Revolutionising banking, biz scene with fintech solution

Mumbai: The following are the excerpts from the interview

What are the drivers/market trends that are shaping the digital lending landscape in 2022?

Fintech will be leading the Financial Services sector in the near Future and in the coming time they will compete with the much more Formal Banking Sector head on. There is already Open Banking and Neo Banking which is due to the lack of regulatory leeway collaborating with the Banks. Some of the Neo Banks have created a very large customer base and this customer base is tremendously loyal to these fintechs.

Today banks are relying on customer inertia to abandon the formal banking services; this exit barrier will keep diminishing to the point of inflection where the formal banking structure will become redundant in the world.

How emerging technologies like AI/ML is revolutionising the finance sector? How are you contributing to it?

AI, Big Data, and Analytics based platforms manage and analyse large amounts of data available. They uncover hidden patterns, correlations and offer deeper insights to innovatively visualise results for better decision making. These white-label platforms utilise the combination of leading technologies on the cloud with AI/ML capabilities, Natural Language Processing, Real-time Data Processing, Predictive Customer Touchpoints, Customer Relationship Management, Loyalty Management, Governance, Risk and Compliance, and Advanced Analytical Models. Biz2X uses a streamlined user interface, AI-driven analytics, and a customisable white label environment to help banks transform their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products.

Please brief us about your company, its services, USPs etc.

Biz2X is the leading digital lending platform, enabling financial providers to power growth with a modern omni-channel experience and best-in-class risk tools. The company partners with financial institutions to support their digital transformation efforts with Biz2X's digital lending platform - From Origination to AI based risk, auto underwriting, cash flow analysis, servicing and collections. Biz2X solutions not only reduces operational expense, but accelerates lending growth by significantly improving client experience, reducing total turnaround time and equipping the relationship managers with powerful monitoring insights and alerts.

Biz2X solutions not only reduce the operational expense but also accelerate lending growth by significantly improving client experience, reducing total turnaround time from 7-10 days to 48-72 hours and equipping the relationship managers with powerful monitoring insights and alerts.

Who are the promoters of the company, why they established Biz2X?

The company is founded by brother duo Rohit and Ramit Arora.

Rohit Arora, CEO of Biz2Credit/Biz2X, is one of America's top experts in small business lending and a FinTech pioneer. He is an economist and among the Top 50 Financial Technology CEOs of 2022 by Financial Technology Report. Also, he was named 2011 Top Entrepreneur by Crain's NY Business, which has listed Biz2Credit among NYC's Fast 50 multiple times. He is a frequent speaker at top industry events, an oft-quoted media source on banking and FinTech trends.

Ramit Arora, President and Co-founder of Biz2Credit/Biz2X, is one of America's top experts in small business lending and heads the company's credit and sales operations. He has over 10 years of experience in financial services with Citibank and Xerox and has considerable experience in risk management.

The platform is the natural outgrowth of Biz2Credit's established platform that many big Banks have chosen to launch new online lending initiatives. Powered by enhanced loan management servicing, risk analytics and a configurable customer journey, Biz2X is launched to help banks run their lending operations at scale.

Tell about your recently launched Fintech product "Maadhyam"?

Being a key player in the financial space, we identified the lack of technology interventions that can support growing businesses in India under the roof of financial expertise. The company felt the huge gap to enhance the credit momentum in the nation so that India can become more technologically advanced and economically balanced. The current situation for SMEs and MSMEs in India is plagued with proprietary connectors making the entire process of credit access exhausting and time-consuming for businesses.

Fuelling the government of India's long-term vision and approach of self-reliant, Biz2X launched a technology middleware platform Maadhyam to support lenders, industry aggregators, and SMEs in India. A plethora of benefits await new businesses that are willing to expand and mark their presence in the Indian market through their flagship services.

With a core idea of streamlining the tangled situation of lenders, borrowers, and businesses, Maadhyam, addressing the need of the hour and the vision of advanced India, will facilitate the idea of being 'Aatmanirbhar' and give the country its state-of-the-art platform that supports financial stability.

What are your growth priorities for the next 12-14 months?

Biz2X started 2022 with some exciting launches starting with the Maadhyam. Our recently launched middleware platform is getting an amazing response from the markets. We already have leads from big banks and corporates for Maadhyam.

We are planning to hire 350 employees in the coming 12-14 months. This increase in headcount will be from entry-level to middle management positions in multiple areas including the more sought-after areas like Cloud Computing, Data Sciences and AI/ML.

We want to invest in the ecosystem in India where we will build strategic partnerships with data providers and in newer solutions like Account Aggregators, and OCEN.