Money Phone is the Microfinance Centre's new Member. Do not hesitate to learn about the profile of their operations. Welcome to the MFC Family!
MoneyPhone is a Dutch Amsterdam based impact fintech. The company was founded late in 2018, it is a B2B2C SaaS with a loan origination product. The product enables financial institutions to onboard clients online and thus grow their business. The company is presently serving clients in Mexico, Guatemala, Peru, Jordan, Chad, Zimbabwe and Rwanda.
MoneyPhone aims to increase financial inclusion by helping Financial Institutions (FIs) digitize their services through: 1) a platform that allows FIs’ customers to apply for loans online; 2) a loan management portal for loan officers; 3) a dashboard to help FIs’ managers evaluate portfolio performance; and 4) consulting regarding online advertising. The firm has not disclosed any of its financial data.
Digitization brings a huge opportunity to boost throughput, transparency and efficiency, all while offering customers a more streamlined and satisfying experience. The MoneyPhone platform will offer the following key benefits to clients:
- Reach new target groups
Embracing digital channels allows lenders to deliver a differentiated lending experience – wherever their customers are. With the ability to apply for loans digitally, borrowers no longer need to visit branches in person, and financial institutions no longer need a large physical presence in the regions they serve. This makes expansion into new markets much more cost-effective. What’s more, digitization helps lenders appeal to new target groups that are used to the speed and convenience of digital channels – creating valuable opportunities to grow the customer base and lift revenues.
- Cut operating costs
Digital loan origination can drive significant value for lenders through increased efficiencies and lower operating costs. Reducing reliance on paper-based processes (or eliminating them entirely) drives down onboarding costs. Automated operations allow more loans to be processed with far fewer resources, for further savings. Platforms like MoneyPhone’s Digital Loan Origination Solution that include a loan management portal and management dashboards, can drive more intelligent decision-making that helps reduce underwriting cost
- Reduce interest rates
An added benefit of improved operational efficiency is the ability to offer credit at more competitive rates. By driving down the cost of processing and servicing loans through digitization, organizations can pass these savings on to their customers in the form of lower interest rates. In turn, this helps lenders stand out from competitors and win more customers, driving business growth.
- Scale faster
Digitization also makes it possible for financial institutions to scale up lending operations quickly and cost-effectively. Freed from complex and time-consuming manual processes, loan officers can manage a higher volume of work with greater speed and accuracy. As a result, organizations can grow their loan book without added resources – supporting efficient expansion.
- Redefine the customer experience
When financial institutions digitize loan origination, they are able to provide a far superior experience to borrowers. By digitally integrating and connecting the process, lenders can serve customers in a faster, more transparent and more convenient way. This will set them apart from their competitors, helping them to build more durable and trusted customer relationships, increase their market share, and grow their business over the long term.
- Improve turnaround times
With digitized loan origination, it’s possible for organizations to service loans much faster than with a manual, paper-based approach. Instead of going to a branch, filling out paperwork and then waiting for days, borrowers can apply for a loan in minutes via a self-service portal on the lender’s website – or by working with a field officer to complete an online application. Loan officers can then use an online workflow to review and process the application, and manage disbursements and repayments digitally. It makes for a much smoother, faster process from start to finish.