FE Credit, one of Vietnam’s oldest and the largest consumer credit company, worked with EY and several FinTech partners to implement a robo-lending platform app, suitably named as $NAP, which digitizes the whole process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement.1
As a result, FE Credit reduced the borrowing process from 4-5 days to less than 15 minutes, thus drastically increasing its appeal to customers, while overcoming the challenges inherent in the traditional lending model.
Case study: Transforming FE Credit's lending processes with robo-lendingVarun Mittal
FE Credit, one of Vietnam’s oldest and the largest consumer credit company, worked with EY and several FinTech partners to implement a robo-lending platform app, suitably named as $NAP, which digitizes the whole process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement.1
As a result, FE Credit reduced the borrowing process from 4-5 days to less than 15 minutes, thus drastically increasing its appeal to customers, while overcoming the challenges inherent in the traditional lending model.
Silvrr is a technology company. Funded by IDG (International Data Group), and ChinaGrowthCapital established Venture Capital firms based in Silicon Valley, CA and Beijing respectively
For the purposes of developing the following:
Online Payment Solutions
Credit Services
E-Commerce
Remittance
The mobile channel has become a strategic priority for financial services firms looking to attract and retain younger clients. Nearly all large and mid-sized financial intuitions allocate sizeable budgets devoted to improving their mobile properties, focusing on mobile app enhancements. In 2018, Corporate Insight’s Mobile Monitor service saw banks, card providers, brokerages and asset management firms update their app capabilities at a rapid pace.
This document examines consumer awareness of fintech lending in Indonesia in 2017. It finds that while the term "fintech" was still relatively new, with only about a third of respondents having heard it, over 90% had heard of lending, credit, or loans. Of respondents, 37.8% had previously applied for a loan, most commonly to start a business or purchase a vehicle. For those who hadn't applied, the largest reason was consciously avoiding debt. The survey concludes the market needs increased awareness of online or internet-based financing options.
Investree is peer-to-peer lending marketplace platform that connects consumers (retail investors) directly to businesses and other individuals to borrow money.
Contact: adrian@investree.id
Proof of Concept Kit - Wealth ManagementVarun Mittal
The market landscape of wealth and asset management is quickly evolving, with non-HNWI customers looking for wealth management solutions and a general increase expectations of customer service and demands. Hence, wealth managers need to be able to keep abreast with current trends, as well as offer investment products to the new demographics. EY is able to offer support and services in helping FIs stay relevant and provide their customers with the best investment services possible.
This document provides a summary of new credit card products launched in the first half of 2015 by American Express, Citibank, Discover, and U.S. Bank. It highlights the key features of each new card, including rewards programs, interest rates, and annual fees. The document was authored by Michelle Ammirati of Corporate Insight, a firm that provides competitive intelligence on the financial services industry.
The survey found that electronic money usage is growing but still nascent in Indonesia. The most popular card-based electronic money is Mandiri e-Money, while Go-Pay is the largest mobile app-based service. Most respondents report using electronic money for less than a year, indicating that most users are new to the technology. While electronic money adoption is increasing, over a quarter of respondents have not used any form of electronic money.
Case study: Transforming FE Credit's lending processes with robo-lendingVarun Mittal
FE Credit, one of Vietnam’s oldest and the largest consumer credit company, worked with EY and several FinTech partners to implement a robo-lending platform app, suitably named as $NAP, which digitizes the whole process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement.1
As a result, FE Credit reduced the borrowing process from 4-5 days to less than 15 minutes, thus drastically increasing its appeal to customers, while overcoming the challenges inherent in the traditional lending model.
Silvrr is a technology company. Funded by IDG (International Data Group), and ChinaGrowthCapital established Venture Capital firms based in Silicon Valley, CA and Beijing respectively
For the purposes of developing the following:
Online Payment Solutions
Credit Services
E-Commerce
Remittance
The mobile channel has become a strategic priority for financial services firms looking to attract and retain younger clients. Nearly all large and mid-sized financial intuitions allocate sizeable budgets devoted to improving their mobile properties, focusing on mobile app enhancements. In 2018, Corporate Insight’s Mobile Monitor service saw banks, card providers, brokerages and asset management firms update their app capabilities at a rapid pace.
This document examines consumer awareness of fintech lending in Indonesia in 2017. It finds that while the term "fintech" was still relatively new, with only about a third of respondents having heard it, over 90% had heard of lending, credit, or loans. Of respondents, 37.8% had previously applied for a loan, most commonly to start a business or purchase a vehicle. For those who hadn't applied, the largest reason was consciously avoiding debt. The survey concludes the market needs increased awareness of online or internet-based financing options.
Investree is peer-to-peer lending marketplace platform that connects consumers (retail investors) directly to businesses and other individuals to borrow money.
Contact: adrian@investree.id
Proof of Concept Kit - Wealth ManagementVarun Mittal
The market landscape of wealth and asset management is quickly evolving, with non-HNWI customers looking for wealth management solutions and a general increase expectations of customer service and demands. Hence, wealth managers need to be able to keep abreast with current trends, as well as offer investment products to the new demographics. EY is able to offer support and services in helping FIs stay relevant and provide their customers with the best investment services possible.
