visits to the bank.
The Value-Added Marketplace Powered Lending journey solves these pain points by offering a fully digital seamless way for your customers to apply for a loan. The journey manages all you need for a trip, from financing, finding accommodation for flights, car rental, housing, and travel insurance in a single super app that does it all.
Advantages of the Value-Added Marketplace Powered Lending:
- Digital. The registration is 100% digital. The result is a fully functional loan, personalized and generated without the need for any documents.
- Digital and Instant Payment. After the loan is disbursed, they may pay for the services contracted (in this case travel arrangements) directly from the super app without leaving the interface.
- Time-efficient. The process has only a few steps with instructions to easily navigate.
- Personalization. This digital journey is highly configurable and can be further enhanced via FintechOS Studio adapting it to your business requirements.
- Advanced formula for calculation. The processor Configuring the Business Formulas offers an intricate method to build a formula that can calculate the monthly payment, DTI
The Debt-to-Income ratio (DTI) is a personal indicator of a good balance between debt and income.
Monthly debt payment amount / Monthly gross amount (before taxes and other deductions). and more. - Unassisted. The journey does not require the assistance of a bank employee for the user to apply for a loan. It can be done by any customer.