A successful fintech company provides payday advances and other consumer lending products nationwide through its digital platform. It provides fairly priced loans, beating predatory products on the market, and successfully sells to lower-income customers. Approximately 10% of initial customers who inquire about a loan product do not have a bank account they can supply on the platform to electronically receive the loan proceeds. Others choose not to, asking instead to receive the loan proceeds in the form of a check even if they could plug in their bank account.
The fintech company is looking for a partner whose technology can seamlessly sync up with theirs, so that customers can sign-up for an account in only a few minutes and be immediately diverted back to the fintech app. It requires an open API system that doesn’t require hours of coding to maintain. And, it needs to provide customers with a bank account number and routing number within minutes as part of the overall loan application process.
BrightFi is able to deliver this and more. The technology integration took a few weeks, and after that customers were onboarding quickly. We found that not only did customers without an account eagerly sign up, but that others we did not anticipate chose to open this new account for the purposes of receiving the loan proceeds separately from their existing accounts. Once in the account, customers were happy with the other features available to them – that they could instantly transact online or pay the overdue bills they got the loan to cover in the first place. Plus, that they could then transfer funds to friends & family here or abroad, and start savings jars to save towards their goals. The subscription cost without any other hidden fees was straightforward and easy to understand as well, customers reported.
The fintech partner is happy to have integrated this service, since fewer customers are abandoning the loan application process at this point in the customer journey. And, they have seen an increase in on-time payments from customers in the BrightFi app because of the automated bill pay function. Customers are setting up automatic loan repayments and making it easier to pay on-time while still managing funds effectively.