“We are constantly striving to become the largest online marketplace for loans in the near future” – By, Mr. Manav Jeet- MD and CEO, Rubique

Please elaborate on inception and growth of Rubique over the period.

The current marketplace for financial products in India is still highly inefficient, time-consuming & uncertain for customers as well as banks. When a customer requires a loan he can either approach a bank directly which proves to be time-consuming or he can visit loan aggregator websites which bombard him with calls adding to his confusion. If he takes help of DSAs then they only do a “Move application” job. In a nutshell, the entire journey is challenging in terms of time & information. Also due to varied risk appetites of financial institutions (FI), there is no certainty in the process. Today even FIs face a huge challenge of finding the right fit of consumer profile & managing turnaround time. Hence the rejection rates are pretty high in the loan ecosystem. This is the biggest inefficiency of the market. We know that for every borrower, there is a lender willing to lend. However, the customer today has no sure shot way of finding that bank. And this is precisely what we wanted to work on when we thought of the idea for Rubique.

Ever since we have come into action, we have already disbursed a total credit worth INR 2000 crore through our presence across 27 cities in India. The company is constantly working towards eliminating the struggles faced by SMEs and individuals and is assessing need-based capital requirements through its robust technology platform, thereby guiding them with the correct fit of financial institutions.

How is Rubique utilizing technology to enhance digital lending?

Rubique has been the first-ever portal to provide an online platform for one of India’s most crucial &fastest growing segments of SMEs (Small & Medium Enterprises). We have been disrupting the traditional lending process by digitizing the financial sector in diverse ways. The advanced technologies used on the platform analyze hundreds of data points to assess the creditworthiness of customers and provide them the offers they are eligible for. The company’s unique Online PLUS model comes with paperless-focused features that transform the loan approval and processing – through e-KYC, ranking analysis, and real-time status tracking – into an optimized and efficient system taking up minimal time and greatly increasing accuracy. Rubique also deploys Rubot, an AI decision engine powered bot that eases the transaction experience by using customer data to match the customer’s financial requirements with the products hosted on the platform. SPOT, an internal data platform run by Rubique covers the entire consumer journey from lead generation to disbursement for all types of loans and credit cards. Through the deployment of these tech-driven solutions and the access to the products hosted on the platform, Rubique offers a wide range of loan products and end-to-end loan fulfilment to individuals and SMEs. 

How has technology fueled the entire digital lending industry? How is it helping to take on the traditional banking system in the country? 

By inculcating technology, digital lending firms are streamlining the lending process, lowering the cost of booking loans and increasing transparency &most important of all, reducing the rejection rates. It is bringing about a transformation in the traditional loan processing practices by simplifying the entire business financing process and bridging the gap between customers & financial institutions.They are able to offer a perfect match as per product & capital requirement fit. This enables to reduce time significantly in the initial search process & brings in more predictability for the customer. Technology allows fintech companies to look beyond a person’s credit scores depending on the nature of the loan and monitoring the borrower’s social media profiles, business pages, and cash flows to decide upon the creditworthiness with accuracy. The country’s traditional way of banking and loan disbursements is definitely taking a backseat in this scenario.

What are your unique financial products and services? 

Rubique opens up a brilliant one-stop advantage of making informed decisions, increasing the predictability in terms of credit approval, ensuring hassle-free support without any ambiguity, and rolling out an elaborate list of financial products for consumers and SMEs. It enables users to access loan products expeditiously through tools such as e-KYC and expedites the process of in-principle approval of credit card applications. The platform further ensures a hassle-free and seamless lending process, thanks to its massive integration with lending systems of multiple financial institutions.

On the other hand, the new approach guides financial institutions towards qualified leads, ensures faster turnaround time with better conversion rates, promises low cost of acquisition, and allows them to provide financial access to customers who are new to banking and credit.

Where is all Rubique present pan India?

We are constantly striving to become the largest online marketplace for loans in the near future. Currently, we are present in Mumbai, Delhi, Kolkata, Pune, Bangalore & Hyderabad. Bangalore is our technology hub, whereas we are now entering Vizag to be a part of India’s upcoming fintech valley in Andhra Pradesh. By next year, we will expand our operations into more cities across the country. 

Highlight your accomplishment

Amid all the fintech firms operating in the country today, Rubique stands out as one of the few success stories driving India’s rapidly-growing digital financial services sector. Recently, the company was selected by Abu Dhabi Global Market (ADGM) to be a part of the first batch of its FinTech Regulatory Laboratory (RegLab) program. The company will now develop and test its fintech innovations further as part of the program. In the Paris Fintech Forum 2017, Rubique was among 130+ fintech participants shortlisted across 25+ countries. At the prestigious Benzinga Global Fintech Awards 2017-New York, Rubique was the finalist in the category of Best Lending Platform Tool, competing with globally renowned fintech players. Recently, Rubique has also been featured in IDC’s FinTech 101 list for Asia/Pacific and mentioned as one of the 10 fast-growing fintechs in India. 

Meanwhile, we have recently partnered with the Andhra Pradesh state government to be a part of its Fintech Valley Initiative. We are foraying into the geography with Rubique’s first branch in the city of Vizag. As part of the alliance, Rubique will not only collaborate with the nationalized banks, but will also focus on making an adequate and skilled talent base available for deployment in the sector by tying up with institutions to bring in academic courses related to fintech and blockchain. 

What are your plans for next fiscal and growth this year until now

The aim to bridge the lending gap. Not only we focus on creating advanced technology solution but we also work with ecosystem partners for effective distribution so it reaches to customers & they can benefit out of it. The plan is to expand and reach to 100 cities more to address the credit problem of various customer segments.

Any specific plans for technology advancements 

Data is an oil. And we will strive to become the data rich organization. Despite initiate hurdles, our influencer network of Business Associates have started adopting to technology platform (SPOT & App) and helping us with more data capture at sourcing. This is just a small win for us but a big validation of adoption. To enrich the existing platform further, we are implementing various other features for data enrichment like deep integration with CIBIL, credit scoring based on alternative data sources. We are also working on AI/ML technologies to make customer journey more intuitive, seamless as well as generate business insights. Now that we already have 1,00,000 customer database with us, we will be hiring data scientist who would start mine the data for further proactive built upon the same. 

Anything else you would want to share

Fintech is at an interesting juncture overall. With the favorable market scenario of bank’s openness towards fintechs, government support etc, we will soon be witnessing paradigm shift in traditional industry practices. With growing aspiring population, there will be further force for market leaders to look for change to fulfill new age customers need to take instant & informed decision. This is just a start, we have exciting phase ahead.

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