Cars, Loans, and Technology- How APIs Help In Vehicle Financing

In 2018 India had a sale of more than 3.3 million passenger cars making it the 5th biggest car market in the world. Lion’s share of this was financed or bought on loans(Vehicle Financing) which amounted to more than 2.6 million vehicles. Since then the annual car loan market has stayed north of Rs.1.25 trillion in value in the country. 

It is time the Financing industry took up the mantle and utilized this ecosystem. It will be a win-win situation for the lenders and the lendee. Unfortunately, it’s far easier on paper than in practicality. With the tremendous demand scalability of loaning is constrained while the threat of fraudsters is also on the high. Thus an easy solution for verifying and onboarding customers is essential for financing entities.

What Are The Challenges In The Vehicle Financing Industry?

With the increasing demand, the industry faces many challenges to resolve. With the plethora of incoming applications, it is cumbersome and time-consuming to process all documents manually. It is not efficient and even borderline whimsical. The TAT  for the whole process is a major roadblocker for onboarding. The fact that manual intervention results in numerous human errors also adds to this argument.

As most financing institutions are indulging in scaling their processes, traditional modes of financing and onboarding the customers are not pragmatic. Scalability brings a form of synergic profitability as replicable system is more preferable. Traditional methods lack this.

Additionally, fraudsters, scammers, and illegitimate customers may cook up ways to avail of loans that they otherwise wouldn’t. The advancing technology they are using aids them in this deceit. The only way to halt fraud using technology is to use better technology. In India, many financial institutions are yet to create an environment with technological competence.

In summarizing, the major challenges in the auto-finance industry are:

  • The high TAT required
  • The inefficiency of in-person verification
  • The undeniable human error factor
  • The impracticality in Scaling
  • Advanced Financial Fraud

How Can We Tackle The Challenges With Technology?

The unprecedented pandemic and the advancements in technology boosted automation in ways we had not experienced before. Even before the pandemic the government and the regulatory authorities saw the trajectory of technology. They have instated regulatory and compliance guidelines for digitizing financing and onboarding processes.

Digitization is the key to smoothening vehicle financing. It helps us get rid of human errors while drastically reducing the TAT for processing. Long queues and waiting lists can be eliminated. Instantaneous processing replaces it with technology. 

The Indian car loan market is expected to grow by a dashing 8% by the fiscal year 2026. But this is possible only with all the major players digitizing their processes. A completely digitized system makes massive scalability practical and easy. When each competitor is scaled to a good extent, the industry proliferates.

With adopting digitization, it is easier to store, retain and retrieve data. Almost all information is in the soft copy format. This reduces the capital resources required and storing documents is no longer a headache. If the system is secure, then the data is safer than it is in hard format. This leads to safer transactions as fraud is detected swiftly and necessary measures are taken to stop it. With a good security system, all-digital processing is fortified.

In essence, digitization makes vehicle financing:

  • Faster with reduced TAT
  • Profitable with easy scalability
  • Not prone to human-errors
  • Store data as soft copies
  • Secure against fraudsters

Why Signzy Is The Right Choice

With the strict competition, almost all financial institutions are making their loaning process easier. This makes it all the more needed to identify and verify the customers availing loans while ensuring all the needed regulatory and safety measures. But the catch is that, how do you fulfill all the criteria of regulations and safety while maintaining an easy journey for each customer? This is what we excel at.

We at Signzy give you customizable APIs and other resources that help you conduct safe and compliant customer onboarding, KYC, and all other requirements you have. Our RC API verifies all vehicular registrations in the country with valid government databases. We will help you onboard customers availing auto-loans with ease and safety while the seamless UI will make the journey all the more engaging. With numerous products, services, and resources in our arsenal, we can make your enterprise better.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Bowling Out Fraudsters With Blockchain- How To Prevent Unauthorized Financial Transactions

Within the first 2 months since the onset of the unexpected pandemic in 2020, attempted unauthorized and fraudulent transactions increased by 35%. If the trend continues frauds due to unauthorized transactions are expected to reach a global high of $40 billion by 2027.

A transaction that was not authorized or permitted by the holder of the concerned account or money is called an unauthorized transaction. It occurs in most transactional and credit card frauds. Governments and financial institutions across the globe are struggling to stop such activities.

