An in-depth look at how Decentro is helping Ignosis onboard their users faster with its banking APIs. Learn more about Ignosis and how they are enabling BFSIs with deep lender insights.
How Decentro Helped Ignosis Onboard BFSIs 10X Faster
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Gone are the days of one-size-fits-all financial services. It’s the era of intelligence and insights, where advanced analytics empower financial institutions to tailor their offerings to individual preferences, goals, and life circumstances.
This newfound personalisation elevates the customer experience and fosters deep customer loyalty, enabling better trust and reliance between clients and financial institutions.
Understanding the need for advanced data analytics in Account Aggregation
With Account Aggregation, you can use your financial data to access a vast array of financial services for your personal or business needs. When the customer consents to an Account Aggregator (AA), it collects digital financial data from one or more accounts. It delivers it to the financial institution providing services like loans, personal finance management or insurance to you.
AAs can prioritise data-driven decision-making and harness analytics to their advantage to
- Predicting customer behaviour
- Managing portfolios
- Helping customers understand their spending habits
- Identifying customers who have disposable income and might be interested in specific financial products
- Cross-selling and upselling
Data analytics have quickly become an essential activity within the industry. According to a recent Market Research report, the global banking data analytics industry is expected to grow from $4.93 billion in 2021 to $28.11 billion in 2031.
A market with so much potential naturally saw a disruptor in Ignosis.
What is Ignosis?
Ignosis provides financial data intelligence and actionable insights to BFSI customers. Its mission is to enable hyper-personalization, automation and credit democratisation.
How does Ignosis work?
Ignosis enables a safe & secure way for customers to share their financial data with regulated entities powered by RBI’s account aggregator (NBFC-AA) framework. With an advanced AI/ML-powered analytics engine, Ignosis enables deep customer insights on cashflows, spend behaviour, hyper-personalized recommendations and much more.
How does Ignosis leverage Banking APIs?
At this disruptive stage of Ignosis, the ask from Decentro’s API suite was to enable efficiency for the Ignosis customer base right at the onboarding level. Operating in the intelligence & insights side of things across the lending lifecycle, a seamless and accurate onboarding journey is crucial for the following reasons.
- Seamless onboarding ensures accurate and complete collection of financial data from borrowers. This accurate and comprehensive data is essential for generating reliable financial insights and analytics.
- Smooth onboarding processes reduce delays and inefficiencies in data collection and validation, allowing for quicker decision-making in the lending process.
- Timely access to accurate financial data facilitates more effective risk assessment and improves the overall quality of the lending portfolio.
The underlying purpose of enhancing the customer experience also gets addressed effectively via the association with Decentro.
What were the Key Outcomes for Ignosis?
Decentro’s robust APIs have allowed Ignosis to drive the following results:
- 10X faster integration timelines
- 100% Compliant Workflows
- Decentro’s multi-channel customer support for any problem resolution
“Having built this end-to-end lending stack on the back of data insight and intelligence, the accuracy of these data points became crucial to our business use case. By integrating Decentro’s cutting-edge technology into our product journey, we’ve transformed the lending experience and seen a significant impact on the insights derived from the exercise. The technology support from Decentro’s end empowers us to redefine lending and takes us a step closer to ensuring a future where financial transactions are not just transactions but experiences built on trust, intelligence, and innovation.”
Nirav Prajapati, Founder at Pirimid Fintech & Ignosis
In Conclusion
Decentro’s aim to empower the fintech ecosystem has come true through our partners. The promise of enabling innovation and disruption via their offerings makes our association with Ignosis extremely special.
That’s precisely what our simplified banking APIs are here for! It’s not just the reconciliation, management, and settlement of payments alone. Our host of products has solved pertinent use cases for customers across the industry. Bank accounts, payments, and KYC help your business simplify financial integration and run workflows smoothly. We at Decentro also champion the potential AI/ML holds and have integrated its elements into our liveness detection offerings.
Along with Ignosis, we’ve enabled many partners, such as FamPay, Money Tap and VedFin, to thoroughly verify their customers’ backgrounds before bringing them on board.
In just two years, our KYC stack has been churning solid numbers.
With over 400+ Identity validations, 250+ Image recognitions, and 300+ Repository fetches happening via Decentro’s KYC stack per hour, we’re more than equipped to enable your verification and validation journey.
Are you a fintech platform struggling with a focused use case or looking to align your financial wellness? We would love to help you figure this out. Together.
