RevFin bagged the award for Best Mobile App Initiative at DNA 2023 Awards from Banking Frontiers Jury. Highlights of their nomination:
RevFin Services is a financial services company that caters to the needs of the bottom-of-the-pyramid section of the population, especially in tier 2 & 3 towns. It has a clear focus on financing commercial electric vehicles for individual drivers. It also offers unsecured credit for needy for any use at any time. Such loans are, however, offered to the existing customers of the company.
RevFin has developed an innovative digital platform that enables it to make the entire loan process – right from the moment of making an application to the point where the loan is sanctioned and it is serviced – fully digital, using an app. In developing the platform, the company has used concepts like psychometrics, biometrics and gamification. The app is designed for use on any smart phone.
Today RevFin has some 241,000 users for its app. Since its development, the basic technology has changed from Java to Kotlin for Android, which brought significant improvements in the app and helped reduce the app size for upgrades. The entire development happened in-house.
Apart from psychometric testing based underwriting approach, it has also introduced proctoring of the psychometric tests by taking picture snapshots every 5 seconds. This is then analyzed for detecting any frauds.
The app has seen enhancement like availability of OCR for document processing, reduction in loan processing time (generation and agreement time under 16 minutes) and just 70 taps/clicks for the entire app journey.