With 12.8 percent of the UAE reported to be actively seeking loans and the demand of corporate loans marginally rising, the concept of instant service and turnaround time is high on today’s customer wish list. Coupled with the increased digitisation trend, this demand is driving innovation across the Fintech Sector to better support the region’s highly competitive banking sector.
Monami Tech, the UAE-based fintech payments company, has created Lendme, a frictionless digital service for financial institutions to provide instant loans at the point of decision across multiple channels, from e-commerce to merchants, and mobile.
With Lendme, getting a loan has become a seamless, swift experience. The app instantly submits and reviews loan applications granting an immediate approval if eligible, empowering financial institutions to service customers immediately and securely at point of decision. With a customisable white label solution and built-in process for electronic submission, digital validation, merchant integration and ID automation, the power of Lendme is that it can be deployed to retail and corporate customers across any channel. Customers can apply for loans at their convenience and receive approval or denial almost instantly, markedly reducing friction and ultimately ensuring a smoother experience.
According to Monami Tech CEO Brian Quarrie, the single largest issue when it comes to loans is delay. The turnaround time for personal loans and credit cards range between one hour to 2.5 days in mature markets as compared to emerging markets, where it can take up to four or more days to achieve the same result. For business loans, the average turnaround time is 10 to 15 days.
“Financial solutions have to be more responsive than ever to accommodate clients’ busy schedules. With the current market research, we find that the major gap is in disbursing loans with a great deal of convenience and security. Lending has to be made easier.”
“The aim has been to reduce this window with faster loan approval methods, with instant scoring and swift processing times,” he said.
“With our wealth of experience helping financial institutions smoothly transition into this digital era, we have no doubt that an innovative solution like Lendme will be embraced in this region, leading to greater efficiency, reduced operational costs and a more satisfying customer experience,” he added.
Whilst the traditional risk-scoring methods of evaluating the applicant’s salary, job history and credit score are still at the core of the credit decisions, Lendme’s alternative approach is largely driven by social media influence using a complex algorithm.
“The success of Lendme is predicated to the fact that the app takes into account an unprecedented amount of data and can better evaluate an applicant’s creditworthiness than any manual operation. And therein lies the value of what Monami Tech has built, a powerful digital platform with an underlying scoring engine that captures invaluable data on client behaviors,” concluded Quarrie.
Innovation remains at the heart of Monami Tech’s robust expansion plans with more products lined up to complement Lendme. By the end of Q1 2018, they will be releasing Lendpro, a loan management platform and Lendgate, a risk assessment platform, thus building a complete end-to-end loan lifecycle management system.