The first no-code introduction of instant banking credit compatible with any card

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With the current technology and existing developments worldwide, the banking world is making a rapid quantum leap in the digitization of all its processes. The introduction of online financing solutions and credit products over the past three years has created an insatiable demand from customers. Customers are looking for loan apps that are fast, timely, and easy to apply for.

Personal credit growth is returning after slowing at the start of the pandemic. According to that LendingTree report, personal loan debt levels increased by 15.2% in 2021, reversing the downward trend of the previous year. The balances have already increased by 6.6% in the first quarter of 2022 compared to the end of the year.

Non-bank financial institutions, such as microfinance institutions, credit unions, merchants, e-commerce sites, and lending companies can easily develop their online lending products, but banks were left out. The banks were denied the opportunity to use the same flexible and fast products.

Although more neo-banks were springing up every day, it was daunting to meet the demands of consumers who were demanding online lending services. Therefore, Unex Bank sees an opportunity to answer all questions by launching the first instant loan banking product.

Unex Bank is a leading banking institute based in Eastern Europe. With his activity since 1993, the focus is on the development of remote channels for customer service and the dynamic development of the branch network. The bank offers a comprehensive range of financial services to companies, entrepreneurs and private customers.

We’ll get to the bottom of it. What kind of revolution has Unex Bank made?

First Bank Loan App – Fresh Cash

Earlier this year, Unex Bank collaborated with Neofin, a no-code lending automation SaaS, launched the first bank lending platform called Fresh Cash. Fresh Cash’s distinctive features have placed it above all other types of online loans.

Applying for Fresh Cash only takes a few minutes and before you can hardly count your fingertips, the loan will be deposited into your bank account. This is the first lending product from a bank that has taken the best of online lending:

  • Processing speed – from applying for a loan to receiving the money in minutes.
  • Accessibility – The applicant receives funds on any bank’s card without having to visit offline offices and open additional accounts.
  • Convenient online interface – the lending process only takes a few steps and is as automated as possible for both the customer and the bank.

Such agility, seamlessness and accessibility of the credit product implementation became possible thanks to the technological solutions of the chosen software.

How much time was spent on the realization of such a product? If Unex had used classic loan automation solutions, the implementation would have taken more than 6-8 months and required the involvement of a team of IT specialists.

Therefore, the Neofin platform was chosen. Neofin is an end-to-end solution specializing in manufacturing fully automated products for clients creating credit or loan services. It enables the launch of credit products within 1 hour and requires no programming knowledge or human resources for the IT team.

Neofin covers all stages of the borrower journey. There are modules for loan origination, servicing, administration, decision-making, underwriting and collection under one hood. It also offers out-of-the-box front-end components and mixed pricing that combines subscription and pay-as-you-go models.

To answer the question above, Fresh Cash only took a month to roll out due to a no-code approach. This month included the integration with the core banking system, the customization process and the launch of a fully functional product.

When we talk about new banking products and want to evaluate their success, we have to work with numbers. So what has Unex benefited from the launch of this market disruption product? They introduced digital onboarding for all banking products, which significantly reduced operational costs and freed employees from other relevant and more complex tasks.

What’s more, Unex gained a record number of new leads in the first three months and reduced customer acquisition costs by 50%. This confirms once again that Unex saw the demand and made the right decision by entrusting the choice to an innovative product.

The fintech market is developing rapidly. New digital formats are emerging and replacing yesterday’s successful companies. Banks need to find a way to stay competitive while leveraging strengths like reliability and large fortunes that startups don’t yet have.

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