'A Customizable White Label Environment To Help Banks Transform Their Core Services' Vineet Tyagi, Global CTO, Biz2X
Biz2X started 2021 with some exciting launches including the Digital Loan Origination Platform (DigiKred) for Personal Loan and SME Loans.
Give us an overview of your products and services.
Biz2X is a digital lending platform, which enables financial providers to power growth with a modern omni-channel experience and best-in-class risk tools. The company partners with Banks, NBFCs other financial institutions to power their digital transformation efforts with Biz2X’s digital lending platform - From Origination to AI-based risk to auto underwriting and cash flow analysis to servicing and collections. Biz2X solutions not only reduce the operational expense but, also accelerates lending growth by significantly improving client experience, reducing total turnaround time from 7-10 days to 48-72 hours and equipping the relationship managers with powerful monitoring insights and alerts.
· Biz2X DigiKred can help you move to a fully digital origination platform, already connected to the complete Digital Ecosystem (Aadhar, PAN, GST, Bank Statement OCR and many more), completely eliminating the need for manual processes of yesterday. Biz2X DigiKred is available in three variants – SME, PERSONAL and Advanced with various out-of-box pre-integrated benefits.
· Biz2X LMS (Loan Management System), an end-to-end API-based platform for overall loan management, servicing and collections. It is an advanced and most comprehensive bank loan management system that automates the entire loan lifecycle to achieve cost savings and enhanced customer experience. It is a digital loan servicing platform that provides scalable and modular solutions to grow from a small to a large client base and covers the entire necessary core lending bank processes.
Your brand has been associated with various Non-Banking Financial Companies (NBFCs). How are you powering the growth of this segment?
In the conventional banking model, the lending process involves heavy paperwork for the customer and on the other hand, is expensive for the bank. Biz2X flagship platform is designed for banks that are ready to streamline their manual interventions. Biz2X provides its proprietary technology to banks so that they can make accurate credit decisions instantly and offer loans to their small business clients within days instead of weeks and months. This all credit to the Biz2X dynamic features like open API integration, configurable rule engines, workflows, bank statement analyzers, and GST insights, rich UI/UX capability with UI Orchestration and finally all this with low cost of ownership and shifting to a true SaaS-based Customer pricing.
What are your Key USPs which stand you apart from the companies operating in the lending space?
Biz2X platform is truly an agile solution and the below mentioned are some of the key differentiators that make us stand apart from other lending systems:
· Omni-channel digital application – User-friendly experience to handle direct customers through a mobile or a desktop, or in-branch relationship manager and with an easily configurable DSA.
· Extensive Product Types- Various types of retail, business, and SME loans (Secured as well as Unsecured) can be provided through the Platform.
· True End to End in Capability – Biz2X offers a comprehensive, end-to-end Digital Lending Platform that manages the entire loan cycle right from customer sourcing and origination (using APIs) to collections. The platform also takes care of underwriting processes, loan servicing, and management.
· Flexibility- Fully configurable rules and decision engines with knock-out criteria and auto approvals make the addition of new products much easier and intuitive.
· Risk- Customizable scorecards to enhance assessment including industry-based risk, cash flow analysis, & monitoring.
· Integrations- Built-in 3rd party data integrations to support multiple product types - Fully India Ready.
· Go-Live- It can be up and running in 90-120 days, this also is true for changes in the systems post-go-live.
· Security- We’re SOC2 & ISO27001 certified and have passed rigorous audits
· TCO – Being a SaaS platform, we do not need expensive hardware for deployment and the TCO is thus a fraction of what you have already spent on your Legacy Lending Solutions.
Digital innovations are driving the banking sector of India towards a paradigm shift. What are the measures taken by your brand to boost this drive?
Biz2X uses a streamlined user interface, AI-driven analytics, and a customizable white label environment to help banks transform their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products. The Biz2X Platform offers end-to-end loan management features, which includes:-
· End-to-end Digital Native Lending Platform
· Configurable rule engine and workflow powering the underwriting and user journeys
· Rich UI/UX capability with UI Orchestration
· AI-based analytical engine across the platform for deeper insights
· Bank Statement Analyzers, GST Insights as well as Continuous Risk Monitoring
· Low Code Platform - helping faster roll-out including white-labeled journeys
· Deployment Flexibility – dockerized platform, private and industry cloud
How did the pandemic impact your business?
Biz2X has continued to grow in India throughout the pandemic as the whole organization moved to a seamless work from home without having any disruptions to any of our customer services. We also raised the bar by continuing to provide our best of class services for delivering all our planned project deliveries on time, even under excruciating circumstances especially during the second wave, where some teams were working only on 50% capacities.
Last year during COVID, we at Biz2X started to expand our operations outside India especially in the APAC and ME region and managed a few wins in both regions. Not stopping at these wins, we continued to build an exciting pipeline of deals in both South East Asia as well as the Middle East. This initial success has got us closer to opening our branch offices in Singapore and Dubai. We have already started discussions with local partners as well as local employees to add to our expansion plans in these geographies.
For Biz2X, where do you see growth coming from in 2021? What are recent developments you have made in the organization?
Biz2X started 2021 with some exciting launches including the Digital Loan Origination Platform (DigiKred) for Personal Loan and SME Loans. We also launched an advanced version of DigiKred for Continuous Loan Monitoring – DigiKredAdvanced, and also plans for more exciting launches in the coming months.
While it’s difficult to make predictions, what according to you is the future of India’s fintech space, at least in the next 12-18 months?
Key trends that will dominate the Fintech sector in times to come are –
· Cloud Computing and Big Data Analytics: Using data analysis in fintech is not just about an inclination. It helps the companies reach remote markets and audiences, irrespective of their locations. It is a complete transformation. Other advantages of employing cloud computing include efficient storage, management, and assessment of information. Also, cloud computing is the efficient storage of large data sets allowing swifter data analysis. The recent progress in the banking and financial sectors will continue further, especially after the adoption of mobile technologies and IoT.
· Robotic Process Automation: Robotic Process Automation (RPA) is a modern age technology employed by the financial markets to speed up the processes by automating the manual processes. RPA in finance allows human-like automation of repetitive mundane tasks. Instead of depending on APIs to combine several systems into a single platform to perform set routines, RPA notes the user’s actions in a graphical user interface (GUI) and repeats those actions in the same platform.
· Voice Bot: Chatbots have dominated major industrial sectors and finance is no different. Voice bots in fintech help with automated solutions in terms of customer assistance and management. It assists customers facing language barriers by localizing end-to-end interactions between the customer and the company.
· API Banking – Today, API banking is decentralizing the control and bringing all products on one platform at competitive prices in the financial industry. By giving users insights into their financial transactions, API banking is paving the path for a whole new banking environment, where customers have much more power, and can switch between service providers. Eliminating barriers between businesses, wherein everyone has access to the same data, helps in the overall growth of the financial industry, and a marked improvement in the quality of services available. Hence, there is absolutely no doubt that API banking is revolutionizing the banking sector in India just as core banking once did, ushering it forward to a digital future.
Around The World