Overview

FinZey Finance (FINZEY) offers various micro lending services under Tawarruq line of business and specializes in providing financing solutions that are compatible with the provisions of Islamic Sharia. It was looking for a digital solution for customer onboarding, end-to-end loan processing and customer service with online payment options.

Azentio Software, based in Singapore, has strong industry experience and a series of software products that span the banking, insurance, asset management, and ERP industries. It primarily serves BFSI customers with core software and SMB firms with ERP solutions throughout the Middle East and Africa, Asia Pacific, and India, and has over 1000 clients in over 48 countries (as of Jan 2023), as well as offices in 9 countries.

Implementation Process

The project team comprised of a program manager, subject matter experts, business, technical consultants, and digital solution experts who had experience of implementing similar solutions in other regions. The project was tracked on a daily/weekly basis with continuous client engagements at all levels which helped in integrating all the stakeholders and proactively identifying challenges, risks, and deviations, which resulted in better planning and mitigation strategies. Weekly PSRs were conducted to review progress and take corrective action. IT teams across Azentio and FinZey worked in sync to mitigate any technical challenges and complexity arising due to third party integrations.

Benefits Achieved

The features of the solution include:

• A single codebase across various platforms with responsive design to suit any browser iOS and Android-based apps
• Progressive web application that uses cross-platform deployment support for the mobile apps Multilingual support with native look and feel
• Extensive choice of UI elements

A single solution was hence made available for both web portal and mobile channels, leading to a consistent UI and UX with multilingual support. Other benefits include:

• Integration with IAM for compliance with eKYC guidelines and faster onboarding
• Automated loan processing and disbursement process without the need for manual effort
• Online customer service to end users to help initiate online EMI payments and register loan-related service requests without the need to visit a branch.
• Automation of origination workflow
• Seamless integration with third-party interfaces, including with payment gateways such as (HyperPay)
• Centralized operations, seamless transaction information sharing and automated core processes.
• Reduced turnaround time, improved data quality, and streamlined lending functions.
• Enhanced speed-to-market, improved process efficiencies

Conclusion

The client requirement was hence met via a fast-track registration and onboarding process, easy access through multiple channels like web and mobile application, a quick decision process engine, and integration with the payment gateway.

Key Facts
FI: FinZey Finance
Headquarters: Saudi Arabia
Supplier: Azentio Software
Solution: Azentio OneBanking Digital Lending Solution
Timeline: Go-live in Aug 2022