back Back

FinBox & Capital Now team to enhance digital onboarding and risk assessment

By Delisha Fernandes

January 16, 2024

  • bank statement
  • Capital Now
  • Customer Onboarding
Share

FinBox, Sentinel, AI powered platform, Credit Decisioning Platform, Lending, Loans Management, India, FinSuite, IIFLGurugram and Bengaluru-based FinTech FinBox has partnered with Capital Now, a Hyderabad-based digital lender, to improve customer onboarding, in addition to supercharging bank statement analysis for risk assessment.

The partnership has enabled Capital Now to onboard its customers within seconds, reducing the overall turnaround time for digital loan disbursement by 25% over their incumbent solution.

“It has always been our priority at FinBox to ensure our products help our clients create real, tangible impact. BankConnect has been able to deliver desired results for Capital Now, but what makes this win sweeter for us is the sheer speed at which it has kept up with their burgeoning customer base,” said Rajat Deshpande, CEO, FinBox.

The rise of the unified payment transactions (UPI) for petty transactions has further complicated analyzing the larger database. FinBox’s advanced bank statement analyser, BankConnect, analyses with the highest levels of accuracy but also does so at unprecedented speed. This deeper insight into bank statements significantly strengthens the evaluation process for unsecured loans, mitigating risks and fostering more secure lending practices within the financial ecosystem.

The software has been designed to collect, extract and analyse data with the objective of minimising onboarding time for customers, thereby improving their experience on the host app. FinBox’s APIs fetch bank statements fast and it processes bank statement data simultaneously as the user completes onboarding, and Capital Now uses these insights to enrich their own risk assessment measures.

“In the fast-paced world of retail digital lending, Capital Now efficiently handles a multitude of loan applications, spanning various credit products. Our commitment is to streamline this process, ensuring each application receives the attention and precision it deserves. Which is why we need extremely reliable tech integration. BankConnect has been nothing short of a secret weapon for us – it has empowered us to carry out near-precise risk assessment, and at astounding speed,” said Dhaval Shah, Product Manager at Capital Now.

Capital Now serves a vast and diverse customer base. FinBox supports a comprehensive list of banks and statement formats, thus allowing the digital lender to analyse statements shared by any customer. As a result of FinBox’s quick TAT and extensive network of banks, Capital Now has also improved the success rate of its platform by 30%.

Previous Article

January 16, 2024

Surge in digital identity fraud is a major problem for financial services, research reveals

Read More
Next Article

January 16, 2024

5 Cybersecurity firms helping businesses fight digital crime in India

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

bank statement

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 22, 2024

Vidyut raises $10m in Series A Funding round led by 3one4 Capital

Read More

February 21, 2024

Autonom8 & Berar Finance to automate Intelligent Loan Origination

Read More

February 21, 2024

Commerce Bank goes live with Temenos loan origination solution

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023