Technology is ensuring transformation across the globe and our lives underwent several unimaginable changes in the last few years. Financial institutions, in particular, are leveraging disruptive technologies to meet the dramatically changing needs of their customers and stay resilient. Non-Banking Finance Corporations (NBFCs) are also deploying tech-driven solutions to develop innovative products that cater to all segments of society and keep the operational costs in check. To understand, how tech solutions are helping the financial institutions restrategise and respond to the new normal, Rashi Aditi Ghosh of Elets News Network (ENN) interacted with Vineet Tyagi, Global CTO, Biz2X.
1. Give us an overview of your products and services.
Biz2X is the leading digital lending platform, enabling financial providers to power growth with a modern omni-channel experience and best-in-class risk tools. The company partners with financial institutions to support their Digital transformation efforts with Biz2X’s digital lending platform – From Origination to AI based risk, auto underwriting, cash flow analysis, servicing and collections. Biz2X solutions not only reduces operational expense, but accelerates lending growth by significantly improving client experience, reducing total turnaround time and equipping the relationship managers with powerful monitoring insights and alerts.
In the conventional banking model, the lending process is paperwork-heavy for the customer and expensive for the bank. Biz2X Platform is designed for banks that are ready to streamline that process. Biz2X provides its proprietary technology to banks so they can make accurate credit decisions instantly and offer loans to their small business clients within days instead of weeks and months. This is because of the Biz2X dynamic features like an open API integration, configurable rule engines and 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.
Biz2X solutions not only reduce the operational expense but also accelerate 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.
2. Your brand has been associated with various Non-Banking Financial Companies (NBFCs). How are you powering the growth of this segment?
Biz2X Platform is designed for banks that are ready to streamline their processes. Biz2X provides its proprietary SaaS-based models 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 can be done because of the Biz2X dynamic features like open API integration, configurable rule engines and 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.
3. What sets you apart from others operating in the lending space?
Our ambitions set us apart! From being a small online lender to becoming the largest Fintech PPP lender in the USA, we already have been a category leader. We have survived more than a few meltdowns including the COVID challenges on the recoveries and these give us tremendous confidence in our Credit models and our processes.
We being a lender adds quite different credibility to the Biz2X platform. We bring deep domain knowledge that has been gathered over the years of conducting this business using our own technology platform. Many successes and failures have been incorporated into our platform and these are through years of trying innovation. Thus, we are totally different from all the Lending Software companies globally. Biz2X is built by people who run this business.
4. 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
5. How did the pandemic impact your business?
Biz2X has continued to grow in India throughout COVID 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 EMEA region and managed a few wins in both the 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.
6. What according to you is the future of India’s fintech space, at least in the next 12-18 months?
With the ongoing pandemic, industries across the globe have been primarily dominated by the challenges of digital transformation. Drastic bumps in firms of swapping systems to digital platforms, working remotely, and devising user-friendly products and services that retained customers during the lockdowns seem to now calm down. FinTech companies specifically have seen a boom. The support of the government and government bodies like NITI aayog has been critical behind this boom. The disruptions that we have witnessed so far in Fintech are just the beginning. We are being ushered into an era of contactless payments, discount broking, minimum fee-based wealth management models, and super-fast delivery of insurance products, etc. These disruptions are significant, however, there’s much more to follow in the coming years. Recently our honourable PM Modi inaugurated a leadership Forum on Financial Technology (FinTech) and urged the adoption of modern-day technologies like AI, ML, Blockchain, and data-driven micro-lending in the fintech sector. Another key advancement that will surely grab attention will be open banking. India is at the cusp of operationalizing its own open banking framework. Open Banking is the practice of giving third-party providers access to consumer financial data through application programming interfaces (APIs). The emergence of Banking-as-a-Services is another critical component for traditional banks and financial institutions on their digital transformation roadmap. These trends will accelerate the growth and development of the financial industry and will cater to consumers’ new expectations. Thus, creating a blue-print for digital banking regulatory framework & policy offers India the ability to cement its position as the global leader in Fintech.
The year 2022 will be better known as the year of the “Fintech Revolution”. The 3 major reasons behind the same will be –
- Shifting to cashless payment via UPI and adding it to GDP.
- Extended government support through policy that would create a sense of recognition for regulators and compliance for fintech-driven models.
- Increase in the technology awareness among the small businesses which will lead to seamless user experience and better fintech products.
Thus, the year 2021 has seen a rapid acceleration in FinTech adoption. The Fintech sector went through technological breakthroughs, which opened many opportunities for fintech companies and took them to newer heights. The year 2022 however, is going to be brighter in terms of innovation, technology adoption, and sharper solutions that find higher resonance in the marketplace.