December 02, 2024, National : FinBox,
One of India’s leading credit infrastructure and risk intelligence
companies - has recently announced the launch of an Account Aggregator based
Customer Data Platform (CDP) This unified platform will enable banks and NBFCs
to access extensive customer data points and get actionable insights real-time.
Designed to support diverse use cases beyond underwriting, the platform aims to
enhance lenders' ability to assess their customers' financial health with
greater precision and speed.
In financial institutions,
customer data is often fragmented, stale, and locked away in siloed databases
while executives struggle to form strategies to drive more revenue. FinBox’s AA
CDP solves this problem by ensuring decision-makers can automate rules and
triggers to build customer cohorts. This helps them build exciting use cases on
top of data, including early warning systems, portfolio monitoring, credit cards
line management, cross-sell, up-sell, and more, FinBox said.
Rajat Deshpande, CEO &
Co-Founder of FinBox, says - "Account
Aggregation enables exciting new possibilities of building data-rich workflows
that can drive a lot of revenues for lenders. The use-cases don’t have to be
limited to underwriting, and this prompted us to build this CDP product as a
unified offering which builds the foundation for a data-driven product and
solutions offering. We built CDP to function like the brain's cerebral cortex
for financial institutions, gathering and organizing all relevant customer
information in one place. By integrating data from multiple sources, the
platform enables institutions to identify patterns and uncover opportunities in
real-time. Traditionally, this process could take days or even weeks, often
leading to missed opportunities because no one was specifically tracking such
signals. With our platform, these insights are readily accessible, driving
smarter, faster decision-making."
The current pace of
innovation in the financial ecosystem is pushing even legacy institutions to
build smarter solutions to get that edge in a highly-competitive market. As
digitization increases, lenders are vying to utilize more and better data
streams to personalize their offerings at scale.
Whether it's providing
early warning systems based on transaction patterns or monitoring borrower
health in real-time without the need for quarterly checks, the platform will
help businesses generate and organize a huge library of customer data and find
cross-selling opportunities based on objective data points. .
For more details, please visit here: https://finbox.in/blog/introducing-finbox-aa-customer-data-platform-your-gateway-to-precise-consumer-insights-/
About FinBox:
FinBox is a rapidly scaling fintech
start-up based in Bangalore that provides embedded finance infrastructure and
digital lending solutions to start-ups and enterprises worldwide. The FinBox
suite works across alternate data scoring, embedded credit lines, financial
data integration, and analysis.
FinBox currently boasts of more than 75
clients across its credit infrastructure and risk intelligence offerings. The
company is setting up a presence in the South East Asia with live clients
across Vietnam, Phillipines and Indonesia.