This document provides a summary of new credit card products launched in the first half of 2015 by American Express, Citibank, Discover, and U.S. Bank. It highlights the key features of each new card, including rewards programs, interest rates, and annual fees. The document was authored by Michelle Ammirati of Corporate Insight, a firm that provides competitive intelligence on the financial services industry.
The survey found that electronic money usage is growing but still nascent in Indonesia. The most popular card-based electronic money is Mandiri e-Money, while Go-Pay is the largest mobile app-based service. Most respondents report using electronic money for less than a year, indicating that most users are new to the technology. While electronic money adoption is increasing, over a quarter of respondents have not used any form of electronic money.
Collaboration as a new way to win the FinTech marketBinar Academy
1) Fintech in Indonesia faces both challenges and opportunities for growth. Challenges include outdated incumbent banks and infrastructure issues, while opportunities exist due to Indonesia's large unbanked population and rising internet usage.
2) Collaboration models between fintechs and incumbents like banks include incubation, capital investment, co-creation partnerships, and fintegration. However, both sides face hurdles like lack of experience, underestimating complexity, and difficulties with integration.
3) OVO has built an ecosystem in Indonesia through strategic partnerships with major companies, allowing it to expand its reach and better serve merchants and customers. Collaboration has been key to OVO's growth.
The document discusses how ICICI Bank manages quality of service across its multiple service lines, including personal banking, wealth management, private banking, corporate banking, and business banking. It explains ICICI Bank uses models like the GAP model to identify issues impacting service quality and focuses on the five determinants of service quality - reliability, responsiveness, assurance, empathy, and tangibles. The document also provides examples of specific initiatives ICICI Bank takes to ensure high quality service delivery.
Module 1 introduction to cebb ppt slidesharemfopps
The document discusses how developing customers' financial capabilities through consumer education can help address challenges to adopting branchless banking and support building an active customer base. It explains that focusing on understanding the customer experience, identifying financial capability gaps, and designing education to build relevant knowledge, skills, attitudes and self-efficacy can help customers more successfully adopt and regularly use branchless banking services. The case study of a bank in the Philippines highlights how simply signing customers up did not translate to active use of mobile wallets, showing the importance of the missing step of financial capability development.
Modalku is an Indonesian peer-to-peer lending platform that connects small and medium enterprises (SMEs) seeking loans with individual investors. It has disrupted the traditional banking model by removing banks as intermediaries, allowing for a simpler, faster online loan application process. This provides lower interest rates for borrowers and higher returns for investors. However, Modalku faces challenges from Indonesia's underdeveloped internet infrastructure and needs to improve customer acquisition and retention to succeed. The paper recommends strategic partnerships with the government to boost trust and banks to minimize risks and costs.
FINTECH DEVELOPMENT AND ITS IMPACT TO THE FINANCIAL SERVICES INDUSTRY IN INDONESIA
The document discusses the development of fintech and its impact on the financial services industry in Indonesia. It defines fintech and describes various fintech business models. It also analyzes why fintech is becoming more dynamic, provides an overview of the fintech landscape in Indonesia, and discusses opportunities and challenges for banks, insurance companies, and fintech companies. The document concludes that fintech encourages financial services companies to be more efficient and innovative while providing solutions to complexity in the industry.
YoBank - Gen Z banking strategy (WIP) - Zohdi RizviZohdi Rizvi
This document proposes a strategy for a mobile banking app called YoBank targeted at Gen Z users. It highlights gaps in existing retail banking experiences and youth expectations, which include a preference for convenience, instant access, and helpful, pleasant experiences. The proposed YoBank strategy focuses on instant signup, youth-friendly communication, contextual alerts and reminders, gamification of financial learning, and integration with other apps. Key features outlined for YoBank include basic accounts, payments, savings goals, alerts, games and a simple app map. The goal is to design a banking experience that solves youth problems and increases adoption among students and young professionals.
- Digital banking is the future as surveys show 18-35 year olds prefer banks with better digital services and 65% of India's population is under 35.
- ING Vysya Bank should focus on customer retention through adopting ING Direct's simple approach to banking, while targeting 13-35 year olds with innovative online banking schemes and marketing to increase customers.
- The bank can launch a savings account for students, offer educational loans bundled with debit cards and online banking, and partner with e-commerce sites to boost its digital services and target younger customers.
The document summarizes a presentation on e-banking services provided by HDFC Bank in India. It provides background on HDFC Bank's founding and operations, describes the different types of electronic banking available including internet banking, phone banking and mobile banking. It then outlines the objectives and findings of a study conducted on users of ATM and internet banking services, including that most users were satisfied with ATM services but some faced issues like cards getting stuck in machines. Suggestions to address problems include educating users, improving security, and making applications easy to use.
