Learn How Brankas Is Helping Lenders Acquire More Customers

Brankas Team March 29, 2022
Learn How Brankas Is Helping Lenders Acquire More Customers

Traditionally, consumer lending has been a long and tedious process. To apply for a credit card, you would have to provide your proof of income, bank statement history, and other documents to verify that you are able to repay your credit, often requiring trips to your bank branch. The underwriting process may also take weeks or months before the approval of a loan. They merit a high amount of effort on the part of both the borrower and the lender. However, in the age of open banking providing innovative solutions to these pain points, Brankas has an answer.

consumer lending

Brankas provides a suite of solutions to create a seamless consumer lending experience. A large amount of time is often dedicated to the credit review process, but with our Statement API, borrowers can simply provide their banking credentials and instantly share their financial and non-financial transaction history such as phone number, home and office location, spending behavior, and more with the lender. Whereas the manual process may take weeks or months to complete, with Brankas, it can be done in minutes.

On the lenders’ side, once the loan is approved, many manual processes still take place to disburse the funds. With Disburse API, lenders can disburse loans to multiple borrowers quickly, while being able to track the status of the funds in real-time. Similarly, lenders can use Direct API to allow borrowers to repay the loan via direct bank transfer within the lender’s app, doing away with manual bank transfers. This reduces their churn rate due to a more seamless process that allows the lender to track repayment instantly.

Buy Now Pay Later and Peer to Peer Lending companies can benefit greatly from Brankas’ suite of products. Buy Now Pay Later – which allows consumers to make purchases now and pay for them at a future date – and Peer to Peer lending – which enables individuals to obtain loans directly from other individuals – have both grown in popularity amidst the pandemic. Similar to traditional financial institutions, they require a credit review process prior to approval of a loan. With Statement API, the necessary financial data can be collected instantly, expediting the credit review process. When the loan is approved and is ready to be provided to the borrower, Disburse API can help lenders disburse loans quickly to multiple borrowers. Direct API then allows the borrower to repay the loan directly on the lender’s app. With these three API products, companies are able to innovate and automate their entire business model, an avenue to reach consumers more easily and effectively.

In the past, enabling consumer lending was consumed by manual work – lenders and borrowers alike are subject to manual processes that take many weeks to complete. With Brankas’ API solutions, the entire consumer lending process is made more efficient, creating a quick and seamless experience.

Brankas is helping consumer lending companies, traditional financial institutions, and more to simplify their financial processes, providing customers a wider variety of product offerings that are quick, safe to use, and accessible. In doing so, Brankas is shaping the open finance ecosystem in Southeast Asia – a pivotal role that can help businesses adapt to the current digital age.

Open banking is paving the way towards innovative, technologically-advanced opportunities in the financial industry, leveraging on Banking–as-a-service (BaaS) for more streamlined services. Partnerships with other institutions are made more accessible, opening up new revenue streams and allowing for better products to suit an expanding and evolving customer base.

Choose from Brankas’ current product options or have APIs custom built to suit your company’s needs. Want to learn more about how we’re building open banking in Southeast Asia? Reach us via Wherever your business is on its journey, we can help.

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