How Do Unauthorized Financial Transactions Occur

In the past, most cases of unauthorized transactions occurred as a result of credit card theft. But in more recent years, the majority of unauthorized and fraudulent transactions occur through online portals after the user’s data is stolen through means such as phishing or hacking.

This can happen while the customer or user is providing zis information to a service provider or government portal. The stolen information may lay dormant for weeks or months before the fraudster uses it for an unauthorized transaction.

How Does It Impact The Financial Industry?

Unauthorized transactions are mostly associated with money transfer fraud and credit card fraud. An average of 35% of American consumers fall victim to credit card fraud according to a study from The Ascent. 

The issue with this is not just in terms of the financial losses incurred to users and institutions, but also the leak of crucial and private data. The years between 2005 and 2019 saw over 1.6 billion records compromised. By 2020, this resulted in more than $42 billion in losses world wide.This is statistically dangerous for safe transactions and the fraudsters took opportunity during the global pandemic.

It seems that the trend is not decelerating any time soon as is evident from the 161% increase in credit card frauds last year alone. Unless the concerned authorities and consumers take action, the danger lingers. The solution might be more bizarre, yet efficient than we presume.

How Blockchain Technology Proffers The Solution To Unauthorized Financial Transaction

Blockchains are growing lists of records that are linked through cryptography. These records are called blocks and contain a timestamp, transaction data and a cryptographic hash that helps map the data. They are mostly used in cryptocurrencies and their transactions but can be used for other financial interactions as well.

Blockchain is considered secure and tamper-proof while pertaining to digital records. It is a complete and unchanging record of transfers. If blockchain can underpin a payments processing service, it could trace the whole sequence of previous wire transfers. 

However, most governments and authorities want a trail of funds to stop money laundering, which is impossible in the blockchain. The whole purpose of blockchain is decentralization and officials demand the source of funds to charge taxes and run governments.

We are experiencing an innovative renaissance in technology. It is only wise to adapt to the changing world. Conclusively, it is not merely blockchain that can help improve financial services, but the numerous options available in technology. But how do we find a good resource provider?

Why Signzy is the Solution For You

Being one of the pioneers in financial and regulatory technologies, Signzy provides you with resources that make processes easier. With an impressive quiver of products and services, we provide you with extremely customizable solutions. These include the numerous APIs and the No-Code AI rule engine we have for you.

Our state of the art Video KYC and Verification solutions are foolproof and secure. If you seek a fortified yet simple process for verification we have multiple APIs for almost all OVD documents including Aadhar, Driving License, Passport, etc. We can help you make your vision of safe, secure and seamless verification processes a reality.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Revving Ahead With Digitization- How To Revolutionize Verification In The Vehicular Industry

Introduction

Being the 6th biggest manufacturer of motor vehicles, the Indian Vehicular Industry is a behemoth with a $118 billion value estimation. The fact that this is expected to skyrocket to $300 billion by 2025 makes it an unleashed beast.

The current process of customer onboarding and underwriting involves multiple physical parameters with the in-person involvement of the client and the assigned agent. But with novel technologies and cutthroat competition on the rise, it is time insurers decide to upgrade their game. This article focuses on the current market of automobile verification, its challenges and the solution.

The Current Market for Vehicles in India

By 2021 India is expected to become the 3rd largest passenger vehicle market in the world. 2019 saw a 2.7% increase in production in the industry as compared to the previous financial year.

The industry is in a state of growth and it is the right time to take the initiative and utilise it. The current modes of processing can be upgraded with technology. This will help flourish in a cutthroat market like India.

The Primary Players In The Indian Vehicular Industry

There are numerous automobile companies competing in the Indian market. The top ones are:

  • With revenue of near Rs.300,000 Crore, Tata Motors Ltd. takes the lion’s share of the market. Tata currently has a 6.3% and 45.1% market share in passenger and commercial vehicles sectors, respectively.
  • Maruti Suzuki India Ltd dominates the passenger vehicles market with over 50% in market share. The Rs.83,281 crore revenue and a market cap of nearly Rs.200,000 crore is an impressive aspect.
  • Mahindra & Mahindra Ltd also holds a big chunk of the market with revenue heading over Rs53,000 crore and a market cap reaching more than Rs. 70,000 crore.
  • The two-wheeler giant Hero MotoCorp Ltd comes on top of its specific niche with 36% of the market share. The Rs 32,871 crore revenue and the 57,180 crore market cap is impressive for a primary two-wheeler manufacturer.
  • Other honourable mentions include Bajaj Auto Ltd, Ashok Leyland Ltd, TVS Motor Company Ltd, etc

