Value-added Marketplace powered Lending 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 Value-added Marketplace powered Lending 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.