“Rubique to become the largest online marketplace for loans in the near future”
In an one on one with PC Quest Manav Jeet - MD & CEO, Rubique shares the Services being offered by Rubique
What is new in Rubique and please give us updates on whats going on in Rubique?
Rubique has been making consistent technological interventions to bring a drastic transformation in the traditional lending landscape in India and is helping a large number of customers in fulfilling their financial requirements. Its new and unique Online PLUS model focuses on everything, from sourcing to disbursement.Rubique enables users to get their loan applications processed faster by ensuring smarter integration of its online model, business associates, and lending gateway to create a matchmaking algorithm in sync with the Financial Institutions’ lending systems. The focus, at Rubique, is on facilitating disbursement rather than mere lead generation. This multichannel distribution also allows us to tap every consumer segment, be it the digitalsavvy mobile-first users or traditional customers.
With technology at the core of Rubique’s vision, our Online PLUS approach comes with paperlessfocused features that significantly reduce the loan approval and processing times through e-KYC, ranking
analysis, and real-time status tracking. Additionally, we also have Rubot, an AI and decision engine-powered bot aimed at easing the transaction experience, and SPOT, an internal data platform byRubique that can bring tech- driven paradigm shifts in traditional lending practices.
What are the unique financial services you offer to customers?
Rubique opens up a brilliant one-stop advantage of making informed decisions, increasing the predictability in terms of credit approval, ensuring hassle-free support without any ambiguity, and rolling out an elaborate list of financial products for consumers and SMEs. It enables users to access loan products expeditiously through tools such as e-KYC and expedites the process of in-principle approval of credit card applications. The platform further ensures a hassle-free and seamless lending process, thanks to its advanced integration with lending systems of multiple financial institutions.
On the other hand, the new approach guides financial institutions towards qualified leads, ensures faster turnaround time with better conversion rates, promises low cost of acquisition, and allows them to provide financial access to customers who are new to banking and credit.
Please explain SPOT and TAB tech platforms of Rubique.
Both SPOT and TAB feature by Rubique are bringing tech- driven paradigm shifts in traditional practices. SPOT is an internal data platform by Rubique that covers the entire consumer journey from lead generation to disbursement for all types of loans and credit cards. It leads the entire management system, focuses on the integrations, CRM+Marketing, Data & AI based scoring algorithm, Data analytics, cross/upsell engine and payment management. By consolidating all customer and partner information onto a single platform. SPOT helps in automating various workflows and also allows users to gain deeper insights on data and key business metrics.
Meanwhile, Rubique’s Tech Assisted Business ( TAB) solution created especially for the MSMEs brings automation into the small and medium business finance by allowing them to upload their documents and generate their credit memos. Comprising a wide product portfolio, it covers low to high-risk capital requirement through 5 broad-level product categories of 2 secured – LAP, MEL – and 3 unsecured – Micro Business Loan (>5 lac), Unsecured Business Loan, Commercial Vehicle Finance – loans. The solution also includes advanced technological features like IRIS scan for Aadhaar authentication and integrates with the financial institutions, enabling the credit underwriter to take quick decisions through credit memo generation & reduces the processing time further.
How many partners you have?
Rubique has tied up with 80+ financial institutions for 230+ products.
Are you associated with government in any project?
Yes, we have signed and MoU with National Small Industries Corporation Ltd (NSIC), a Mini Ratna Enterprise of Ministry of Micro, Small and Medium Enterprises, Government of India, for easy facilitation of credit from micro, medium and small enterprises. Rubique is creating an interface which will ease credit facilitation for MSMEs by allowing quicker decision making and evaluation. Recently, we have also entered into an agreement with with the Andhra Pradesh state government to be a part of its Fintech Valley Initiative. We are foraying into the geography withRubique’s first branch in the city of Vizag. As part of the alliance, Rubique will not only collaborate with the nationalized banks, but will also focus on making an adequate and skilled talent base available for deployment in the sector by tying up with institutions to bring in academic courses related to fintech and blockchain.
How many cities did you reach out?
We are constantly striving to become the largest online marketplace for loans in the near future. Currently, we are present in Mumbai, Delhi, Kolkata, Pune, Bangalore & Hyderabad. But we have facilitated loans & cards across 27 cities. We are planning to expand further & reach 100 cities.