FinTech firms assisting banks with customer acquisition

In the recent past, FinTech firms have seen an enormous transformation, backed by the current age of digitisation and a boom in digital data. These firms have provided a plausible option to ditch the long waits at banks for financial needs.

Under the spectrum of financial services, banks are increasingly collaborating with Fintech companies to reach out to a wider audience by leveraging their tech-driven processes.

In this context, here are four FinTech startups that are helping banks acquire more customers:

MoneyTap

It is a smartphone app that provides salaried individuals and self-employed professionals with a line of credit. People earning more than Rs. 20,000 per month can utilise this app to borrow anywhere between Rs.3,000 to Rs.500,000. Offering flexible payback options, MoneyTap allows borrowers to select their own EMI plans.

CoinTribe

Endeavoring to fill the gaps in SME unsecured loan segment, CoinTribe as a loan marketplace makes it easier for banks to confidently enter the uncharted domains. In addition to simply generating leads for banks, CoinTribe has commissioned proprietary underwriting engines that estimate the credit risk and thus, offers relevant suggestions.

Creditas

This Gurugram-based startup leverages digital services and machine learning to present financial institutions with an enhanced way of reaching and interacting with their customers. An extensive set of product suite by Creditas include a gamified digital financial literacy platform, ChatBots, machine learning powered web negotiation portal for complete remittances or flexible EMIs, marketing platform for connecting with users through digital mediums and a data enhancement engine for correcting inaccurate records.

Senseforth

This humanlike-conversations platform allows banks to automate addressing queries, resolving issues, in addition to performing monotonous tasks. Instead of making their customers endure complex websites or hold the line, partnering with Senseforth allows banks to enable their customers in performing banking transactions, placing requests, receiving specific information, and more.