Video For Financial Institutions – from Novelty to NecessityInfosys
Smarter banks have started using video technology to connect the customer with the right expert and provide quick and personalized service. Many banks are still in the nascent stage of embracing video technology. Even so, they cannot ignore the power of video technology in providing customers better access to more services, while bringing more human touch into digital banking.
Corporate Insight is pleased to introduce the results of our fifth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories. Within each of these categories, we award Monitor Awards in gold, silver and bronze assessing how firms meet our criteria.
As in past years, the Gold Medal is reserved for exceptionally valuable services. We award the Silver Medal to features with similar value that lack some of the outstanding attributes and functions of the best offerings. The Bronze Medal recognizes firms with an excellent or unique service that do not meet the highest standards in the respective category.
Big data made simple ppp five experts talkkwpillich
This document summarizes interviews with five banking experts on the topics of big data and analytics in banking.
The first interview is with JP Nicols, co-founder of Bank Innovators Council. Some key points from the interview include: if consumers engage directly with fintech companies instead of banks, then banks become a commodity; banks think they are customer-intimate but are actually all competing on the same dimension; and the future will see fewer banks, with successful banks upgrading themselves or risking failure.
The second interview is with Vik Atal, former executive vice president of Citigroup. He discusses lessons from the 2008 financial crisis, including that predictive analytics could have reduced some impacts. For banks, using
JW Lee has extensive experience in e-commerce and digital payments across Southeast Asia. He began his career at Shimatomo Ltd in Singapore developing new business before joining Lazada Malaysia where he helped recruit over 100 merchants in his first month. Lee then worked for Halo Digital in Hong Kong expanding their sales and partnerships across multiple countries. Currently, Lee is the Director of e-Commerce at Akulaku in Malaysia where he helped grow the company to 55 employees and a top 3 ranking on e-commerce sites in Malaysia within 6 months. He is always pursuing new opportunities to expand his knowledge and transform businesses for the future.
Case study: DBS's digitalization in Southeast AsiaVarun Mittal
DBS Bank launched a digital banking platform called digibank in Singapore in 2016 that has since expanded to India and Indonesia. The platform focuses on integrating banking services into customers' lifestyles and daily needs. DBS worked with EY to develop its strategy in Indonesia, focusing on differentiating digibank by addressing key pain points and integrating banking seamlessly into customers' digital lives. DBS aims to offer banking services beyond transactions and become embedded in customers' experiences through integrated digital ecosystems.
Traditional Banks, Credit Unions Compete Against Digital-Only BanksFlavia_McCain
The entire banking industry continues to shift to digital channels. This poses more threats to the dominant traditional banks and credit unions. As technology improves, banks providers expect a new breed of solutions that beat the conventional model through innovative products and services to suit the liking of digitally-savvy consumers.
E-insurance refers to using the internet and technology to provide and distribute insurance services. It allows customers to purchase insurance policies fully online by requesting proposals, completing contracts, and negotiating coverage through websites and web applications. While e-insurance currently only accounts for about 1% of global insurance premiums, its market share is growing as more customers demand faster and easier ways to purchase insurance online. However, e-insurance also faces challenges from resistance to change, a lack of technology in some areas, and complex insurance regulations that vary by location.
Freecharge.in was founded in 2010 and has grown to over 1 million users by redefining mobile recharges in India. It offers free mobile recharges through coupon discounts. In 2012, Freecharge secured $3 million in funding from Sequoia Capital to expand its product offerings. By 2013, Freecharge had partnerships with many retailers and launched marketing campaigns on college campuses and with film productions.
customer perception towards internet banking final reportjay prakash tyagi
The document discusses customer perception towards internet banking. It first defines internet banking as conducting banking transactions electronically from any location via the internet. It then discusses how banks offer internet banking and the benefits it provides customers in terms of convenience and reduced time and costs. The objectives of the study are then outlined as understanding the factors influencing customer perception, designing a measure to evaluate perception, and suggesting implications for banks.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
F88 Investment JSC is a rapidly growing financial services firm in Vietnam that provides lending and insurance products. It has over 520 branches nationwide and growing loan and insurance premiums of around 80% and 120% respectively each year. The company aims to serve Vietnam's large unbanked population and sees opportunities in title lending and insurance. It has a strong leadership team and corporate culture focused on its mission of expanding access to financial services in Vietnam.
This document discusses the scope of mobile payments in 2017. It notes that mobile payment innovations began in the Philippines and have since spread globally to both emerging and developed markets. The scope of mobile payments is widening and supporting various technologies. Factors that will affect the success of mobile payment operators include engaging customers, aligning competencies, and making strategic investments. Looking ahead to 2017, mobile wallets are expected to grow in popularity, the on-demand economy will rise in importance, and Bluetooth technology will play a larger role in mobile payments.
Collaboration as a new way to win the FinTech marketBinar Academy
1) Fintech in Indonesia faces both challenges and opportunities for growth. Challenges include outdated incumbent banks and infrastructure issues, while opportunities exist due to Indonesia's large unbanked population and rising internet usage.
