With the pandemic-induced lockdown, one of the highly impacted industries has been lending. This is primarily because almost the entire industry was largely underprepared in terms of having the digital infrastructure to tackle a situation where there are complete restrictions on physical movements.
According to Mukesh Sharma, Chief Technology Officer at Paisabazaar.com, one thing that has become amply clear the future of lending is in completely presence-less loans.
Paisabazaar.com, India’s largest marketplace for lending products, started building end-to-end digital processes for lending products as the pandemic struck to cater to the changing trend. Sharma and his team promptly started working on enabling completely digital processes and pre-approved loans within 24 hours. Through deep integrations with partner banks, the customers can now avail pre-approved personal loans from the Paisabazaar platform, with disbursals taking place within 24 hours.
To ensure there was no disruption to customer service, the company moved to a completely mobile customer service operations. “When the pandemic broke out in March, the tech team had prepared and was ready to execute a complete remote management system for its operations and service employees. Within a week, over 3000 employees were equipped with the infrastructure and technology to meet the needs of our customers,” informs Sharma.
To build completely seamless digital lending processes, Paisabazaar is also working on innovations like:
- Video-based KYC
- Offline XML-based Aadhar KYC
- Liveliness checks through video
- Digital documents upload/validation from Digilocker, etc.
- e-Sign with necessary controls
- C-KYC API’s creation and integration
Key benefits delivered by the innovations:
- With the pre-approved offers on Paisabazaar, customers can meet their financial needs through a personal loan that is disbursed to them within a day as against the 7-day turnaround time earlier.
- The pre-approved loans help customers avail the best lending products with zero paperwork and documentation needed. In the current scenario, this enables the customer to take loans from the comfort of their homes through a completely digital process.
- Paisabazaar is partnering with Standard Chartered and IndusInd Bank to facilitate contactless access to credit cards through pre-approved offers, enabling seamless access to credit.
- Paisabazaar is also offering contactless access to credit through digital KYC and video KYC in partnership with IDFC First. This will help customers on the Paisabazaar platform, avail a loan from IDFC First and avoid any kind of physical interaction. The company is working with several partners to extend this technology to other financial products.
- By building remote capabilities to handle customer needs from anywhere and anytime, Paisabazaar is now equipped to expand its operations to other parts of the country and use regional/local languages to help customers in a language of comfort and in an extremely cost-effective manner. This allows the company to build capabilities pan-India without the need to invest in physical offices/branches, etc.