From on-boarding to approved loan, digitally, within 10 minutes.ING Direct (France)
ING Bank, in close cooperation with VI Company, makes it possible for SMEs in France and Italy to complete a loan in under 10 minutes, fully digital.
ING positions itself as the forerunner in the field of innovation and digitalization in the banking sector. ING is constantly looking for new ways to improve and further streamline their (digital) processes. In this specific case, ING came to VI Company with the challenge to fully digitize the process of applying and closing loans for SMEs in under 10 minutes. VI Company performed analysis and further on developed the full platform for ING. From the on-boarding flow to the user experience and the software infrastructure.
Know Your Customer
The on-boarding, Know Your Customer (KYC) process is complex but completely automated. Doing so by executing different processes in the background to perform a number of checks. These checks also make sure that ING is compliant with the local regulatory and legislation. One of the many automated processes is the link with the local Chamber of Commerce. Combined, all these processes are eliminating a pile of paperwork for the client. The only manual process by the client is filling in basic information and uploading an ID-document for verification.
Collaboration with Kabbage
VI Company worked and integrated a great number of third parties. One of these parties is the American Kabbage. In this full ecosystem of third-party connections, Kabbage is responsible for performing certain risk analysis and providing a maximum loan suggestion and interest rate. Another party, the Italian "Infocert" enables the signage and safekeeping of the digitally signed contracts, which are generated by internal ING systems.
Launching in France and Italy
The platform has now been launched in France and Italy. The first results are positive and the first loans, completely digital, are issued. The next steps are the development and rollout of new countries. Because each country has its own laws and regulations, as well as different SMEs, the platform has been set up to make it extremely easy to connect with country-specific APIs, apply the local translation to eventually launch new countries.