Biz2X, a digital lending SaaS platform, announced plans to increase hiring and recently announced a partnership with LinkedIn Learning to bolster employee skills enhancement. The company, founded by brothers Rohit and Ramit Arora, uses a streamlined user interface, AI-powered analytics and a customizable white-label environment to enable banks/NBFCs to improve their core services, such as offering targeted customer service, expand their portfolio and increase the use of their products.
Excerpts from an email interview:
Your brand has been associated with various Non-Banking Financial Companies (NBFCs). How are you fueling the growth of this segment?
Ramit Arora: In the conventional/traditional banking model, the loan process is dominated by heavy paperwork for the customer and it is also costly for the bank. The Biz2X platform is designed for banks/NBFCs who are ready to streamline this process. Biz2Credit’s flagship Biz2X platform provides this proprietary technology to banks so they can make accurate credit decisions instantly and offer loans to their small business customers in days instead of weeks and months. This is due to platform features such as open API integration, configurable rule engines and workflows, bank statement parsers and GST Insights, rich UI/UX capabilities with UI orchestration, and finally all of this with low cost of ownership and moving to true SaaS-based customer-based pricing.
Biz2X in its first avatar was used to power Biz2Credit, our US digital lending marketplace, and it has grown as financial institutions around the world find value in digitizing their lending processes from end to end. The current new version of Biz2X which runs on Microservices architecture is fully API driven and with serverless base has been around for 3 years.
Have you recently launched Maadhyam? What flaws will it fix?
Ramit Arora: As a key player in the financial space, we have identified the lack of technological interventions that can support growing businesses in India under the roof of financial expertise. As a solution, Biz2X came up with the idea of launching a technology solution that can not only facilitate easy access to credit for businesses, but can also provide them with a set of options to choose from as a lender, enriching thus the entire financial system. ecosystem.
Maadhyam is an integration of futuristic technologies like machine learning and machine intelligence to bridge the gap between business and access to credit. With access to the “Maadhyam” middleware platform, banks can experience a huge reduction in fraudulent loan applications as well as time consumption in the loan processing window. Data-backed artificial intelligence can help improve the number of loan applications for banks associated with Maadhyam. For aggregators, the technology middleware promises an improved structure for customer retention and product cross-selling as an overall boost to the lender-borrower relationship. On the other hand, with Maadhyam, SMEs can easily access credit through a simplified process that offers easy and transparent disbursements and allows them to access competitive loan rates. Therefore, opening a window for new businesses to decide what is best for their business.
What are your growth priorities for the next 12-14 months?
Rohit Arora: Biz2X has started 2022 with exciting launches starting with the Maadhyam. In the next 12-14 months, our goal is to strengthen the middleware platform with: We plan to hire over 350 employees in the next 12-14 months. This headcount increase will move from entry-level to mid-management positions in several areas, including the most in-demand areas such as cloud computing, data science, and AI/ML.
Investing in better and innovative financial products for India – it is already happening and the pace will pick up even more.
Investing in the ecosystem in India where we will establish strategic partnerships with data providers and in newer solutions such as account aggregators, OCEN, etc.
We are actively forging strategic partnerships with fintechs and forward-looking banks to create a better unit economy for them on lending. Here, as true innovators, we invest in our relationship with our partners rather than simply becoming a supplier to them. We base our pricing models on their success and therefore we are a big investor in their success.
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Posted: Saturday, May 21, 2022, 8:12 PM IST