BuyNowPayLater Loan Application

Digitize the buy-now-pay-later experience and create value-added services for your customers. The BuyNowPayLater Loan Application accelerator is presented in the context of Sunglow – a super-app for banking. This accelerator introduces a hyper-personalised digital journey that reshapes customer experience by first looking at their needs. Customers can project a budget for their needs and projects and get a tailored financial offer to finance them.

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BuyNowPayLater Digital Loan accelerator redefines the way customers can access loans to finance their projects and initiatives. Customers don’t get a loan for the sake of simply accessing a financial product, but to cover their own needs and finance their projects.  Therefore, the accelerator offers customers access to a super-app for banking – Sunglow. Sunglow allows banks and fintechs to offer their customers unique experiences, the ability to integrate their social network in the bank’s own customer growth but also with value added services from Open API embedded providers.

The BuyNowPayLater Digital Loan accelerator has embedded a budgeting tool so customers understand first how much their projects would cost but also they can get a tailored financing offer to accomplish them. Moreover, once the budgeting is completed, customers can apply for the loan and get the money disbursed in less than 10 – 15 minutes.

The accelerator covers a use case in which customers want to finance a vacation. It starts by identifying the customer needs using the hyper-personalization engine in FintechOS, helps the customer to define their vacation 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 other providers can be introduced via FintechOS Open API layer.

In this solution, the user can pay for the vacation that they have configured in the first place by getting a loan. The end-to-end, fully automated, self-service journey covers the loan simulation, KYC, eligibility and affordability checks, approval and disbursement. Banks can also integrate top-up scenarios offering customers the maximum amount they can afford to lend depending on their financial details but also cross-sell strategies by offering customers other products – i.e. open a current account for disbursing the loan.

The same accelerator can be tailored to finance a car acquisition, buying a home or renovating it, projects, open a business, accessing medical services, etc.

The BuyNowPayLater Digital Loan accelerator available in Sunglow offers banks and fintechs:

  • a 100% digital loan origination experience. Customers can not only budget their projects and initiatives but also get a loan approved and disbursed in less than 10-15 minutes. It is a paperless, fully automated journey making use of 3rd party data sources and the automation blocks available in FintechOS core technology.
  • Personalization. The journey is mainly customer-centric and designed around the customer needs. It looks at their objectives, integrating value-added services from embedded partners, and offering a tailored financial product. This Digital journey is highly configurable and can be further enhanced via FintechOS Studio adapting it to your business requirements.
  • Digital and Instant Payment. After the loan is disbursed, all booked services can be paid instantly by the financial institution orchestrated by the customer directly from the super app without leaving the interface.
  • Full self-service journey. All KYC and compliance checks as well as eligibility and affordability verification are run automatically using the embedded advanced formula calculations powered by the Business Formulas processor available in the FintechOS core technology. The loan application is approved real-time without involving the bank clerk and consultants.

The BuyNowPayLater accelerator is a customer journey template that banks and fintechs can use to launch a new product in the market in 3-4 months. It not just covers the digital journey but is powered by the FintechOS automation processors such as Banking Product FactoryBusiness Formulas, and Business Workflows Processor. It can be configured to fit the business needs of any financial institution using the no/low code capabilities available in the FintechOS Studio.

The accelerator covers an end-to-end customer journey split in a few main phase:

  1. Customer profiling – using the embedded hyper-personalisation engine financial institutions can profile customers based on their interests and immediate needs so that the whole experience is tailored to their needs and expectations. Throughout the journey, the headings are dynamic depending on the location where the potential customer is going. They use common expressions in English, Spanish and French.
  2. Budgeting tool – focused on the travel scenario, customers can go through a few seamless steps to configure their vacation by adding the destination and then selecting transportation, accommodation, car rentals and insurances from the OPEN API provides. This tool determines the amount a customer may need to finance. We also offer the possibility to add more on emergency expenses or daily budget.For this solution, several integrations have been simulated to offer the base for the following API connections with:
    • For flights: Momondo.
    • For Accommodations: Booking.com and Airbnb.
    • For car rental services: Enterprise rent a car, Dollar rent a car.
    • For travel insurance: American International Group and Allianz Travel.
  3. Loan Application – is the journey section via which customers go through the KYC process, eligibility and affordability checks, approval and tailored offers, top-up and cross sell, being able to digitally sign the contract and get the loan disbursed instantly in a current account selected by the customer.
  4. Digital, instant payments – once the loan is disbursed, customers can order the payment of the booked products & services – which is confirmed instantly via integration with digital payment providers or payments gateways.

This accelerator comes together with a digital, modern mobile ready launchpad offering customers the possibility to administrate their loan, trip, make payments, explore cash-back offers, etc.

It is easily extendable to cover any other use cases focused on customer personas and specific needs for buying a house, start a business, get access to medical services, etc.

The complete documentation is available here.

BuyNowPayLater Loan Application


Version 1

Published on 27 October 2021 by FintechOS

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Tags

accelerator, customerjourney, digital banking, retailbanking

Team

FintechOS