G-Able Group, a leading “Tech Enabler” that helps businesses embrace every aspect of digitalization, plans to venture into the FinTech (Financial Technology) market in a move to join this financial megatrend with its nonpareil “End-to-End Digital Lending” platforms to make lending businesses more efficient, convenient, nimble, and secure.
G-Able Group’s CEO Dr. Chaiyuth Chunnahacha stated, “Nowadays, we cannot deny that FinTech or financial technology has been more front-and-center in our daily lives, especially during the COVID-19 pandemic which has accelerated digital transformation. The Bank of Thailand’s data showed there were about 84 million mobile banking service users’ accounts at the end of 2021.
While the FinTech market has seen a big leap, thanks to the trend of digital lending and cryptocurrency. According to Thailand’s FinTech capital mobilization data, the FinTech sector rose 60% in 2021 compared to 2020 and is expected to climb up to 90% for the next 3-5 years. Hence, it is necessary for bank and non-bank service providers to invest in technology and innovation to offer optimized, convenient, quick, and safe services to customers while exploring unlimited opportunities to gain competitive advantages in the current era.”
G-Able Group’s Fintech Commercial Director Mr. Pawarut Liawrakolan said, “With its position as a leading “Tech Enabler”, G-Able, seeing opportunities in the FinTech market, has leveraged its existing capabilities and expertise in developing new digital financial products and services like ‘End-to-End Digital Lending’ platforms to cater to today’s customer needs across all dimensions.”
The digital lending business can be divided into two main parts:
1. Customer Engagement Platform
This platform enables customers to contact service providers through websites, mobile applications, or representatives, while service providers use these channels to share business highlights such as easy lending process and quick approval via Robotic Process Automation (RPA) technology.
As all this is subject to the Personal Data Protection Act (PDPA), customers can rest assured
about data security. G-Able also provides online marketing services to help those businesses
gain more capacity and access to customers.
2. Enterprise Lending System
The system supports all types of transactions, including issuing and monitoring contracts, calculating interests, storing transaction data, identifying customer types, and sending reminders to service providers to collect debts from specific customers. It is a core business application for digital lending.
Both parts serve as core areas for operating digital lending and are to be included in G-Able’s line of services. It also has in store a myriad of technologies and systems that help upgrade back-office systems and handle a growing number of documents. All systems will run on Cloud in parallel with cybersecurity technology to ensure security. This is to prepare businesses for entering the industry’s fierce competition. Such capacity-boosting technologies and systems are listed below.
- Enterprise Content Management (ECM) system: A system to help store and sort key data
or documents in an orderly and organized manner with Cloud and Strong Room systems - Optical Character Recognition (OCR) system: A system to help convert different documents into digital files
- E-tax/E-signature system: A system for tax administration and filings, including an e-signature feature, for monthly document submissions to tax authorities
- Appraisal Management system: A system enabling officers to appraise assets for loan applicants via maps and send outcomes back for system quick and precision reviews
- Alternative Credit Scoring system: A system using digital footprints such as past records
of online shopping, food ordering, and mobile banking transactions for assessing customers’ debt-servicing ability - Collection Loss system: A machine learning-based system to help analyze debt collection patterns that serve customer needs for timely debt payments and minimized bad loans
- Data Platform and Growth Hacking system: A system to help track movements of customers entering the platform for analysis and design of strategies preferred by customers
To support digital lending market players, G-Able is ready to provide services with the following 2 business models.
- Project Base: This offers system installation services and end-to-end solutions for businesses in pursuit of their own digital platforms.
- Software as a Service: This offers monthly services for those wishing to speed up go-to-market.
“G-Able’s digital lending solutions make loan application easier, more convenient, faster, and safer for customers (end users). Also, businesses can enjoy the benefit of a full range of services or choose to use specific services. With this flexible service provision, businesses can efficiently advance competitive advantages, expand their customer base, and further new S-Curve business opportunities in the future,” added Mr. Pawarut.