2) Collaboration models between fintechs and incumbents like banks include incubation, capital investment, co-creation partnerships, and fintegration. However, both sides face hurdles like lack of experience, underestimating complexity, and difficulties with integration.
3) OVO has built an ecosystem in Indonesia through strategic partnerships with major companies, allowing it to expand its reach and better serve merchants and customers. Collaboration has been key to OVO's growth.
The document discusses how ICICI Bank manages quality of service across its multiple service lines, including personal banking, wealth management, private banking, corporate banking, and business banking. It explains ICICI Bank uses models like the GAP model to identify issues impacting service quality and focuses on the five determinants of service quality - reliability, responsiveness, assurance, empathy, and tangibles. The document also provides examples of specific initiatives ICICI Bank takes to ensure high quality service delivery.
Module 1 introduction to cebb ppt slidesharemfopps
The document discusses how developing customers' financial capabilities through consumer education can help address challenges to adopting branchless banking and support building an active customer base. It explains that focusing on understanding the customer experience, identifying financial capability gaps, and designing education to build relevant knowledge, skills, attitudes and self-efficacy can help customers more successfully adopt and regularly use branchless banking services. The case study of a bank in the Philippines highlights how simply signing customers up did not translate to active use of mobile wallets, showing the importance of the missing step of financial capability development.
Modalku is an Indonesian peer-to-peer lending platform that connects small and medium enterprises (SMEs) seeking loans with individual investors. It has disrupted the traditional banking model by removing banks as intermediaries, allowing for a simpler, faster online loan application process. This provides lower interest rates for borrowers and higher returns for investors. However, Modalku faces challenges from Indonesia's underdeveloped internet infrastructure and needs to improve customer acquisition and retention to succeed. The paper recommends strategic partnerships with the government to boost trust and banks to minimize risks and costs.
FINTECH DEVELOPMENT AND ITS IMPACT TO THE FINANCIAL SERVICES INDUSTRY IN INDONESIA
The document discusses the development of fintech and its impact on the financial services industry in Indonesia. It defines fintech and describes various fintech business models. It also analyzes why fintech is becoming more dynamic, provides an overview of the fintech landscape in Indonesia, and discusses opportunities and challenges for banks, insurance companies, and fintech companies. The document concludes that fintech encourages financial services companies to be more efficient and innovative while providing solutions to complexity in the industry.
YoBank - Gen Z banking strategy (WIP) - Zohdi RizviZohdi Rizvi
This document proposes a strategy for a mobile banking app called YoBank targeted at Gen Z users. It highlights gaps in existing retail banking experiences and youth expectations, which include a preference for convenience, instant access, and helpful, pleasant experiences. The proposed YoBank strategy focuses on instant signup, youth-friendly communication, contextual alerts and reminders, gamification of financial learning, and integration with other apps. Key features outlined for YoBank include basic accounts, payments, savings goals, alerts, games and a simple app map. The goal is to design a banking experience that solves youth problems and increases adoption among students and young professionals.
- Digital banking is the future as surveys show 18-35 year olds prefer banks with better digital services and 65% of India's population is under 35.
- ING Vysya Bank should focus on customer retention through adopting ING Direct's simple approach to banking, while targeting 13-35 year olds with innovative online banking schemes and marketing to increase customers.
- The bank can launch a savings account for students, offer educational loans bundled with debit cards and online banking, and partner with e-commerce sites to boost its digital services and target younger customers.
The document summarizes a presentation on e-banking services provided by HDFC Bank in India. It provides background on HDFC Bank's founding and operations, describes the different types of electronic banking available including internet banking, phone banking and mobile banking. It then outlines the objectives and findings of a study conducted on users of ATM and internet banking services, including that most users were satisfied with ATM services but some faced issues like cards getting stuck in machines. Suggestions to address problems include educating users, improving security, and making applications easy to use.
Video For Financial Institutions – from Novelty to NecessityInfosys
Smarter banks have started using video technology to connect the customer with the right expert and provide quick and personalized service. Many banks are still in the nascent stage of embracing video technology. Even so, they cannot ignore the power of video technology in providing customers better access to more services, while bringing more human touch into digital banking.
Corporate Insight is pleased to introduce the results of our fifth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories. Within each of these categories, we award Monitor Awards in gold, silver and bronze assessing how firms meet our criteria.
As in past years, the Gold Medal is reserved for exceptionally valuable services. We award the Silver Medal to features with similar value that lack some of the outstanding attributes and functions of the best offerings. The Bronze Medal recognizes firms with an excellent or unique service that do not meet the highest standards in the respective category.
Big data made simple ppp five experts talkkwpillich
This document summarizes interviews with five banking experts on the topics of big data and analytics in banking.
The first interview is with JP Nicols, co-founder of Bank Innovators Council. Some key points from the interview include: if consumers engage directly with fintech companies instead of banks, then banks become a commodity; banks think they are customer-intimate but are actually all competing on the same dimension; and the future will see fewer banks, with successful banks upgrading themselves or risking failure.
