{"id":3797,"date":"2022-09-07T20:07:29","date_gmt":"2022-09-07T20:07:29","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=3797"},"modified":"2024-06-13T11:18:58","modified_gmt":"2024-06-13T11:18:58","slug":"creditwise-case-study","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/creditwise-case-study\/","title":{"rendered":"How CreditWise Capital leveraged Decentro to launch a chat-based banking product"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/creditwise-case-study\/#What_does_CreditWise_do\" title=\"What does CreditWise do?\">What does CreditWise do?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/creditwise-case-study\/#What_is_Twin2_How_does_it_aim_to_benefit_the_consumers\" title=\"What is Twin2? How does it aim to benefit the consumers?\">What is Twin2? How does it aim to benefit the consumers?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/creditwise-case-study\/#Where_did_CreditWise_need_Decentros_APIs\" title=\"Where did CreditWise need Decentro\u2019s APIs?&nbsp;\">Where did CreditWise need Decentro\u2019s APIs?&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/decentro.tech\/blog\/creditwise-case-study\/#What_are_the_key_areas_where_Decentro_comes_in_and_empowers_CreditWise\" title=\"What are the key areas where Decentro comes in and empowers CreditWise?\">What are the key areas where Decentro comes in and empowers CreditWise?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/decentro.tech\/blog\/creditwise-case-study\/#Outcomes\" title=\"Outcomes\">Outcomes<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-CreditWise-Capital-leveraged-Decentro-to-launch-a-chat-based-banking-product.png\" alt=\"CreditWise Capital\" class=\"wp-image-6196\"\/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><span class=\"has-inline-color has-theme-color-five-color\">&#8220;Sir\/Ma&#8217;am, you are pre-approved for a personal loan of Rs. &#8220;<\/span><\/p><cite>said the bank agent over a phone call<\/cite><\/blockquote>\n\n\n\n<p>Does this dialogue seem familiar? Is there a better way for lending partners such as banks &amp; non-banking financial institutions or NBFCs to engage with their customers for loan-related information?<\/p>\n\n\n\n<p>CreditWise Capital, an RBI-registered NBFC,&nbsp; launched Twin 2. Twin 2 is an AI &amp; Whatsapp integrated bot that offers 2-wheeler loans to its customers within 2 minutes. This sounds much better than the agent&#8217;s phone call.<\/p>\n\n\n\n<p>How is CreditWise able to make a loan offer in 2 mins? &nbsp;The combination of Credit wise homegrown idea and proprietary Business rule engines using a technology platform like Decentro, Creditwise collects various data points &amp; can verify the customer in seconds!&nbsp;&nbsp; Before delving into details, let us help you with a small background of what CreditWise Capital does.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_does_CreditWise_do\"><\/span><strong>What does CreditWise do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CreditWise Capital is a consumer finance company that operates as an RBI-registered NBFC. They work in the electric and ICE two-wheeler lending industry providing technology-driven loans to customers.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1888\" height=\"886\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/image-14.png\" alt=\"\" class=\"wp-image-3811\"\/><\/figure>\n\n\n\n<p>The company was incorporated in early 2019 and after a short period, it has achieved tremendous growth and has become the fastest-growing two-wheeler-focused fintech in the country. So far, they have served more than 50,000 customers through their network of more than 1200 dealers across 75 cities in India.<\/p>\n\n\n\n<p>Let\u2019s now talk about their core product, Twin2.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_is_Twin2_How_does_it_aim_to_benefit_the_consumers\"><\/span><strong>What is Twin2? How does it aim to benefit the consumers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Twin2 is a WhatsApp chatbot and is CreditWise Capital\u2019s latest offering to simplify the credit discovery and onboarding process. Through Twin2, CreditWise capital strives to reduce the time it takes to get a two-wheeler loan sanction letter to 2 minutes.<\/p>\n\n\n\n<p>They can do this by digitizing the loan origination process including KYC documents collection and verification and credit bureau reports in the backend among other processes. By digitizing this process, CreditWise can do in 2 minutes what typically takes 2 to 3 days to get a sanction letter for a loan.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Where_did_CreditWise_need_Decentros_APIs\"><\/span><strong>Where did CreditWise need Decentro\u2019s APIs?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In order to connect with various financial institutions such as CERSAI, NSDL, UIDAI, and more, CreditWise was looking for a partner who could absorb the complexity of these integrations and offer a simple API with faster response times.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"960\" height=\"138\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/CKYC-flow.001.png\" alt=\"\" class=\"wp-image-3841\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>This is where Decentro could stand out and differentiate itself from other players. Decentro\u2019s <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC module<\/a> helps to collect and validate multiple IDs from the database of various governmental authorities like:<\/p>\n\n\n\n<ol><li>PAN cards<\/li><li>Aadhaar <\/li><li>Voter IDs <\/li><li>Driving License <\/li><li>Vehicle Registration<\/li><li>CKYC<\/li><li>DigiLocker&nbsp;<\/li><\/ol>\n\n\n\n<p>We even offered Twin2 a <strong>Face Match and Liveliness Checks<\/strong> to determine whether the user submitting the information is the same person who holds these IDs.