The process through which new users become efficient in a programme is known as user onboarding. The first application experience, online or offline training, goal-setting, and the company’s customer success strategy are all included in user onboarding.

Onboarding procedure in Fintech

Making your target clients comfortable with your product or service is known as fintech onboarding. An effective onboarding process for fintech should aid new users of your app or website by offering them individualized direction and assistance.

Loan Distribution

After verification and approval, the bank disburses the loan by giving the borrower the money. The distribution of a loan does not need much time. The payout takes place two to three days after getting the letter of home loan sanction.

When the agreed-upon sum is deposited into the borrower’s account and made accessible for usage, the loan is said to have been disbursed. Cash is deducted from the lender’s account and credited to the borrower’s account when the loan is disbursed.

Background of SATYA MicroCapital Ltd

SATYA MicroCapital Limited is a Delhi-based “NBFC-MFI” that has been registered with the RBI. It began offering microloans in January 2017. SATYA has had exceptional development in just six years, making it one of the nation’s fastest-growing, highly technology-driven microfinance institutions.

The entire microfinance operation of SATYA has been focused on helping women become more economically independent by creating more opportunities for them to earn additional income. This has helped women become more self-assured, self-reliant, and respected members of their families, communities, and society. The institution SATYA was created with the goal of bringing about change and development, and it stands out in the field of financial inclusion. The organization seeks to enhance lending by incorporating contemporary technology into the Micro Finance sector through its broad variety of loan products and technologically sound operations.

Challenge Faced by the Fintech

A substantial challenge was encountered in the loan distribution process and customer onboarding by Satya Micro Capital, a well-known microfinance company. The institution and its clients both experienced delays in services and unsatisfactory interactions as a result of the traditional methods of identity verification and loan processing being cumbersome and inefficient.

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How Surepass’s Solutions helped?

 Recognizing the need for a revolutionary change, Surepass collaborated with Satya MicroCapital to implement a range of advanced solutions:

  1. Aadhaar Verification API: Surepass integrated a robust Aadhaar verification API that swiftly and accurately verified customers’ identities using the Aadhaar database, eliminating the need for manual checks and reducing errors.
  2. Aadhaar eSign: The Aadhaar eSign feature allowed clients to digitally sign documents, making the process paperless, secure, and convenient.
  3. Aadhaar Masking API: To ensure privacy and data protection, Surepass’s Aadhaar masking API enabled Satya MicroCapital to display only the necessary information while shielding sensitive data.
  4. Facematch Technology: Leveraging cutting-edge AI, Surepass introduced Facematch technology, comparing a customer’s live image to their Aadhaar photo, providing an additional layer of security.

Impact Created with Surepass’s API

  • 250% Increase in User Onboarding Rate: With hassle-free onboarding processes, Satya Micro Capital witnessed a phenomenal 250% surge in their user onboarding rate.
  • Loan Distribution Time Reduced from 3 Days to 3 Minutes: The integration of Surepass’s APIs cut the loan distribution time from an average of 3 days to an impressive 3 minutes.
  • Reduced Operational Costs: Previously, a team of 10 personnel was required to manually verify documents and facilitate onboarding. After integrating Surepass APIs, this workforce was reduced to just 2, significantly cutting down operational expenditure.

Key Takeaways

Satya Micro Capital’s success with Surepass proves innovation’s strength. 

Our integrated APIs not only revolutionized onboarding but also transformed loan distribution, fostering financial inclusion.

Elevate Your Business with Surepass 

 Simplify operations, enhance security, and boost efficiency with our Aadhaar-based APIs, transforming user onboarding and document verification processes.

Contact us to explore how Surepass API’s can transform your business, delivering smooth experiences and cost savings. Our Aadhaar Verification API – SurePass has the capacity to provide efficient results regarding the originality of an Aadhaar card.

Why Choose Us?

Surepass API’s can help you set up a multi-tiered strategy to stop fraud involving financial products and loan applications. Talk to a specialist right away to find out more about what you can do to prevent fraud and reduce the expense of defaulting on your debt.

Businesses and governments may conduct transactions in our digital environment with confidence thanks to Surepass. Wherever your clients want to transact, we quickly create confidence by using cutting-edge technology to provide solutions, stop fraud, and speed up trusted identities. 

You can establish, verify, monitor, and securely exchange digital identities thanks to Surepass’s inclusive technology, which is accessible to everyone on the planet. With omnichannel implementation, our AI-powered identity verification and regulatory compliance (AML/KYC) solutions provide unmatched outcomes and operational efficiency.

Automate your KYC Process & reduce Fraud!

We have helped 1000+ companies in reducing their user onboarding TAT by 95%

Book a demo to learn more