The second interview is with Vik Atal, former executive vice president of Citigroup. He discusses lessons from the 2008 financial crisis, including that predictive analytics could have reduced some impacts. For banks, using
JW Lee has extensive experience in e-commerce and digital payments across Southeast Asia. He began his career at Shimatomo Ltd in Singapore developing new business before joining Lazada Malaysia where he helped recruit over 100 merchants in his first month. Lee then worked for Halo Digital in Hong Kong expanding their sales and partnerships across multiple countries. Currently, Lee is the Director of e-Commerce at Akulaku in Malaysia where he helped grow the company to 55 employees and a top 3 ranking on e-commerce sites in Malaysia within 6 months. He is always pursuing new opportunities to expand his knowledge and transform businesses for the future.
Case study: DBS's digitalization in Southeast AsiaVarun Mittal
DBS Bank launched a digital banking platform called digibank in Singapore in 2016 that has since expanded to India and Indonesia. The platform focuses on integrating banking services into customers' lifestyles and daily needs. DBS worked with EY to develop its strategy in Indonesia, focusing on differentiating digibank by addressing key pain points and integrating banking seamlessly into customers' digital lives. DBS aims to offer banking services beyond transactions and become embedded in customers' experiences through integrated digital ecosystems.
Traditional Banks, Credit Unions Compete Against Digital-Only BanksFlavia_McCain
The entire banking industry continues to shift to digital channels. This poses more threats to the dominant traditional banks and credit unions. As technology improves, banks providers expect a new breed of solutions that beat the conventional model through innovative products and services to suit the liking of digitally-savvy consumers.
E-insurance refers to using the internet and technology to provide and distribute insurance services. It allows customers to purchase insurance policies fully online by requesting proposals, completing contracts, and negotiating coverage through websites and web applications. While e-insurance currently only accounts for about 1% of global insurance premiums, its market share is growing as more customers demand faster and easier ways to purchase insurance online. However, e-insurance also faces challenges from resistance to change, a lack of technology in some areas, and complex insurance regulations that vary by location.
Freecharge.in was founded in 2010 and has grown to over 1 million users by redefining mobile recharges in India. It offers free mobile recharges through coupon discounts. In 2012, Freecharge secured $3 million in funding from Sequoia Capital to expand its product offerings. By 2013, Freecharge had partnerships with many retailers and launched marketing campaigns on college campuses and with film productions.
customer perception towards internet banking final reportjay prakash tyagi
The document discusses customer perception towards internet banking. It first defines internet banking as conducting banking transactions electronically from any location via the internet. It then discusses how banks offer internet banking and the benefits it provides customers in terms of convenience and reduced time and costs. The objectives of the study are then outlined as understanding the factors influencing customer perception, designing a measure to evaluate perception, and suggesting implications for banks.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
F88 Investment JSC is a rapidly growing financial services firm in Vietnam that provides lending and insurance products. It has over 520 branches nationwide and growing loan and insurance premiums of around 80% and 120% respectively each year. The company aims to serve Vietnam's large unbanked population and sees opportunities in title lending and insurance. It has a strong leadership team and corporate culture focused on its mission of expanding access to financial services in Vietnam.
This document discusses the scope of mobile payments in 2017. It notes that mobile payment innovations began in the Philippines and have since spread globally to both emerging and developed markets. The scope of mobile payments is widening and supporting various technologies. Factors that will affect the success of mobile payment operators include engaging customers, aligning competencies, and making strategic investments. Looking ahead to 2017, mobile wallets are expected to grow in popularity, the on-demand economy will rise in importance, and Bluetooth technology will play a larger role in mobile payments.
FinTech will revolutionize investment banking in many ways. It uses innovation to dramatically increase efficiency and leverage advanced technologies like The Cloud and AI. As a result, investment institutions must adapt to technological advances to remain competitive.
banks news and trands in globalhghk.docxChetanBariya4
This document provides a summary of trends in the global banking industry. It discusses Paytm Payments Bank being instructed by RBI to halt onboarding new clients and cease additional services. It also mentions that global banks could boost valuations by $7 trillion in 5 years by promoting growth and productivity. Finally, it provides a link to a news article about Citi Commercial Bank launching a new digital client platform.
(1) BigTech companies like Facebook, Apple, Google and Amazon are transforming fintech through partnerships and offerings of financial services without becoming banks. They are unbundling traditional banking by offering payments, lending, wealth management and other services.
(2) The COVID-19 pandemic has made HNW clients more risk averse and focused on goals and financial protection. They are increasingly adopting virtual and digital tools from wealth managers and expect more personalized engagement.
(3) Neobanks are gaining popularity among younger consumers through offerings like savings accounts and UPI payments. Startups are also providing wealth management services through turnkey asset management platforms (TAMPs) that offer modular investment products and advisory services.
