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The two essential elements Mumbai-based fintech startup Credilio relies on to enable more personal loans

It’s no big secret that fintech has dramatically improved the lives of millions of people – many who did not have access to the most basic financial services before, such as a bank account. On the flip side, however, fintech has also flooded consumers with plenty of choices. So much so that instead of helping with the use and purchase of financial products, it leaves people confused and ultimately leads to inaction, push people to buy whatever their bank tells them.

This does not mean that banks give the wrong advice or stick products to customers that they have no use for, but they do do not offer options, as the markets do.

That was the problem Credilio decided to resolve in April this year – help customers buy financial products that suit their needs, quickly and efficiently, which means not bombarding them with too much information or jumping them through too many digital KYC hoops.

More precisely, Credilio solves How? ‘Or’ What credit products, including personal loans and credit cards, are distributed in India.

After the founders of the startup – Aditya Gupta, Anand Kapadia and Sandeep Ghule – sold their first business, TranServ, at Indiabulls Consumer Finance, they started looking for more opportunities in the fintech industry. They soon realized that when it came to distribution of financial products, more than half of sales came from field agents, and not online marketplaces.

“Much of India is still an ‘assisted’ selling market opportunity. Currently, 70 percent of personal financial product sales are made by third-party sales agents, who are still stuck in the offline distribution mode, ”Aditya said. Your story.

“Our goal is to include them in the digital revolution in the area of ​​loans, ”he adds.

Essentially, Credilio combines agents who advise buyers and sell them financial products, with a digital infrastructure support that helps them register these online buyers quickly. Agents also assist buyers by completing their applications online, in addition to recommend some products that best match their preferences and credit history.

“We want to bring transparency, speed and efficiency to the entire process of distributing personal financial products, including credit cards and loans,” said Aditya.

Credilio currently offers its customers the possibility to choose from more than 40 different credit cards, of the eight major Indian banks, including HDFC Bank, Citibank, Standard Chartered, RBL Bank, among others. Since its launch in April 2021, the startup claims to have seen instant adoption by users in the market, as well as the rapid growth of the company.

Aditya says that Credilio is on track to cross over a million consumer applications initiated on its platform, assisted by 10,000 advisers, by March 2022.

Bring together all facets of credit on one platform

How Credilio differs from other market platforms available today, is it brings together lenders, sales agents and other intermediaries, and customers on a unified platform, and help the three parties to reach an agreement through assisted purchase.

“Our proprietary platform solves the critical need for digital platforms in which we do not replace human assistance, but give them the means to effectively serve the end consumer instead, ”says Aditya.

Once the buyer has chosen the product they want to request, Credilio’s agents help them fill the forms and do an online check or a KYC video, either in person or by personally visiting their residences.

Credilio does his returned of banks and NBFCs that issue credit cards and personal loan products, as do most markets. Financial institutions, whose products Credilio offers and sells on its platform, pay the startup a commission, who after deduction of its platform fees, it passes to sales agents and advisers.

The startup is in close competition with aggregators and market platforms such as Paisabazaar, Bankbazaar, KreditBee, and Finnov, among others.

The consumer credit space peaked in the past two months with products such as P2P lending, buy it now and pay later, and cards that allow consumers to share their dues over a few months with zero interest rates .

Retail loan disbursement is estimated to cross the 700 billion dollars by fiscal 2023, from $ 330 billion, according to a research report from the Boston Consulting Group, and the digital players that enable hassle-free transactions are poised to capture a big slice of the pie.

Edited by Teja Lele Desai


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Cory E. Barnes

The author Cory E. Barnes

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