How can Lending Institutions Win in an API Economy?
Digital lending is ever-evolving, and it can be challenging to keep up with the latest must-have features. The rapid shift in technology forces many financial institutions to accelerate their digital transformation efforts to meet the new consumer demands and improve productivity, all while still focusing on scale. To thrive in this new era, taking an outside-in approach to digital business ecosystems can help enterprises harness existing resources and relationships to drive innovations and efficiency.
Digital transformation morphs the industry from a vertically integrated architecture to a stack-based architecture. This opens up a huge opportunity for all entities to participate in different stack layers without restricting themselves to their existing legacy systems. In order to interact across the stacks, the lending system should work like a platform exposing Application Program Interface (APIs) to stacks above and below.
This is where an API ecosystem comes into play; the functionalities offered by open APIs within digital lending can help position a lender to evolve with the growing needs of the digital borrower. These connective technologies offer clients easier access to go to bank services from their own platforms and enable seamless interaction with third parties to move closer in the value chain to their clients.
Lend.In’s API Marketplace is not just a solution stack, but an entire ecosystem that offers enhanced customer experience by combining the digital services offered by multiple companies. The marketplace is analogous to an actual store with services offered by the different partners involved in the ecosystem. The consumer is in the driving seat to choose the functionality/service and user interface that suits them best. Once having made this choice, the consumer simply gives their consent to the party to use specific data present in the ecosystem. Thus we facilitate an arrangement that not only benefits the consumer but boosts innovation considerably resulting in new service offerings that are superior in terms of cost, performance, and convenience.
The uniqueness in Lend.In’s API Marketplace is not just in the simplicity of usage, but is largely based on the quality and diversity of the partner APIs. Every partner API contributes significantly to the overall lending value chain covering aspects of:
- Onboarding: Video-Based Onboarding through video KYC, e-KYC, Virtual Assistants, AML checks etc
- Document Verification: OCR, text mining, data extraction and comparison.
- Income verification: Account verification, Bureau Scores, Transaction analysis, Statement uploads etc
- Payouts: Payment gateways, e-signing
We believe in think locally and act globally. Our region-specific APIs give your institution an advantage when it comes to compliances and regulations, moreover by leveraging the full spectrum of the API ecosystem, enterprises can scale across geographies at ease.
Sounds interesting? We’re going to unveil a lot more in our upcoming webinar Lend.In Fintech Marketplace: The Future of Lending in OPEN on 8th Dec at 11 am IST.