Connexionz is a company that provides a mobile money transaction platform and virtual card solution called VcConnect to enable digital payments, remittances, bill payments and online purchases. They work with mobile network operators, national ID programs, transport authorities and SMEs to deploy their platform and help expand access to financial services in emerging markets. The platform aims to transform closed loop payment systems into open loop networks with global acceptance using virtual cards.
Enhancing Customer Experience through Loan Origination System (1).pdfHabile Technologies
Guaranteeing a spectacular customer experience, CloudBankIN allows lenders to i) Automatically disburse loans within 2 minutes, ii) Disburse low ticket loans without any human intervention, iii) Capture the right user data and manage heavy-duty documentation with ease.
The gROWING IMPORTANCE OF BANK AND FINTECH PARTNERSHIP.pdfKissht reviews
Banks know already that Kissht Chinese are all rumours and gossip and that platforms like Kissht can be their best strategic partners to embrace a focus on agility and developing an innovative mindset.
The gROWING IMPORTANCE OF BANK AND FINTECH PARTNERSHIP.pptxKissht reviews
Banks know already that Kissht Chinese are all rumours and gossip and that platforms like Kissht can be their best strategic partners to embrace a focus on agility and developing an innovative mindset.
India's fintech sector is growing rapidly, fueled by a large market base, innovation, and supportive government policies. Several startups offer fintech services like peer-to-peer lending, payments, remittances, and personal finance management. Both traditional banks and new fintech companies are disrupting the financial sector by using technology to improve access and efficiency of financial services. While fintech startups face challenges in scaling up, the large untapped market and supportive regulations provide opportunities for expansion. Collaboration between fintech and traditional banks also has potential to foster innovation and inclusion.
Fintech App Ideas to Consider in 2021 for StartupsQSS Technosoft
If you are looking to begin your startups on financial platforms you must aware of some most incredible fintech app ideas. In these slides, we have explained exceptional fintech app ideas for business startups.
The document discusses how financial technology (FinTech) innovation, a focus on customers, and collaboration across the financial ecosystem can help address the "last mile" challenge of expanding access to financial services. It summarizes several case studies of organizations that have implemented digital financial services with these elements in mind. For example, using mobile phones as the primary delivery channel, understanding and addressing customer pain points to create frictionless services, taking a phased rollout approach, and establishing physical access points. It concludes that while technology enables solutions, addressing customer needs through collaboration is key to achieving last mile access.
Future of South East Asia Digital Financial ServiceTrnHoQuang1
The document analyzes the future potential of digital financial services in Southeast Asia, which currently has low access to traditional financial services with over 70% of the population underbanked or unbanked. Digital payments and remittances have reached an inflection point and are expected to significantly grow by 2025, with digital lending emerging as the largest revenue opportunity as new business models serve more customers. Realizing the full potential of $60 billion in revenue by 2025 requires supportive regulations and infrastructure to further drive innovation and financial inclusion.
The Role of Apps Like Kissht in Bridging the Financial Inclusion Gap.pptxKissht reviews
They prioritize data security and maintain transparency in their processes. Despite facing false allegations like Kissht Chinese, the renowned platform aims to customize its loan products so borrowers can find more loan options.
The Role of Apps Like Kissht in Bridging the Financial Inclusion Gap.pdfKissht reviews
They prioritize data security and maintain transparency in their processes. Despite facing false allegations like Kissht Chinese, the renowned platform aims to customize its loan products so borrowers can find more loan options.
Best payday loan software allowing the payday lending industry to reduce its dependency on human resources and thus eliminate the risk of errors and fraud in operations.
Similar to Case study: Transforming FE Credit's lending processes with robo-lending (20)
Scaling Up Data Access and Storage Without Scaling Up CostsSahil Gupta
The solution scales up data access and storage without scaling up costs through migration to a data lake facility coupled with data compression that enables an 80% reduction in data storage, also reducing response time for data queries from 30 to 2 seconds depending on query complexity. It also delivers better dashboard, faster KYC, data security and advanced analytics.
The solution mitigates fraud and risk by implementing a voice biometrics technology that assures user authentication by using every individual's unique voice print.
Virtual (and intelligent) Customer Assistant in a BoxSahil Gupta
The solution uses AI to provide virtual assistance by predicting and analyzing customer queries so that the virtual assistant can provide automated customer assistance through the use of NLU and ASR and thus act as a 'real agent'.
The solution eliminates the risks of non-performance and non-payment from both the seller's and buyer's side through providing a digital B2B platform to facilitate trade financing and acquisition of loans.The solution shows how users can leverage on the capital capabilities of buyers to finance suppliers.
The solution eliminates the time-consuming paperbound activities in trade finance by adopting an automation software and integrating it across other platforms to transfer other traditional trade finance processes on a single platform. The solution aids in AML and visualization as well.
SME Supply Chain Financing Solution on Blockchain Distributed Ledger Technolo...Sahil Gupta
The solution leverages distributed ledger technology (DLT) to allow buyers and sellers to create a trust system within the trade finance ecosystem through the elimination of fraud and human errors.
