While many fintech firms are competing with traditional banks and lending institutions by offering loans that can be approved with just a tap on the phone, lenders are compelled to digitise their processes and offer various mobile lending solutions to compete with the market. However, though many mobile lending solutions are mushrooming, very few solutions help in speeding up the procedures and match the expectations of today’s millennial empowered borrowers.

How does Finezza’s Mobile Ecosystem Help Optimise Loan Management Process?

Finezza’s mobile ecosystem enables various lenders, including banks and financial services companies, to encapsulate their entire digital lending inside a single mobile app. Finezza’s convenient mobile ecosystem ensures faster and easier customer on-boarding, simplifies the collection process for loan agents and also helps customers upload their documents in no time as well as track the status of the applications on the go. In short, Finezza’s mobile ecosystem interlinks the lender, customer and collection agents, thereby offering wholesome and seamless loan servicing at a rapid pace.

A Look Into Finezza’s Unique Ecosystem Of Mobile Apps 

1. FoS App (Feet on Street):

Finezza’s FoS app is designed to empower the field staff to bring in more customers through its enhanced mobile application services. It offers paperless processing across all stages like data acquisition, screening, field investigation reports etc. Further, the status of applications can be tracked while on the go. Some of its features include:

•       End to end loan application processing
•       Enables easy uploading of documents
•       Helps track the status of the application on the go
•       Location tracking
•       Automated follow-ups with leads
•       EMI Calculator

2. Customer App:

Finezza’s Customer app allows for customer self-service. Customers can learn about the various types of loans offered and apply for the required category of the loan directly through their mobile. In addition to this, customers can track the status of their application on the go, estimate their creditworthiness, receive approval as well as accept the loan proposal instantly on mobile. Further, customers can access necessary reports like EMI schedule, payment details, etc.from their mobiles.

Finezza’s Customer app thus reduces the turnaround time as well as the overhead expenses related to customer reach and customer support. The Customer app helps the client to save colossal expenditure that would have otherwise been incurred on customer support functions like that of call centres.

Some of the features offered by the Customer app are:

•       Self-service for lending lifecycle management
•       Upload documents easily
•       Track the status of the application on the go
•       Accept loan proposal instantly
•       Schedule repayment
•       Self-help

3. Collection App:

Finezza’s Collection app is a form of delinquency management solution targeted towards simplifying the field collections and enabling better recovery of debts. The Collection app by updating the collections on mobile and web allows lenders to do away with the traditional receipt books, reconciliation procedures and other issuance and processing paperwork.

This app dramatically benefits the collection agents as they can now easily track the status of their customers who have to repay the loans. Further, as various manual procedures related to faulty customers and misrepresentation issues are automated, the risks associated with float money are significantly reduced — all these results in less turnaround time.

Given below are some of the features of the Customer app:

•       PTP tracking
•       Follow-up tracking
•       Real-time customer information
•       Location tracking
•       Collection updates (mobile and web)
•       Address locator

Today’s millennial generation has entered the financial market with better technology like that of mobile apps and various other financial management suites that enhance the loan management process. Hence, it becomes imperative on the part of the lenders to adapt to the changing customer needs and expectations before it is very late.

Today’s empowered borrowers expect a quick processing time and faster decision-making tools. A recent study by PwC showed that three out of four demographic groups preferred online borrowing as opposed to traditional forms like contacting the branch or calling lenders. [1]

Hence, incorporating digital lending technology into the business forms the best way to propagate new products, customise the lending and decision making process and at the same time meet the customer requirements quickly. Finezza’s mobile ecosystem suite caters to the present millennial empowered borrowers and lenders as well, as it includes various components of the loan management system like customer acquisition, loan self-sourcing, loan servicing and loan collections all of which can be done with a tap of the finger.

This mobility suite designed for all the stakeholders helps to reduce the loan turnaround time, automate customer notifications, and thereby free up the lenders’ and borrowers’ time to make critical decisions.

Benefits of Finezza’s Mobile Ecosystem Suite:

• Results in lower turnaround time on account of quick access and better customer responsiveness.
• Enables quick marketing of products, given the seamless integration with existing as well as legacy systems.
• Helps to improve operational efficiency on account of automation and minimal human intervention.
• Ensures optimal customer reach on account of better mobility of products and ability to reach a broader customer market.
• Finezza’s mobile suite safeguards lenders against potential risks. This is because of its enhanced fraud management solutions and improved credit assessment packages.
• The mobile suite helps to tighten the collection process and also minimise the operational costs.

Transformation into a digital lender is not that easy. It requires not just converting the paperwork into digital format but also restructuring the entire legacy back-end process. The Digital Banking report that researched the global state of digital lending found out that many organizations were beginning to embrace the need for online and mobile lending. Though there was significant growth in mobile lending and online lending processes, most of them were substandard and failed to meet customer expectations. [2]

34% of organizations had a mobile app for lending. As to the ability to complete the entire loan originating system through mobile, 31% of respondents were positive of completing the transformation process, 33% felt they would complete within and year and 12% in the next three years. These results prove that there is a stronger movement towards digitization of consumer lending. [3]

However, for the digitisation of loans through mobile apps, speed is a prime factor.

Lenders have to keep pace with the expectation levels set by other sectors like travel and retail, to meet the desire for immediate personalised service. Research on the time taken to complete a mobile loan application showed that 25% of organizations reported under five minutes while 55% said between five to ten minutes and remaining 20% said that it took more than ten minutes.

Hence merely installing a mobile app will not suffice. One has to streamline and revamp the existing process so that it integrates seamlessly, and also ensure speedy processing and delivery of loans as we move into the age of rocket science. 

One must install a complete end-to-end foolproof mobile lending solution to optimise the digital lending initiative fully. Finezza offers a whole end-to-end mobile ecosystem to facilitate all requests, detect potential delinquencies, optimise the conversion funnel, and ensure seamless loan servicing. Check the mobile suite here.