FinBox & Capital Now team to enhance digital onboarding and risk assessment

By Delisha Fernandes

Gurugram and Bengaluru-based FinTech FinBox has partnered with Capital Now, a Hyderabad-based digital lender, to improve customer onboarding, in addition to supercharging bank statement analysis for risk assessment.

The partnership has enabled Capital Now to onboard its customers within seconds, reducing the overall turnaround time for digital loan disbursement by 25% over their incumbent solution.

“It has always been our priority at FinBox to ensure our products help our clients create real, tangible impact. BankConnect has been able to deliver desired results for Capital Now, but what makes this win sweeter for us is the sheer speed at which it has kept up with their burgeoning customer base,” said Rajat Deshpande, CEO, FinBox.

The rise of the unified payment transactions (UPI) for petty transactions has further complicated analyzing the larger database. FinBox’s advanced bank statement analyser, BankConnect, analyses with the highest levels of accuracy but also does so at unprecedented speed. This deeper insight into bank statements significantly strengthens the evaluation process for unsecured loans, mitigating risks and fostering more secure lending practices within the financial ecosystem.

The software has been designed to collect, extract and analyse data with the objective of minimising onboarding time for customers, thereby improving their experience on the host app. FinBox’s APIs fetch bank statements fast and it processes bank statement data simultaneously as the user completes onboarding, and Capital Now uses these insights to enrich their own risk assessment measures.

“In the fast-paced world of retail digital lending, Capital Now efficiently handles a multitude of loan applications, spanning various credit products. Our commitment is to streamline this process, ensuring each application receives the attention and precision it deserves. Which is why we need extremely reliable tech integration. BankConnect has been nothing short of a secret weapon for us – it has empowered us to carry out near-precise risk assessment, and at astounding speed,” said Dhaval Shah, Product Manager at Capital Now.

Capital Now serves a vast and diverse customer base. FinBox supports a comprehensive list of banks and statement formats, thus allowing the digital lender to analyse statements shared by any customer. As a result of FinBox’s quick TAT and extensive network of banks, Capital Now has also improved the success rate of its platform by 30%.