{"id":5633,"date":"2024-01-22T06:56:33","date_gmt":"2024-01-22T06:56:33","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=5633"},"modified":"2024-06-12T11:22:05","modified_gmt":"2024-06-12T11:22:05","slug":"ignosis-case-study","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/ignosis-case-study\/","title":{"rendered":"How Decentro Helped Ignosis Onboard BFSIs 10X Faster"},"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\/ignosis-case-study\/#Understanding_the_need_for_advanced_data_analytics_in_Account_Aggregation\" title=\"Understanding the need for advanced data analytics in Account Aggregation\">Understanding the need for advanced data analytics in Account Aggregation<\/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\/ignosis-case-study\/#What_is_Ignosis\" title=\"What is Ignosis?\">What is Ignosis?<\/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\/ignosis-case-study\/#How_does_Ignosis_work\" title=\"How does Ignosis work?\">How does Ignosis work?<\/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\/ignosis-case-study\/#How_does_Ignosis_leverage_Banking_APIs\" title=\"How does Ignosis leverage Banking APIs?&nbsp;\">How does Ignosis leverage Banking APIs?&nbsp;<\/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\/ignosis-case-study\/#What_were_the_Key_Outcomes_for_Ignosis\" title=\"What were the Key Outcomes for Ignosis?\">What were the Key Outcomes for Ignosis?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/decentro.tech\/blog\/ignosis-case-study\/#In_Conclusion\" title=\"In Conclusion\">In Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"1779\" height=\"1779\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-Decentro-Helped-Ignosis-Onboard-BFSIs-10X-Faster.jpg\" alt=\"Ignosis\" class=\"wp-image-6185\"\/><\/figure>\n\n\n\n<p>Gone are the days of one-size-fits-all financial services. It&#8217;s the era of intelligence and insights, where advanced analytics empower financial institutions to tailor their offerings to individual preferences, goals, and life circumstances.<\/p>\n\n\n\n<p>This newfound personalisation elevates the customer experience and fosters deep customer loyalty, enabling better trust and reliance between clients and financial institutions.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Understanding_the_need_for_advanced_data_analytics_in_Account_Aggregation\"><\/span>Understanding the need for advanced data analytics in Account Aggregation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>AAs can prioritise data-driven decision-making and harness analytics to their advantage to<\/p>\n\n\n\n<ul><li>Predicting customer behaviour<\/li><li>Managing portfolios<\/li><li>Helping customers understand their spending habits<\/li><li>Identifying customers who have disposable income and might be interested in specific financial products&nbsp;<\/li><li>Cross-selling and upselling<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/vvCcQvIwik4ghRgg3z2AnfSkvG6xcav5fp-FGZNgNpBfiLkgdh9otNS1Q5Gu1kyAkdv-pSkAktSgBZtDvJmQjSUk41EzAk9YHDUpqybkGQfgETeCQ-uHcS8E3CJkJOM4Zzd0Baam55qJGDRimhiB_A\" alt=\"Global Banking Data Analytics industry Market size\"\/><\/figure>\n\n\n\n<p>Data analytics have quickly become an essential activity within the industry. According to a recent <a href=\"https:\/\/www.prnewswire.com\/news-releases\/data-analytics-in-banking-market-to-garner-28-11-bn-globally-by-2031-at-19-4-cagr-allied-market-research-301599984.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Market Research report<\/a>, the global banking data analytics industry is expected to grow from $4.93 billion in 2021 to $28.11 billion in 2031.<\/p>\n\n\n\n<p>A market with so much potential naturally saw a disruptor in Ignosis.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_is_Ignosis\"><\/span>What is Ignosis?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/t3FinkwLf4uH-003-bHsV4-v7ilIHjY2lpoHYmgUTmOxG60WuStQvSFyjOd3-MXkF5ttz7URFoVEIssBAxiKYiBHs9fo7Et29Lvuhq-Yovqwb3mJGQPW5syMbE8Ecn4HFXQbHID3uPp53Q_wZrKq9Q\" alt=\"Ignosis website screen grab\"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/ignosis.ai\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ignosis<\/a> provides financial data intelligence and actionable insights to BFSI customers. Its mission is to enable hyper-personalization, automation and credit democratisation.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_does_Ignosis_work\"><\/span>How does Ignosis work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/OjsyD2hzv-iA9NNkTfgZlgnrYd1S07Y0Vh3Dm3p1J052SEpG0NN9fr_zIaD_bYvT5FFCFxYMjjFHCxHis9ZGPys-S8Bm8fjBnqU74HxqdK-CCcciNHg4VRyxAArlOcTiiXt3Pc6ANvC77qBGrMXN4A\" alt=\"Ignosis offerings \"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/ignosis.ai\/\">Ignosis<\/a> enables a safe &amp; secure way for customers to share their financial data with regulated entities powered by RBI\u2019s 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.