Consumer credit
Essential tool to optimise the life cycle of your consumer loan and guarantee activities
Consumer credit is undergoing a transformation
Consumer credit was greatly affected by the COVID health crisis. It recovered slightly in 2021, but nonetheless the sector took advantage of the opportunity to make significant changes.
Firstly, we note the emergence of, and partiality of consumers for, alternative solutions, including hire-purchase which currently represents 80% of financing for new private cars according to the French Association of Financial Companies (ASF).
The market is also strongly promoting offers for deferred or spread payments that are starting to be very successful.
Consumers today can therefore use different means to finance their consumption.
- Tied credit
- Personal credit
- Revolving credit
- MIcrocredit
- Leasing (long-term rental and hire-purchase)
- Payment solutions (spread, deferred)
- P2P
The diversity in supply has also led to the emergence of very many different types of players:
- Traditional banks
- Specialised Financial Services (SFS)
- Captive finance companies
- Challenger banks
- Neobanks
- P2P
- GAFA
- Fintech companies
Journey digitisation is not only aimed at customers, but also concerns the way financial institutions operate. They use digital technology to increase their competitiveness and attractiveness:
- Greater operational efficiency
- Reduction in the cost of risk
- Ability to serve a wider range of customers with the same level of risk (Gini index)
- New scoring capabilities (thanks to the PSD2 etc.)
- Easier and more reliable KYC
- Etc.
IT tools are more than ever the essential key to differentiation, and new generation platforms must show that they can meet these challenges.
- Single collaborative portal/online platform for prospects, customers and employees, with suitable and configurable journeys
- Increased onboarding capability
- Open banking
- APIs
- Microservices
- Cloud
- Event-driven architecture
- Agility/DevOps
- Configurable and interoperable workflow
- Seamless processes
- GDPR
- State-of-the-art document management capabilities
- …
That is why Xloan byOpen made the industrial choice to meet all these transformation requirements, to legitimately represent this new generation of tools by offering its customers as much functional value as use value.
Our value proposition: produce an Xloan platform that differentiates lending institutions via consumer credit distribution and production processes, or only via production processes.
You are looking for a solution to:
- Take advantage of the best practices and user experience via a digital or phygital onboarding process dedicated to the consumer credit business
- Reduce the time to market of new offers
- Increase the reliability of credit distribution and production
- Reduce unit costs
- Control operational risks
- Guarantee interoperability with a third party IS
- Benefit from functions for management, sales enablement and decision support
- Produce reliable automated accounting and prudential treatments, within short time limits
- Cover multicurrency, multi-entity and multilingual activities
- Support your growth (scalability)