What Are The Challenges Of The Industry

As is with most industries, the challenges in the vehicular industry also play a lot in parallel with the adoption of technology. Gone are the old days of physical processing of documentation and verification. With the advancing technology, the terrain is entirely changing.

Insurers must ensure that they can survive the peer competition. Technological services are available for verification and other related processes. But the coding required coupled with the complexity and unavailability of resources from a single portal is frustrating.

Why Is Signzy The Solution?

The solution to technological hurdles is not simply newer technology. It is the right newer technology. Signzy can provide this. With a quiver of products and resources, we can provide you with the state of the art technology while properly understanding your requirements.

Beginning with customer verification using OVDs such as driving license to the verification of the vehicle registration, Signzy’s plethora of APIs will suit you. APIs like DL verification API and Vehicle Registration APIs use government and other databases to cross verify the user’s credibility while maintaining the process seamless.

Since the Signzy portal is extremely customizable you can choose from the arsenal of APIs and other resources. This will help you avoid unnecessary roadblocks. The No-Code AI rule engine that we deploy makes integration and access easy and efficient. Signzy can make your verification processes seamless while maintaining the best security you can obtain.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Signzy’s New-edge Solutions for Logistics Industry

The logistics industry indulges in the overall process of managing how resources are acquired, stored, and transported to their final destination. Logistics is now used widely in the business sector, particularly by companies in the manufacturing sector, to refer to how resources are handled and moved along the supply chain.

Where Does The Indian Logistics Industry Stand?

The logistics market in India is expected to grow at a CAGR of 10.5% between 2019 and 2025. E-commerce is another major segment that is expected to support the growth of the logistics industry during the forecast period. Increasing investment and trade point towards a healthy outlook for the Indian freight sector.

Who Are The Major Players?

A few of the major players from logistics in India are Allcargo Logistics Ltd.Container Corporation of India Ltd, DHL Express India Pvt, Blue Dart Express Ltd, FedEx, TSCS India Pvt Ltd, Gati Ltd, Transport Corporation of India among others.

What Are The Current Challenges?

Like all other industries, there are several challenges faced by logistics too. A survey was conducted by  ByteMaster. After interviewing companies in the transport and storage sector, they concluded that the five main challenges faced by companies in the logistics sector are: traceability, planning, agile procedures, connectivity and deliveries.

Specifically talking about traceability here, it includes tracing of the vehicle details or we can say Vehicle Verification details and with that also tracing the Drivers details for driver verification. A technology partner like Signzy will help you to solve the problem related to the traceability of the vehicle as well as the driver. 

How Can Signzy Help?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug and play API solution. With just the vehicle number you can get fitness details, Permit info, PUCC check, Insurance details and much more! The same goes to authenticate the driver’s license.

Signzy can provide a complete user journey and make your workflow simple while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26% which earlier with the manual process was 11%.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

Signzy’s All-New Quiver Of Premium Products!

Signzy’s All-New Quiver Of Premium Products!: With the raging transformations in technology and norms, newer options are set to dominate and revolutionize onboarding. If we don’t keep ourselves ahead of the curve, we might just fall behind in the fast-paced financial industry. Let Signzy help you.

With the numerous modernizations, it is hard for individual enterprises to do this. That’s why it’s always good to seek help from professionals and use proven resources for your business. Signzy brings you the best of both those worlds.

We at Signzy help you keep up with the Joneses by building a global digital trust system to upgrade the current modes in financial technology. While we pursue our endeavour we focus on the ability to uniquely identify and authenticate entities while understanding and knowing more background information about these entities. We create a system of reward and consequences that reinforces trust to help this.

We would love to help you help your business! That’s why we ensure to keep all our products updated to the standard of the future. With our upgraded products, it’s sure that you will find what you seek at Signzy. Some of the major products we offer are included in this blog post.

