In Myanmar, a large number of mass market consumers live in rural areas, and visiting a bank means taking a long trip. Many of them don’t even have a bank account, or a desktop computer. Nevertheless, Yoma Bank wanted to put them in control of their own credit decision making, and give them access to modern banking, saving accounts and personal loans.
Our white-label partner, Experian, also faced the challenge of a lack of formal credit data, with no public information on clients or businesses.
The Zenoo platform and Experian data were merged together to create a digital onboarding solution that enables everyone in Myanmar to use Yoma Bank services. We pre-integrated Experian APIs into our Zenoo Hub, and used battle-tested UX to create a mobile-first app called Smart Credit.
Smart Credit leverages Experian’s alternative data such as telco scores, demographics and device scores to make smart lending decisions. The Decision Engine, which is part of the solution, parses real-time requests for credit scores and provides credit decisions. This speeds up the process significantly - before Smart Credit, the loan approval process would take days or weeks.
For Yoma Bank customers, it means accessing a modern banking system without the barriers of long travel and long waiting times. Yoma Bank and Experian were able to expand their market and reach new customers, and provide them with a better product.
Loan application processing times cut from days to minutes
Mobile-first platform brings banking to everybody
Yoma bank went from onboarding 500 new customers per day to 1100
Elimination of tedious paperwork
Digital onboarding platform that is fast, agile and scalable
The Smart Credit solution represents an innovation in a thin-file market like Myanmar with no public data on clients or businesses available, and is the first product of its kind to pioneers access to unsecured loans for consumers in a convenient and automated manner at scale.
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