API-productization as a business strategy
From customer onboarding to engagement, servicing, & closure, LenDenClub works closely with 100+ integrations on top of its well-architected stack:
As the CTO of LenDenClub, a digitalonly P2P lending platform, Dipesh Karki has used his technological expertise to mentor a team of young professionals to build robust LOS, LMS, POMS (Product Order Management System) and the entire technological framework, which currently caters to more than a million investors, borrowers, channel partners, and business partners globally. His aspiration to create ground-breaking solutions for newer business models led him to begin his entrepreneurial journey as the co-founder of LenDenClub.
100% DIGITAL JOURNEY
The post covid era has acted as a catalyst for the entire financial ecosystem, and app-based lenders have been the largest beneficiaries. The pandemic provided LenDenClub with a good opportunity to relook at its customers’ journey and make significant enhancements. Dipesh Karki, Co-founder and CTO, LenDenClub, explains: “While the entire onboarding and customer journey for borrowers and lenders are 100% digital, repeat customers had to undergo the entire process of loan application all over again, which has now been streamlined to enhance the customer experience. Furthermore, customers who depict good repayment behavior are offered an upgraded credit product called Instamoney+.”
CRM TOOLS
From the customer acquisition perspective, LenDenClub has focussed on gaining retail customers via organic channels, paid digital marketing campaigns as well as through affiliate partnerships. Dipesh informs: “Our strategy in the current year is to extend our partner network, focus on programmatic advertising, and enhance customer engagement with CRM tools while increasing focus on paid and SEO channels.”
PORTALS & APPS
LenDenClub is a digital-born platform. Its technology is an excellent amalgamation of open-source tech and proprietary solutions,
brought together to deliver seamless borrowing and lending experiences to its customers. Dipesh points out: “From customer onboarding to engagement, servicing, and closure, we work closely with 100+ integrations on top of our wellarchitected stack to deliver the service through web portals, mobile apps and APIs. The increased smartphone adoption has translated into an app-driven customer acquisition model. This gives customers more convenience and ease of capital access.”
TECH COLLABORATIONS
All users of LenDenClub are acquired online via its digital platform. The company has seen massive growth in its customer base with the highest business coming from 4 states - Karnataka, Telangana, Gujarat and Maharashtra. LenDenClub has several B2B2C collaborations to enhance its distribution network. It works with multiple vendors for multiple use cases. Dipesh names a few: “Some of our key partners of these collaborations are companies like Google Pay and BharatPe. In FY 2022, we multiplied our disbursements by 5X with the combination of D2C and B2B2C strategy. We firmly believe in deep technology collaborations and will continue building those in years to come. For cloud operations, we work with AWS. For customer’s credit history, we work with CRIF as well as CIBIL and for KYC, with CERSAI.”
MULTIPURPOSE ANALYTICS
LenDenClubinitiateditscustomerengagement and acquisition via social media platforms from FY 2021. As the torch-bearer of the P2P lending ecosystem, LenDenClub intends to use social media and other communication channels to bring more awareness and aim to educate the masses of this new-age investment class. Its customer relationship management team uses the analytics to assign relationship managers to the customers for a seamless customer experience.
Dipesh elaborates: “By deploying analytics, we are able to define different cohorts of customers that help us effectively communicate with them. With regard to CRM, we have deployed chatbots as well as a well a grievance redressal mechanism. Going forward, we plan to leverage NLP (Natural Language Processing) technology to provide customized solutions. Marketing campaigns with Hotstar during the cricket season, event participation for partnerships like ET FFF conference are some initiatives that we took in FY ‘21 and we look forward to more such efforts this year.”
ROBUST API-PRODUCTIZATION
LenDenClub is eyeing to disburse shortterm personal loans up to $1 billion in the current financial year. It believes and is aligned to the philosophy of ‘One Team, One Dream’ to achieve this goal, which drives every initiative in the organization. There is a great emphasis on innovation and strengthening the proprietary tech-stack. Dipesh reveals: “A plethora of initiatives to enhance the platform’s capability to cater to the new business lines, along with a robust API-productization for quick partnership conversions, will help us serve a larger population. It is a crucial step toward our vision to revolutionize responsible lending and drive financial inclusion in the country.”