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_does_Ignosis_leverage_Banking_APIs\"><\/span>How does Ignosis leverage Banking APIs?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/jkcQVi0ZHLv5OZqWZ9IXd5Z-nmogJZPFvd3L_lc91fs8B4JQOB08HSpOfYwF1IPxglyF6SabIVjNrY3hGYpExYBqS1dULv_REv8L9ScH3ix_g5lSUGnf5r3el-0ZDE0-ymO8RDSlNmbA9WrCMJ_PfA\" alt=\"Benefits of APIs in Banking\"\/><\/figure>\n\n\n\n<p>At this disruptive stage of Ignosis, the ask from Decentro\u2019s API suite was to enable efficiency for the Ignosis customer base right at the onboarding level. Operating in the intelligence &amp; insights side of things across the lending lifecycle, a seamless and accurate onboarding journey is crucial for the following reasons.&nbsp;<\/p>\n\n\n\n<ul><li>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.<\/li><li>Smooth onboarding processes reduce delays and inefficiencies in data collection and validation, allowing for quicker decision-making in the lending process.<\/li><li>Timely access to accurate financial data facilitates more effective risk assessment and improves the overall quality of the lending portfolio.<\/li><\/ul>\n\n\n\n<p>The underlying purpose of enhancing the customer experience also gets addressed effectively via the association with Decentro.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_were_the_Key_Outcomes_for_Ignosis\"><\/span>What were the Key Outcomes for Ignosis?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/yHCWFoCIDrV0yPdN-mcv2WxO1oQDDkS_oNzitDl6SpHT7Mr2ctcRW5WwlUSiXS1c1IS3MFChBnjTqOfPd2O3b_6IEaqJO5ZvLet_HaeELAkEv1rdpK0kYvFkHqe8-3FOzQ5s3H6X93ppNfpPM_1l-w\" alt=\"Outcomes of Ignosis and Decentro association\"\/><\/figure>\n\n\n\n<p>Decentro\u2019s robust APIs have allowed Ignosis to drive the following results:<\/p>\n\n\n\n<ul><li>10X faster integration timelines&nbsp;<\/li><li>100% Compliant Workflows&nbsp;<\/li><li>Decentro\u2019s multi-channel customer support for any problem resolution<\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>&#8220;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&#8217;s cutting-edge technology into our product journey, we&#8217;ve transformed the lending experience and seen a significant impact on the insights derived from the exercise. The technology support from Decentro\u2019s 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.&#8221;<\/p><cite>Nirav Prajapati, Founder at Pirimid Fintech &amp; Ignosis<\/cite><\/blockquote>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"In_Conclusion\"><\/span>In Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Decentro\u2019s 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.&nbsp;<\/p>\n\n\n\n<p>That\u2019s precisely what our simplified <a href=\"https:\/\/docs.decentro.tech\/\" target=\"_blank\" rel=\"noreferrer noopener\">banking APIs<\/a> are here for! It\u2019s 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, <a href=\"https:\/\/decentro.tech\/products\/virtual-accounts\" target=\"_blank\" rel=\"noreferrer noopener\">payments<\/a>, and <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\" target=\"_blank\" rel=\"noreferrer noopener\">KYC<\/a> 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.<\/p>\n\n\n\n<p>Along with Ignosis, we\u2019ve enabled many partners, such as <a href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/\" target=\"_blank\" rel=\"noreferrer noopener\">FamPay<\/a>, <a href=\"https:\/\/decentro.tech\/blog\/streamlining-credit-for-consumers-by-10x-with-moneytap\/\" target=\"_blank\" rel=\"noreferrer noopener\">Money Tap<\/a> and <a href=\"https:\/\/decentro.tech\/blog\/vedfin-case-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">VedFin<\/a>, to thoroughly verify their customers\u2019 backgrounds before bringing them on board.&nbsp;<\/p>\n\n\n\n<p>In just 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>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.<\/p>\n\n\n\n<p><a class=\"decentro-homepage-signup\" href=\"https:\/\/decentro.tech\/signup?\" target=\"_blank\" rel=\"noreferrer noopener\">Let&#8217;s Connect<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":17,"featured_media":5634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Decentro Helped Ignosis Onboard BFSIs 10X Faster - Decentro<\/title>\n<meta name=\"description\" content=\"An in-depth look at how Decentro is helping Ignosis onboard their users faster with its banking APIs. 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