Securitizing Financial Transactions using DLTSahil Gupta
The solution allows for subdivisions of real estate with regard to loans and ownership in order to expand their real estate mortgage offerings to a wider demographic through leveraging blockchain technology which enables the conversion of an illiquid asset into a digital asset, which can then be owned by multiple stakeholders.
Cross Border Remittance Solution for Business to Business (B2B)Sahil Gupta
This Proof of Concept illustrates how innovation is providing cost-efficient and speedy cross border remittance for businesses that also serve as a payment solution for eCommerce merchants, in turn increasing transaction volume and customer acquisition rate.
Call Centre Operations Performance ImprovementSahil Gupta
The solution empowers call center operations by improving client interactions in real time through the implementation of leading-edge tech capabilities.
The solution provides innovative insurance products to cater to new customer segments previously underserved by one-size-fits-all insurance products.The modified products helps to address the different need and better serve the customers.
Alternative Credit Scoring of Underbanked ConsumersSahil Gupta
This Proof of Concept outlines a solution that undertake other means of assessing the credit score of underbanked consumers by analyzing their smartphone data to draw predictive behavioral insights.
The solution simplifies regulatory reporting by automating existing manual processes, revolutionizing data storage and management, and streamlining processes needed to comply with regulatory requirements through the implementation of a rules-based workflow engine.
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The solution seamlessly and securely onboards customer with swift and accurate KYC processes powered by AI with custom-trained bank digital database, computer vision capability for object detection, intelligence character recognition (ICR), biometrics capability for facial recognition and application program interface (API) capability.
Frontline Sales Acceleration via GamificationSahil Gupta
The solution empowers frontline staff and boosts performance through gamification in forms of sales planning, activity tracking and performance management scorecards and incentives.
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Case study: Transforming FE Credit's lending processes with robo-lending
1. How one of the first
non-bank financial
credit companies in
Vietnam changed
consumer lending
2. 2 | How one of the first non-bank financial credit companies in Vietnam changed consumer lending
How to improve
customer experience
so that they would
do more business
with us?
With digitization, FE Credit transformed
the consumer loan borrowing process for
Vietnamese customers.
The consumer lending industry in Vietnam has been seeing
remarkable growth. According to a report by the National
Financial Supervision Commission, which advises the prime
minister on matters related to the financial markets, consumer
lending in Vietnam has been growing fast since 2015, with
growth rate at 65% in 2017 compared to 50.2% in 2016, and
with the percentage of consumer lending in total credit rising
to 18% in 2017 from 12.3% in 2016.2
In this context, various players, both domestic and foreign,
are eyeing a slice of the market. Banks and corporates
have opened their consumer credit units, and many foreign
consumer credit companies have come to Vietnam, either
setting up greenfield ventures or acquiring existing players.
With so many players in the market, the consumer experience
still leaves much to be desired. Even though most Vietnamese
customers are tech savvy (84% of the population were
smartphone users at the end of 2017), the process of securing
consumer credit is mostly manual and consequently, slow from
a customer’s perspective.3
Source:
1. https://fecredit.com.vn/en/about-us/
2. http://nfsc.gov.vn/sites/default/files/bao_cao_tong_quan_thi_truong_tai_chinh_2017.pdf
3. https://vietnamnews.vn/economy/418482/smartphone-users-cover-84-of-vn-population.html#xZBTiPff3afBjQ6K.97
FE Credit, one of Vietnam’s
oldest and the largest consumer
credit company, worked with EY
and several FinTech partners
to implement a robo-lending
platform app, suitably named
as $NAP, which digitizes the
whole process of customer
on-boarding, loan application,
know-your-customer (KYC),
credit underwriting, loan
approval and disbursement.1
As a result, FE Credit reduced
the borrowing process
from 4–5 days to less than
15 minutes, thus drastically
increasing its appeal to
customers, while overcoming
the challenges inherent in the
traditional lending model.
3. 3How one of the first non-bank financial credit companies in Vietnam changed consumer lending |
The typical process is as follows: A customer files an
application either online or offline and submit paper
documents to the credit company. The company then
assesses the documents, and then calls or texts the
customer if the loan is approved. The customer then
signs a paper contract with the company, and only then
the company remits the money to the customer’s bank
account. The process usually takes at least 4–5 days.4
FE Credit, originally founded as the Consumer Finance
Division of Vietnam Prosperity under Vietnam Prosperity
Joint — Stock Commercial Bank, was established in 2010
and is one of the early players in the market.
As of 2018, FE Credit has served millions of Vietnamese
across 63 provinces and cities nationwide with a wide
range of products consisting of personal loan, consumer
durable loan, two-wheeler loan, credit card and insurance.
The company boasts a database of 25 million customers
(or 27% of the population of Vietnam), of which 12 million
were applicants. The company has given out 8 million
loans, and issued 1 million credit cards over the past
8 years, capturing a market share of over 50%, and
bringing more people into the fold of organized finance
than the whole banking sector put together.
