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Access to credit has been a problem for both individuals and businesses. Although there are many traditional ways to apply for credit, for example, banks and other financial institutions. But not all of them provide credit to all kinds of users. If they provide, they have strict requirements.
That’s when these users apply for credit through different platforms. Mobile Money Providers, for instance. Mobile Money Providers or MMPs are the companies or lenders who provide credit through the mobile platform.
Yes, it is possible to borrow money from mobiles. Due to its ease of use and wide availability, mobiles have become the most popular medium to have access to easy credit for users.
There are 3.8 billion smartphone users worldwide. Which concludes to almost half of the worldwide population. Everyone needs credit and MMPs are making it easy for them by providing it through their smartphones.
A revolutionary change in the finance sector has been seen after the invention of the internet. Banks were the hardest to adapt and that’s when fintech companies came into existence. With the help of technology, Mobile Money Providers are giving banks a tough fight.
MMPs are using eKYC to quickly scan pictures, photo IDs, and other documents at the click of a button. It not only saves a lot of time but gives the customer a sense of ease that he no longer has to visit the bank, fill lengthy forms, and wait for several days to take a loan.
KYC is the process of verifying a customer’s identity. It is mainly used by banks or other financial institutions to figure out whether a customer is who he says he is. His documents are scrutinized by a financial institution to perform due diligence.
eKYC on the other hand is conducting KYC through online platforms. eKYC or Electronic Know Your Customer is a paperless as well as remote KYC process. With the rise of the internet in every field, even financial institutions and banks had to digitalize. That’s when eKYC was introduced in the sector.
Implementing eKYC was not an easy task though. That’s when companies evolved and provided fintech services to the financial sector. eKYC is made possible with the use of AI and machine learning.
Since tempering with ID proofs is possible, that’s why technical revolutionists such as FinBraine created products that not only provide quick eKYC but also help prevent falsification of the data.
MMPs are also thriving because instead of using traditional credit checks, they use alternate credit scoring. By using AI technology, other factors such as utility bill payments, spending patterns, social media profiles, travel history, etc. are checked.
MMPs have to deal with many problems such as:
That’s why FinBraine has created IDBraine and CredBraine that helps Mobile Money Providers set up a seamless lending experience for their customers. IDBraine provides eKYC and in-app KYC to make the process easy for the customers as well as MMPs. CredBraine on the other hand is a platform that provides loan origination, loan underwriting and decisioning, loan servicing using AI/ML and other technology backend services. CredBraine provides end to end lending lifecycle management that spans apply, assess, disburse, collect, closure all in one single easy to use platform.
FinBraine’s customized software solutions provide several advantages to MMPs such as:
Although MMPs are becoming the new-age lenders, it would not have been possible without the implementation of AI, Big Data, machine learning, and other technologies. It is mandatory to have a robust system that adheres to the regulatory requirements and provides ease of use to the customers. That’s where FinBraine can help.
FinBraine offers lending and digital KYC solutions on B2B and B2C Models
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