Through its AA offering, FinBox aims to bring the drop-off rate down to less than 10%. “The AA framework promises to bring a radical transformation in India’s lending space. It will allow lenders to assess a wider selection of data points to determine a borrower’s creditworthiness, bringing underbanked sections of the population into the fold of formal lending. Besides, the ease and security with which it enables data sharing will give the lending industry a major boost, with borrowers becoming more willing to share their data with financial institutions.” said Rajat Deshpande, chief executive officer and co-founder of FinBox.
“We’re excited to be working with FinBox to enable the Account Aggregator framework on their platform. Lending is, at its core, a transaction that’s based on trust. And through this partnership, FinBox is set to strengthen and optimize the process of consent-based data sharing – a win for the company and for the borrowers it serves. Finvu is proud to partner and enables yet another cutting-edge technology use case in the FinTech space,” said Munish Bhatia, co-founder, Finvu.