With statistics indicating that globally mobile usage has overtaken that of desktop, GetBucks, a leading online responsible lender of credit, has launched an app that is set to change the face of micro-lending.
In addition to allowing existing customers 24-hour access to their online wallets, it also allows potential customers the opportunity to apply for credit anytime and anywhere.
Stiaan Dreyer, Group IT Executive at GetBucks believes that owing to the fact that we are now operating in a 24-hour society, the uptake of the app is set to be huge.
“Speed, reliability, ease-of-use and convenience are driving technology development within financial services-related industry and it is no different in the highly competitive micro-finance sector.
“With the GetBucks app customers can expect continuous access to their credit facilities as well as almost instantaneous turn-around when it comes to credit applications, something we believe will prove a key differentiator going forward,” he comments.
For Dreyer, the addition of personalised push notifications, further enhances the service provided to GetBucks customers.
“While at the moment customers are alerted to changes in their GetBucks trust levels as well as repayment dates, and going forward we will be using this particular feature to help our customers effectively manage their credit journey, successfully allowing them to establish and maintain a good credit record,” he says.
And when it comes to compliance to the affordability assessment process incumbent to local credit applications following the latest amendments to the National Credit Act (NCA), Dreyer says it is here that the credit provider’s investment in big data tool, Yodlee, is paying dividends.
“Yodlee powers our Secure Online Verification Tool which allows informed decisions based on live data during the credit application process. Yodlee follows industry best practices when it comes to security of data of its customers, and therefore allows customers to securely login to their online banking platform directly from the GetBucks platform during the credit application process.
“By doing this GetBucks is presented with a dataflow of the latest 90-days of transactions allowing us access to an aggregated data flow of expenses and income. The data is then presented to the credit applicant for verification where data such as their monthly income or salary is confirmed,” he explains.
Not only does it completely eliminate paperwork, with no documents having to be copied or scanned, but Dreyer says it also drastically speeds up the credit application process. “With Yodlee the necessary financial information can be verified online in literally a couple of minutes with no opportunity for fraud.
“Additional functionality includes instant access to your credit score with a ranking as to whether you are considered high or low risk, the size of your wallet in terms of funds currently available to you, as well as the status of your loan application in terms of the hours until the funds will be made available,” he explains.
As an industry first, Dreyer believes the new app ties-in both innovation and education. “While the app certainly ticks all the boxes when it comes to innovative functionality, the push notifications add an educational element in a lending environment where many consumers do not have the financial acumen to properly manage credit.
“Here we aim to ensure credit is extended responsibly, as well as provide the necessary support to allow consumers the opportunity to establish and grow strong credit records,” he concludes.