In its constant endeavour to stay ahead of the technology innovation curve and drive financial evolution and inclusion, Rubique has once again demonstrated its focus on ecosystem collaboration with development of SPOT (Single Point of Truth) – a data platform which is links all stakeholders in ecosystem be it internal as well as external stakeholders like financial institutions, business associates & business partners.
SPOT is a data platform developed with an objective to be a single stop solution for all financial products. It has a JSON schema based configurable workflow engine that allows origination, assessment and fulfilment seamlessly for products like loan, credit card and insurance. The SPOT platform is integrated with paperless-focused features like e-KYC, bank statement analysis, credit bureau check, credit memo generation & MCA integration etc. These features further allow real time decision making on the application.
Manav Jeet, MD and CEO, Rubique said, “The world is constantly innovating, and we need to ensure we are always a step ahead. The SPOT platform has been designed to reduce cost and effort without compromising on the delivery and security of data. We have leveraged distributed systems, cloud offerings, Multi-AZ replications and serverless architectures to make our entire solution horizontally scalable and available. The platform is also fluid that can be constantly evolved to ensure we remain the market leaders in our space”.
SPOT is a cloud based multi-tenant solution with utmost focus on data security, privacy and fraud mitigation to be regulatory compliant and be the front runner in the field of digital transformation in the fintech sector.
Features of SPOT:
- Rubique Wallet – This is a new age wallet solution which enables the channel partner network to efficiently track and manage their leads and corresponding pay-outs. The wallet in its mature state will provide Working Capital support, Rewards & Recognition benefits along with multiple service modes like bookings, bill payments, etc.
- Provision for CIBIL score – SPOT offers the provision to pull out the CIBIL score and report for the business associates too check the credit health of their customers. This has been developed keeping in mind SPOT’s objective of adding value for the business associate at every stage of the loan process, checking a customer’s credit score will help the BA make better decision in terms of product selection, customer selection and other factors that go into loan approvals
- Cross sell / Upsell engine – This feature allows the business associate to cross sell or upsell products when applying for any other product through SPOT. Insurance can be a complementary product to other products on the platform. There is an opportunity to push Business Associates to multiple products to their existing customer
- Blockchain based smart KYC – This feature will enable instant, secure and seamless customer identification process on SPOT. Adding a layer of security to customers’ data, the central repository will not only allow easy access to Rubique’s customer KYC documents for any financial institution, banks or entity but will also ensure secure flow of data transfer, since the documents are hosted on blockchain and permissions are granted by the customers themselves.
- Analytics – This feature is specifically for the business associates who can analyse the customer data for the leads submitted by them. It allows them to check their earnings, analyse which products are selling better, the approved amount of loans, etc.
- Credit Assessment Memo – SPOT allows the business associate to generate the CAMs for any loan product which can be submitted along with the customer’s files. This helps in reducing the TAT (Turn Around Time)
Rubique has leveraged alternate data, image recognition and video analytics on SPOT to automate data filling and verification thus making customer onboarding seamless and hassle free. Apart from this, there are also series of algorithms employed to build a strong recommendation engine to reach out to customers at the right time with relevant offerings. Rubique has also used AI (artificial intelligence), Image processing, OCR, Video Analytics and machine learning algorithms to incorporate consumer analytics and cross-sell/upsell recommendation engine within SPOT to maximize life time value for our consumer and associate network.
Being a huge advocate of open source technologies, Rubique has built a microservice architecture-based platform with extensive use of orchestration and configuration management solutions which makes the offering extremely flexible, configurable and reusable. The platform eases life of our associates by right matchmaking, seamless onboarding, concise workflow, detailed analytics and AI driven recommendation engine,
Rubique realises that there is a strong gap in SME credit assessment and hence plans to invest further into technology and data to build technology and data solutions to make the process more transparent and seamless. With extensive data about customers in its arsenal, Rubique is working on alternating scoring engine on the SPOT which will use various data sources like SMS parsing, Call Logs Data, Contact List, device attributes, psychometric analytics and facial recognition to enable new to credit customers.