New-age FinTech firms
New-age FinTech firms are moving away from the traditional method of judging an applicant’s repayment capacities. Based on their algorithms, FinTech firms are coming up with dynamic credit score testing parameters to assess a customer’s creditworthiness effectively.
One part of the customer satisfaction puzzle is the ‘speed’ of the loan application process. As an online lending platform, FlexiLoans.com is always striving to achieve significant acceleration in their loan processing and reducing their turnaround time. By using AI and algorithms, we are focusing on drastically reducing the time taken to approve and process a loan request, compared to traditional lenders.
Digital footprint is playing a very crucial role in identifying and understanding customer behaviour. Compared to the old brick-and-mortar parameters that take several days to assess an applicant, FinTech players are bringing about a wave of evolution by using social media to evaluate customer profiles. Right from social media profiles to payment history and from online shopping history to lifestyle details and consumption patterns, there is a lot of alternate data out there, which can be efficiently utilized to speed up loan applications.
Social Media is just the platform that new-age FinTech players like FlexiLoans.com needed, to disrupt the lending industry and threaten age-old legacy players. With the rapidly advancing technologies, we aim to deploy predictive analytics and utilize big and alternate data, to determine when an SME will require a loan.