MoneyTap, a Bangalore-based fintech startup, has launched India’s first app-based credit line, having ZeroPaperTM technology, which enables 100% paperless processing of its customer applications. Currently, the app will be accessed in a few cities like Ahmedabad, Vadodara, Pune, Gandhinagar, Anand, Bharuch, Mumbai, Delhi-NCR, Bengaluru, Hyderabad, and Chennai. However, the company is planning to expand its presence in other cities as well in the coming few months.
There are no additional charges for ZeroPaperTM. Eligible customers can download the app from play store to apply and avail their line of credit without even submitting a single piece of paper or even meeting an RBL Bank representative.
“This is a huge moment for financial services in India and we are totally excited to be the first to launch ZeroPaperTM along with the RBL Bank. This will result in a delightful and unparalleled experience for MoneyTap customers that is not yet offered elsewhere in the industry,” says Kunal Varma, Co-founder, MoneyTap.
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Here are four features which will help you understand how easily one can credit online without visiting any offices or so.
Enables digital signature
The MoneyTap and RBL Bank ZeroPaperTM technology have introduced the new e-Sign feature in the there app which eliminates the use of paper for various steps in the customer application and overall credit underwriting process. This is a quick process which helps to go from the start till the finish in a single day.
Addhaar verification process
ZeroPaperTM facility is available to all the customers of MoneyTap who have their mobile numbers updated on Aadhaar card. They can digitally sign the relevant documents through an Aadhaar-based e-Sign. With the help of the unique Aadhaar number, ZeroPaperTM reduces the chances of frauds and also helps keep a check on counterfeit documents, forged ink signatures, and fake identity papers.
“We firmly believe that in a country with more than 1 billion people on Aadhaar, 220 million SmartPhones and 254 million Jan Dhan Accounts, improvisation in paperless banking and particularly consumer lending is essential to create truly inclusive systems,” says Pramod Varma, Chief Architect, Aadhaar.
E-KYC, enabling quick process
A few banks have already optimized some parts of their credit application processes, but still, they are retaining their paper KYC formalities with the requirement of wet signatures for loan applications. Visiting the customer’s house or office is not only expensive for banks but also one of the biggest sources of obstructions and delay in processing the application. Now, customers can comfortably complete the whole process on the app following the instructions at any time including e-KYC. This helps them to go from start to end on the same day (instead of running over days or weeks), as compared to manual forms where there is much difficulty in the collection, submission, and verification of applicant data.
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Cost effective process
Going paperless also means empowering financial institutions with ZeroPaperTM technology that enables them to drastically cut operating costs. In addition to the app, MoneyTap’s technology includes a cloud-based backend platform that is 100% compliant with Aadhaar and Bank security regulations while facilitating an efficient, fast and completely paperless processing of customer applications.
“It will result in significant operational efficiencies and cost savings. More importantly, it will provide customers with a secure and superior banking experience,” says Harjeet Toor, Business Head – Microbanking, Cards, Retail and MSME Lending.