Automating the document gathering process for loans that require the customer sending 15-30 documents by reducing friction, speeding up KYC 3X and reducing abandonment 2X
The company works with over 90 financial institutions including UNIFIN (14b market cap) and Financiera Independencia (1.5b market cap) in Mexico, BMG Bank and Banco Inter in Brazil, Coltefinanciera in Colombia, Blue Bank in Curaçao, among others.
We have processed thousands of loans and claims with close to 500,000 documents.
Financial institutions (traditional, alternate and new Fintechs)
Problem or Opportunity
Large loans, leases, mortgages and insurance claims require the customer sending 15-30 documents to the financial institution. The same thing always happens, some documents are wrong, missing, incomplete, outdated, caught in spam filters or just too big. This creates a back and forth of communications to get everything right, very slow, unscalable and a horrible customer experience as well as a follow up nightmare for the loan/claims officer.
The technology used today by the large loan market ($7.4B WW revenue) to gather the tens of documents from the customer is email, post-its and pen drives.
Solution (product or service)
Expediente Azul speeds up the time it takes for a business or individual to send all the correct documentation by 3x, thus speeding up the loan approval and reducing customer abandonment 2.5x. It results in a faster time to money for not only the customer but also for the financial institution. Financial institutions are able to collect the origination revenue faster which in developed markets is usually more profitable than the actual money from interest.
Advantages or differentiators
We are the only solution designed for Latin cultures that require an intense followup to put all the documentation together and have adapted to local communication channels like Whatsapp (vs. SMS used by our competitors focused in the US).
SaaS+ based on usage and additional plugins
Money will be spent on
60% commercial activities
10% customer success
30% product development