The amalgamation of Finance and Technology has given birth to Fintech. Needless to say, technology is the backbone of the Fintech business. Whether product delivery, customer experience or service as a whole, technology is an intrinsic part of Fintechs.
Niyogin, built differently and making a difference, offers credit modules, a wealth tech platform, rural tech, full-stack, API and SDK capable financial services infrastructure platform that powers all distribution/customer-facing businesses. Through this approach, Niyogin powers local MSMEs and other enterprise platforms to do more with their current distribution infrastructure.
How is Niyogin creating value through technology?
End-to-end automation
Being an early-stage unique platform, Niyogin has heavily leveraged technology to create a fully automated, customer-centric platform. Its onboarding, service offering, customer experience, etc are fully digital with minimal human intervention. It allows Niyogin to serve a larger customer base giving a significant boost to its market reach without incurring additional customer acquisition costs.
The Loan Origination System
The loan origination system journey is a seamless and digitized process. The partnership-led model allows Niyogin to pick the right set of customers to offer financial assistance. The system automatically checks the credit scores and documents of a customer thereby limiting risk and human intervention.
Operational Activities
Niyogin as a platform follows a customer-centric approach where the utmost importance is given to customer journey and experience. Hence, the operational activities are followed in a manner that ensures customers are offered their services within a given TAT. For instance, loans are disbursed within 72 hours since it is logged into the system. The entire process of customer onboarding to checks to disbursal is completed within the said time frame and technology has enabled this agility in function.
Scoring Mechanisms
Niyogin transitioned from offering generalized credit to transaction-led credit. All the partners onboarded are on either one of the two platforms. This gives Niyogin access to their transaction data and cash flow control as partners generate income on Niyogin’s platform. This enables a better assessment of an individual’s creditworthiness as well as the ability to digitally collect information in the transaction flow.
Marketing Tactics
Niyogin has built an entire online communication journey wherein partners and customers are informed of its products and services digitally. By creating a planned journey that begins with contacting the unserved, Niyogin ensures a strong product/service marketing module that gives utmost priority to customer engagement.
Risk Analysis and Prevention
With the help of credit scores, the Niyogin platform’s algorithms analyze the risk quotient of a customer by producing a risk probability report. This report gives a complete understanding of how a customer may default and the risk capacity Niyogin can undertake for a particular client. This not only helps in decision-making but also in fraud prevention.
Niyogin is driving innovation through technology and building economic infrastructure for MSMEs. Technology is the driver for its core product offering i.e., the open tech platform vision to drive financial services adoption and inclusion. There are two specific areas of investments in technology-
- the product capability investments and
- the technology platform and infrastructure.
Niyogin has made significant investments in both these areas. The platform is being built with the objective and capability to offer the entire banking services stack consumable as full-stack, API and SDK depending on the partner’s technology evolution and choice. This would make Niyogin a unique tech financial services infrastructure platform that powers all distribution/customer-facing businesses. For this, Niyogin works closely with various leading technology companies across multiple domains financial institutions, payment networks, and banks. We expect technology investments to remain elevated!