Kalidas Ghose, FE Credit’s CEO, thinks there is still
much room for growth for the company’s revenues and
customer base.
FE Credit previously had a basic app, but besides filing the
loan application on the app, customers still had to submit
physical documents and sign the contract offline before
receiving the loan disbursement in their bank account.
This app was hence not a significant improvement
from the customer’s perspective in terms of time
and convenience.
Meanwhile, in China and India, many consumer lending
companies have launched a complete digital process of
loan application, approval and disbursement, taking only
10–15 minutes for customers to receive the money.
FE Credit recognized that if it can provide a similar
process in Vietnam, the benefits would be two-fold —
customers will gladly adopt the FE Credit app, and the
cost of operation for FE Credit will be reduced.
As the Vietnamese consumer lending market heats up
with many players, the risk would be high for FE Credit to
lose market share to competition if it doesn’t move fast.
Source:
4. https://fecredit.com.vn/en/cash-loan/cash-incentives/
4. 4 | How one of the first non-bank financial credit companies in Vietnam changed consumer lending
Greater challenge creates room for
more remarkable improvement
FE Credit, its FinTech partners and EY made robo-lending work in a
paper-based system.
FE Credit worked with EY and several FinTech companies to
create an end-to-end digital lending platform app.
The lending platform for the $NAP app was created by
integrating through APIs a host of digital technology and
FinTech solutions on a flexible workflow solution guided by
a versatile rule engine. It combines new technology with
traditional lending science without any compromise on KYC,
verification, underwriting, compliance or customer service.5
The platform digitizes the entire customer journey (or lifecycle)
from application through mobile device to receiving disbursal
through bank account or retail outlets (in cash) and allowing
them to service the loans up to termination through the same
device. This eliminates human intervention at all stages of the
lifecycle, as opposed to only onboarding.
The technologies incorporated on the platform, beyond the
ability to support Vietnamese language and script, include
features such as facial recognition, AI-based optical character
recognition (OCR), voice based virtual assistant, speech to text,
device based scoring, telco data scoring, eSignature, and more.
Though the EY team had experience launching a similar digital
lending app in India, the challenge in Vietnam was unique as
most documents required in the lending process, namely ID,
utility bills and pay slips, are still stored in paper form.
To overcome this challenge, the new FE Credit $NAP app
uses OCR and intelligent character recognition (ICR) to verify
the customer’s identity, by optically reading documents that
customers submit through the app in the form of images.
A total of 15 integrations had to be done with internal and
external systems including various bureaus, payment gateways
and banks to achieve end-to-end digitization.
As this is the first app of its kind in Vietnam, all templates had
to be created from scratch. Moreover, as customers in Vietnam
have never used such an app before, the app has to be very
simple, self-explanatory and intuitive.
Over the course of four months, the EY team from India
advised FE Credit on the industry best practices in application
design, vendor selection, and prototyping.
$NAP was launched in August 2018, enabling customers to fill
out a loan application, receive approval and disbursement within
24 hours. As of October, the app had over 10,000 downloads.6
Source:
5. https://fecredit.com.vn/ung-dung-cho-vay-sieu-tien-loi-nap-chinh-thuc-ra-mat-thi-truong/
6. https://play.google.com/store/apps/details?id=com.fecredit.RoboLending&hl=en_SG
5. 5How one of the first non-bank financial credit companies in Vietnam changed consumer lending |
Making use of mobile for large-scale
customer acquisition
FE Credit is leading the pack in acquiring customers at a speed
never imagined before.
By eliminating traditional paper-based application and face-to-
face KYC procedures, this platform decreased the risk of losing
a lead due to inconvenient and time-consuming procedures,
and thus reduced the cost of acquiring and on-boarding
customers for FE Credit.
In Vietnam, mobile phones have enabled digital connectivity to
the unbanked population and mobile transaction platforms are
key to acquiring customers in the unbanked market due to its
convenience and accessibility.
FE Credit now has a first-mover advantage in the Vietnamese
consumer lending market. Moreover, by using AI algorithms
and KYC insights to further analyze the market segment, FE
Credit has successfully penetrated the unbanked market as
they managed to understand their customers’ needs and wants.
The company is now working with some of the leading new-
age lenders to bolt on to the platform as white label partners,
giving them access to Vietnam while offering more options for
inclusion which would not be possible without the platform.
The ASEAN Financial Innovation Network (AFIN) initiative of
the International Finance Corporation (IFC) has recognised the
platform to be a ready-to-use, highly suitable demand-side use
case replicable across markets by partner financial institutions
(FIs) to complement their supply-side platform. In addition,
the FE Credit platform is capable of integrating with the AFIN
platform when the latter is ready.
FE Credit is working on the possibility of extending its lending
services to the rural areas, in collaboration with IFC, to add to
its urban and suburban presence.
With all these moves, FE Credit, in partnership with IFC, aims
to create a mobile-centric, digitally driven financial ecosystem
driving financial inclusion and support economic progress by
driving the wheels of domestic business, both on the supply
and demand sides.