Devashish Mulye / Product Manager / 2020-12-18
The most ambitious customer-facing digital platforms in various domains, are now leveraging embedded finance to augment their business and become the dominant solution in their industry, and risk becoming obsolete if they don’t.
All digital platforms, be it B2B e-commerce or accounting apps or HR tech platforms, can provide new and innovative financial value additions to engage customers and stand out from competition.
Embedding credit can help digital platforms in the following ways -
Increase customer acquisition and retention
Increase sales and monetize a larger audience
Improve the product offering and stand out from competitors
Get valuable data to help understand customers better
And this is why we are launching FinBox Embedded Finance Platform.
Providing credit brings many benefits, but, the real problem lies in the complexity of enabling credit.
Enabling credit requires navigating through a complex maze of finance, technology, heavy regulations and customer behavior. This process could take anything between months and a year to come to fruition.
Here are the challenges that arise when enabling credit
Heavy upfront investments - Hiring a team that specialises in fintech, finance and underwriting
Product Development - Building an effectual product that can handle complex user flows, handle sensitive financial data, manage disbursals while ensuring great end-user experience. Your developers will have to integrate with various lenders, credit bureaus, and other services for user authentication, document verification, eMandate creation, etc.
Developing Multiple Partnerships - Setting up partnerships with various parties like lenders, credit bureaus, government agencies, etc.
Slow Go-Live - The go-live time for inhouse credit could be anywhere between months and a year, deterring your capacity to innovate and experiment
Regulations - Being compliant with regulations for handling sensitive financial data and money.
Maintenance - Continuous management of applications, relationships, and updating regulations.
Enabling credit involves too many partnerships, too many integrations, too many things to maintain. In short, there are just too many hoops.
FinBox Embedded Finance Platform is a collection of customizable Mobile UI SDK and APIs that enables you to provide in-context credit offerings through a simple, yet powerful integration.
FinBox removes the barrier for offering financial services on customer facing digital platforms. To embed credit, you need to build workflows, negotiate contracts, get approvals, and integrate with multiple partners. FinBox brings everything together in the form of a drop-in widget.
With FinBox, it becomes easier for you to innovate and run experiments on your platform, delight your customers every step along the way, and go live within 1 week.
FinBox has features to facilitate every step of the user journey
Large lender network - FinBox connects you to its large lender network and shields your developers from all the complicated and time consuming non-standard integrations.
eKYC and user authentication suite - FinBox has an user auth suite which includes Aadhaar eKYC, PAN authentication, bank account validation and face ID verification.
Proven Underwriting Suite - FinBox has a proven underwriting suite validated on a customer base of 16 million users. This ensures you approve more customers and more accurately. Combined with our prequalification suite ensures that you have high approval rates and customer satisfaction.
Customisable Loan Lifecycle UI - FinBox provides a UI for each step of the loan lifecycle - loan application, post-approval and post disbursal journey. It can be customised to suit your branding (by including your brand colours, logos, etc) and customer base.
1. User views Loan Offer Widget on the Digital Platform 2. User fills in his details 3. User goes through the identity verification and eKYC procedure 4. User is shown Loan Offers 5. User selects his desired loan
Customer service - FinBox provides customer service to your users to ensure your operations keep running smoothly without having to dedicate resources from your end
Security - FinBox technology is built on the highest standards of data privacy and security. FinBox is ISO certified and compliant with the changing regulations
Promotion and marketing - FinBox takes care of marketing and promotions via push notifications and SMS
Collection - FinBox offers flexible repayment options like EMI, deduction at source, etc, reminders through push notifications,
Partner Dashboard - FinBox gives you a unified dashboard that helps you monitor your loan portfolio and your customers’ loan application details
Support - We help businesses every step of the way including getting permissions like obtaining google approval for SMS and location permissions.
Get started with FinBox Embedded Finance platform now!
FinBox is a lending infrastructure company. We combine lending expertise and automated credit decision systems, with a platform for digital business to offer credit to their customers.
FinBox has deep experience working with multiple lenders. We know what it takes to manage loan applications and have digitised every step of the process.
FinBox has a strong lender network that ensures that customers receive the best loan offers suited for them.
FinBox has a deep expertise in underwriting. Our proven and ever evolving underwriting suite paired with our customer centricity ensures high approval rates and customer satisfaction.
We know the challenges that come up and how to solve them. We assist our partners at every step along the way to help them go live fast.
We leverage this combination of expertise to help digital platforms grow and scale their offerings by facilitating embedded credit.
How embedded credit can benefit different businesses
B2B e-commerce: Empower retailers to purchase goods on credit by providing flexible repayment options, invoice financing, and other services.
Merchant accounting apps: Help small and medium sized businesses grow by providing flexible business loans.
Retail tech: Enable your retailer network to purchase on credit and expand their business by providing flexible business loans.
FMCG: Provide finance retailer invoices for the purchase of goods from distributors and enable working capital loans.
Logistics: Finance fuel and vehicle maintenance of your driver partners by providing flexible loans.
FinBox helps businesses launch embedded credit in just three weeks with its end-to-end software and risk management stack. Get in touch with FinBox and start building now!