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_key_areas_where_Decentro_comes_in_and_empowers_CreditWise\"><\/span><strong>What are the key areas where Decentro comes in and empowers CreditWise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Decentro stepped in with its KYC and banking prowess to empower CreditWise Capital\u2019s Twin2 with:<\/p>\n\n\n\n<ol><li>ID collection <\/li><li>Verification <\/li><li>Bank Account Validation &nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1690\" height=\"1104\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Add-a-heading.png\" alt=\"\" class=\"wp-image-3821\"\/><\/figure>\n\n\n\n<p>This has allowed Twin2 to collect information seamlessly from the user.<\/p>\n\n\n\n<p>Triangulating the collected data points and validating information allows CreditWise Capital to determine the individual&#8217;s creditworthiness and ability to afford and pay for a vehicle.&nbsp;<\/p>\n\n\n\n<p>Once their state of art underwriting system has processed the information, they can instantly generate a sanction letter and share it with the user on the chat. The user can walk into the nearest dealership\/showroom tied up with CreditWise Capital, share their sanction letter, and complete the purchase process.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=creditwise+case+study\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" width=\"1700\" height=\"298\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Creditwise-KYC.jpeg\" alt=\"\" class=\"wp-image-3883\"\/><\/a><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Outcomes\"><\/span><strong>Outcomes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We did see some fantastic transactions on the platform executed end-to-end via Decentro\u2019s integrated APIs.&nbsp;<\/p>\n\n\n\n<p>CreditWise saw a 92% hit rate with respect to successful <a href=\"https:\/\/decentro.tech\/resources\/ckyc-apis\/\" target=\"_blank\" rel=\"noreferrer noopener\">CKYC<\/a> downloads so far. We could also verify the bank accounts of these verified users.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default\"><p><strong><em><span style=\"color:#288de7\" class=\"has-inline-color\">&#8220;Decentro\u2019s APIs helped Credit Wise Capital\u2019s Twin2 with KYC and banking prowess. This lets us now get the job done for both ID collection &amp; verification along with Bank Account Validation. The way Twin2 is now able to collect information seamlessly from the user is amazing. Hope to grow a long way with Decentro.&#8221;<\/span><\/em><\/strong><\/p><p><strong><em><span style=\"color:#288de7\" class=\"has-inline-color\">Cheers!<\/span><\/em><\/strong><\/p><p><\/p><cite>Bhavik Davda, Vice President, Credit Wise Capital<\/cite><\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1627\" height=\"757\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Screenshot-2022-09-09-224550.png\" alt=\"\" class=\"wp-image-3859\"\/><\/figure>\n\n\n\n<p>Decentro\u2019s KYC and Banking infrastructure can help companies set up seamless flows serving industries like Neobanks, Marketplaces, Payment Service Providers, Insurtech, Healthtech, etc.<\/p>\n\n\n\n<ol><li>Collect and validate IDs of users (individuals and companies), verify identities through face match and liveliness check, and access databases like <a href=\"https:\/\/decentro.tech\/resources\/ckyc-apis\/\" target=\"_blank\" rel=\"noreferrer noopener\">CKYC<\/a> and <a href=\"https:\/\/decentro.tech\/resources\/digilocker-apis\/\" target=\"_blank\" rel=\"noreferrer noopener\">DigiLocker<\/a>.&nbsp;<\/li><li>Connect with <a href=\"https:\/\/decentro.tech\/resources\/credit-bureau-api\/\" target=\"_blank\" rel=\"noreferrer noopener\">Credit Bureaus<\/a> to access and analyze credit bureau reports of the borrowers.<\/li><li>Verify Bank Accounts to which the NBFC is disbursing credit to ensure that the wrong accounts are not credited.&nbsp;<\/li><li>Set up recurring payment mandates like <a href=\"https:\/\/decentro.tech\/resources\/enach-apis\/\" target=\"_blank\" rel=\"noreferrer noopener\">eNACH<\/a> and <a href=\"https:\/\/decentro.tech\/resources\/upi-autopay-apis\/\" target=\"_blank\" rel=\"noreferrer noopener\">UPI AutoPay<\/a> to periodically recollect money from the borrowers.&nbsp;<\/li><\/ol>\n\n\n\n<p>That\u2019s precisely what our simplified banking APIs are here for! We\u2019ve solved pertinent use cases for customers across industries using our product suite with <a href=\"https:\/\/decentro.tech\/products\/virtual-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">virtual accounts<\/a>, <a href=\"https:\/\/decentro.tech\/products\/business-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">business banking<\/a>, <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC<\/a>, <a href=\"https:\/\/decentro.tech\/products\/payments\/\" target=\"_blank\" rel=\"noreferrer noopener\">payments<\/a>, and more.&nbsp;<\/p>\n\n\n\n<p>In just a matter of two years, our KYC stack has been churning solid numbers.<\/p>\n\n\n\n<p>With over 400+ Identity validations, 250+ Image recognitions, and 300+ Repository fetches happening via Decentro\u2019s KYC stack per hour, we\u2019re more than equipped to enable your verification and validation journey.&nbsp;<\/p>\n\n\n\n<p>It\u2019s not that hard. We\u2019ll help you make it easy.&nbsp;<\/p>\n\n\n\n<p>Do you have a platform requiring verification of customers or businesses that you\u2019re looking to make live? <a href=\"https:\/\/decentro.tech\/signup\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=creditwise+case+study\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"decentro-homepage-signup\">Let&#8217;s Connect<\/a><\/p>\n\n\n\n<p>As easy as it should be.&nbsp;<\/p>\n\n\n\n<p>Cheers!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How CreditWise Capital launched a chat-based product Twin2 by leveraging Decentro&#8217;s financial APIs.<\/p>\n","protected":false},"author":16,"featured_media":3857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[120,121],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How CreditWise Capital leveraged Decentro to launch a chat-based banking product - 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