Biz2X, a digital lending SaaS platform, has announced plans to increase hiring, and recently announced a partnership with LinkedIn Learning to bolster employee skill enhancement. The company, founded by brothers--Rohit and Ramit Arora, uses a streamlined user interface, AI-driven analytics and a customizable white label environment to power banks/NBFCs enhance their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products.
Excerpts from an email interview:
Your brand has been associated with various Non-Banking Financial Companies (NBFCs). How are you powering the growth of this segment?
Ramit Arora: In the conventional/traditional banking model, the lending process is dominated by heavy paperwork for the customer and it is also expensive for the bank. Biz2X Platform is designed for banks / NBFCs that are ready to streamline that process. Biz2Credit flagship platform Biz2X provides this proprietary technology to banks so they can make accurate credit decisions instantly and offer loans to their small business clients within days instead of weeks and months. This is because of the platform’s features like open API integration, configurable rule engines and workflows, Bank Statement Analyzers and GST Insights, rich UI/UX capability with UI Orchestration, and finally all this with low cost of ownership and shifting to a true SaaS-based Customer pricing.
Biz2X in its earliest avatar was used to power Biz2Credit our Digital Lending Marketplace in the USA and it grew as financial Institutions globally found value in digitizing their end-to-end Lending Processes. The new and current version for Biz2X which runs on Microservices Architecture is fully API driven and with a serverless base has been around for the last 3 years.
You recently launched Maadhyam? What loopholes will it address?
Ramit Arora: Being a key player in the financial space, we identified the lack of technology interventions that can support growing businesses in India under the roof of financial expertise. As a solution, Biz2X came up with the idea of launching a tech-powered solution that can not only facilitate easy access to credit for businesses but can also provide them with a set of options to choose from as their lender, hence enriching the entire financial ecosystem.
Maadhyam is an integration of futuristic technologies like Machine Learning and Automatic Intelligence to bridge the gap between businesses and credit access. With access to the middleware platform “Maadhyam”, banks can experience a huge reduction in fraudulent loan applications along with time consumption in the loan processing window. The Artificial Intelligence-backed with data can help improve the loan application numbers for the banks associated with Maadhyam. For aggregators, the technology middleware promises an improved structure of customer retention and cross-selling of products as an overall boost to the lender-borrower relationship. On the other hand, with Maadhyam SMEs can get easy access to credit with a simplified process that offers easy and transparent disbursals and allows them to get access to competitive lending rates. Hence, opening a window for new businesses to decide what suits their business best.
What are your growth priorities for the next 12-14 months?
Rohit Arora: Biz2X started 2022 with some exciting launches starting with the Maadhyam. In the coming 12-14 months, our aim is to strengthen the middleware platform alongwith: We are planning to hire 350 + employees in the coming 12-14 months. This increase in headcount will be from entry-level to middle management positions in multiple areas including the more sought-after areas like Cloud Computing, Data Sciences and AI/ML.
Investing in better and innovative financial products for India – this is already happening and the pace of this will pick up further.
Investing in the Ecosystem in India where we will build strategic partnerships with Data providers and in newer solutions like Account Aggregators, OCEN, etc.
We are aggressively forging strategic partnerships with fintechs and forward-looking Banks to create better Unit Economics on Lending for them. Here as true innovators, we invest in our relationship with our partners rather than simply becoming a vendor to them. We base our pricing models on their success and hence, we are a big investor in their success.