Signzy’s Generic Onboarding Solution

Every financial enterprise requires an efficient, seamless and safe onboarding solution. This solution must be adaptable to changing technology while maintaining an excellent level of industry-standard safety.

Signzy’s out-of-the-box Generic Onboarding Solution, with an AI-based Rule Engine allows clients to create, update, implement and maintain end-to-end digital onboarding journeys across jurisdictions and business functions. We do this with the maximum assurance of safety and security.

Some of our new features include:

  • Added security layers to verify that the connections are secure
  • Extensive search options for back-office processing
  • A customizable sequence of questions during VCIP calls
  •  The Decision Engine now takes additional final application decisions based on output variables from VCIP increasing straight-through processing rates
  • Every contract is accompanied by an auto-generated audit certificate for compliance and record-keeping purposes

Apart from the above features we went the extra mile and improved our products for you. The improved aspects are::

  • Improved user experience for customers including the inclusion of ‘Configurable Text Areas’ to improve user experience and better tracking information on emails being sent to the customer
  • Additional information to customers on errors – especially in Bank Account Verification
  • Improved back-office operations experience
    • Role-based reassignment of application in back-op
    • Application-level TAT
    • Additional granularity on the information fetched vs inputs from the user
    • Making remarks and reasons mandatory for better analysis later
  • Better security measures
    • Multi-factor authentication for users
  • Improved MIS 
    • One column of MIS can possess multiple page IDs
    • Additional details including TAT captured in MIS for application-level tracking

Some new widgets and APIs were also added to GO. This betters the overall user experience while improving the versatility of the product. They include an SSN Validation API which is now available for US clients and the addition of Generic Delete API. Using the latter, it can be configured that applications belonging to a particular status can be deleted automatically after a set timeframe.

Signzy’s Plethora of APIs to Smoothen Processes!

We have a collection of APIs that will help you in your venture. Though we have many, a few of the latest include:

  • New Voter ID API
  • NeSL APIs
  • E-Stamping
  • Udyam(MSME) Verification
  • Vehicle Blocklist and E-Challan Status
  • …And a complete revamp of our Global KYC APIs

We have also improved upon some of the many APIs already available. Certain of these improvements include the new Name Match API, Aadhar E-Sign API, and an improved Digilocker experience API

Surely, we will not be halting with just these APIs. That’s why we also have more APIs coming your way to improving your venture. These include the E-Nach API, Credit Reports API and the Physical Address verification API.

Signzy’s Video KYC Solution!

Signzy’s All-New Quiver Of Premium Products!: With the new RBI Master Directive, it is inevitable to include the use of Video KYC in any financial onboarding. A good solution will not only help stick to guidelines but dramatically improve customer satisfaction. 

Signzy can revolutionize your customer onboarding process and increase the speed to market by 5x. We do it with our enhanced VCIP product- Signzy’s Video KYC Solution!

Latest feature additions include:

  • Real-time feedback– can address the real-time issues that occur during the call The RE agent gets notified if the end-user is distracted between call
  • “Uberised” Queues – A better experience for users in the queue, at the same time blocking those ineligible (like location issues)
  • Detailed MIS reports- are generated and presented. Real-time data regarding RE agent efficiency and queued data are provided
  • UI Improvements- Multiple improvements have been created to improve the experience

Upcoming releases and Improvements: Signzy’s All-New Quiver Of Premium Products!

In addition to the previously mentioned improvements, we are working on a lot more for you. These new features will come to your doorstep in the not too distant future. Below are a few of them to give you an idea:

  • Skills-based auto-assigning agents to the users
  • MIS reports with detailed analysis of all the video calls, agents’ productivity, call improvement etc.
  • Conditional rendering of options in real-time feedback for agents
  • Rescheduling the call to be made configurable
  • Configurable option to automatically set the offline/online status of RE agent
  • Revamping the rescheduling system to a better version.

Conclusion

In order to keep up with the newer norms and trends, institutions and companies are forced to adapt to new technology. As it becomes mandatory to accept the change, why not use it to your advantage? Why not understand what is needed and make it far better?

This is exactly what Signzy will do for you. With the numerous products, resources and services we provide, we can certainly make your business smoother and easier than ever before. The right direction with the right people will lead us all further to our goals. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

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