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Kastle™ ULS, with its Digital Self-Onboarding feature, transforms the lending process for a KSA based fintech company

Overview:

The client is a leading omnichannel fintech company based in the Kingdom of Saudi Arabia (KSA), offering digital financing solutions to Saudi nationals seeking micro-financing services through personal and consumer loans. Owned by one of the largest Islamic banks in the world, it operates under the supervision of the Central Bank of Saudi Arabia, providing solutions in accordance with the Islamic law. It specializes in digital micro-financing services that are accessible through its digital and branch applications.

Company Snapshot:

Company: Leading omnichannel fintech company
Sector: Personal & Retail Financing
Regional presence: Kingdom of Saudi Arabia (KSA)

Challenges

To match the dynamic market demands in an increasingly digital world, our client wanted to provide its end-customers with a delightful experience, specifically in the disbursement of loans. The fintech company required an application that would enable end customers to experience a self-serviced as well as assisted journey through the lending processes, powered by application programming interface (API) connectors. This called for a technology solution that would also do the following:

  • Auto populate the data from various sources
  • Make customer data capture-points more efficient
  • Assist the management in making quick and appropriate business decisions
Solution

With the implementation of Azentio’s Kastle™ Universal Lending Solution (ULS), the client ensured its entire digital lending processes are driven by customers and prospects, with no dependency on the company.

Highlights of the solution implemented:

  • Leveraging the BPM component of Kastle™ ULS, once the risk profiling of the customers is done applications are either straight through approved or referred for manual underwriting
  • Primarily a digital platform for customers to self-board, the solution includes advanced features such as two-factor authentication, debt burden ratio (DBR) analysis using the bureau data of SIMAH, digital signing of documents with Emdha, and E-PN signing with Nafith
  • The solution also offers Saudi Credit Bureau (SIMAH) automated reporting on a scheduled and periodic basis
  • The project was completed in 3 months, facilitated by the availability of ready API connectors of Kastle™ ULS
  • Following the principles of Open Banking, these APIs are being planned to be used by the parent bank where they will use these data points to generate more leads and other potential business opportunities for the group
  • The ‘go live’ with 12+ interfaces, was achieved using the offshore methodology during the pandemic. With these interfaces customers can carry out their entire digital journey from the comfort of their mobile devices. Data aggregation for personal information, salary information, address details were done without any manual intervention.
Benefits

The implementation of Kastle™ ULS helped the client streamline and completely automate their lending business processes, enhancing customer experience and business growth opportunities.

The major benefits experienced by the client included:

  • 100,000 applications received shortly after going live, for a newly launched digital lending Islamic line of business
  • The entire lending journey can now be carried out by the prospects/customers themselves with no dependency on back-office team of the financing company
  • Online integration with bureaus, general ledger (GL), anti-money laundering (AML) and other regulatory interfaces – with 50+ touchpoints

Though the implementation was done for the lending department, the client as well as its parent bank can also leverage the APIs for different product lines in future, thereby reducing the go-to-market time.

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