Rubique has demonstrated its focus on ecosystem collaboration with development of SPOT (Single Point of Truth) – a data platform which links all stakeholders in ecosystem, be it internal as well as external stakeholders like financial institutions, business associates and business partners. SPOT is a data platform developed with an objective to be a single stop solution for all financial products. It has a JSON schema based configurable workflow engine that allows origination, assessment and fulfilment seamlessly for products like loan, credit card and insurance. The SPOT platform is integrated with paperless-focused features like e-KYC, bank statement analysis, credit bureau check, credit memo generation and MCA integration etc. These features further allow real time decision making on the application.
Manav Jeet, MD and CEO, Rubique said, “The world is constantly innovating, and we need to ensure we are always a step ahead. The SPOT platform has been designed to reduce cost and effort without compromising on the delivery and security of data. We have leveraged distributed systems, cloud offerings, Multi-AZ replications and serverless architectures to make our entire solution horizontally scalable and available. The platform is also fluid that can be constantly evolved to ensure we remain the market leaders in our space.”
SPOT is a cloud based multi-tenant solution with focus on data security, privacy and fraud mitigation to be regulatory compliant. Features of SPOT include:
- Rubique Wallet: This is a new age wallet solution which enables the channel partner network to efficiently track and manage their leads and corresponding pay-outs. The wallet in its mature state will provide working capital support, rewards and recognition benefits along with multiple service modes like bookings, bill payments, etc
- Provision for CIBIL score: SPOT offers the provision to pull out the CIBIL score and report for the business associates too check the credit health of their customers. This has been developed keeping in mind SPOT’s objective of adding value for the business associate at every stage of the loan process, checking a customer’s credit score will help the BA make better decision in terms of product selection, customer selection and other factors that go into loan approvals
- Cross sell / upsell engine: This feature allows the business associate to cross sell or upsell products when applying for any other product through SPOT. Insurance can be a complementary product to other products on the platform. There is an opportunity to push business associates to multiple products to their existing customer
- Blockchain based smart KYC: This feature will enable instant, secure and seamless customer identification process on SPOT. Adding a layer of security to customers’ data, the central repository will not only allow easy access to Rubique’s customer KYC documents for any financial institution, banks or entity but will also ensure secure flow of data transfer, since the documents are hosted on blockchain and permissions are granted by the customers themselves
- Analytics: This feature is specifically for the business associates who can analyze the customer data for the leads submitted by them. It allows them to check their earnings, analyze which products are selling better, the approved amount of loans, etc
- Credit Assessment Memo: SPOT allows the business associate to generate the CAMs for any loan product which can be submitted along with the customer’s files. This helps in reducing the turn-around-time
Rubique has leveraged alternate data, image recognition and video analytics on SPOT to automate data filling and verification thus making customer onboarding seamless and hassle free. Apart from this, there are also series of algorithms employed to build a strong recommendation engine to reach out to customers at the right time with relevant offerings. Rubique has also used artificial intelligence (AI), image processing, OCR, video analytics and machine learning algorithms to incorporate consumer analytics and cross-sell/upsell recommendation engine within SPOT to maximize life time value for our consumer and associate network.
Advocating open source technologies, Rubique has built a microservice architecture-based platform with extensive use of orchestration and configuration management solutions which makes the offering flexible, configurable and reusable. Realizing that there is a gap in SME credit assessment, Rubique plans to invest further into technology and data to build technology and data solutions to make the process more transparent and seamless. Rubique is working on alternating scoring engine on the SPOT which will use various data sources like SMS parsing, call logs data, contact list, device attributes, psychometric analytics and facial recognition.