Bluecell Intelligence (BCI), a new start-up company in the Financial industry is all set to enter the Singapore markets soon. It strives to consolidate the fragmented lending ecosystem in Singapore by providing a new online platform where loan dealings can be done in a faster and more advanced way. Because of this initiative the markets will see a new revolution in the Fintech Industry.
Being in the Industry for many years, the owners of the company realised that there were many gaps and inefficiencies in how the conventional lending system worked. So, in order to provide better solutions and efficient systems they came up with the Digital version by launching an integrated end-to-end lending platform that supports SMEs, lenders and loan consultants throughout the lending process.
This new venture aims to provide innovative methods of connecting different players in the funding marketplace.
Bluecell has been proactive in understanding the paint points and difficulties faced by Borrowers, Lenders, and Brokers during the SME loan process and hence deviced a platform to cater to their problems and provide a solution which integrates all the intermediaries together through a common platform.
Many SMEs who want to grow and pursue digital transformation often lack the necessary financial acumen to understand the process involved. They might be unaware of alternative financing options available in the market. Other tasks such as checking loan eligibility, applying for a loan, or negotiating with multiple lenders at the same time effectively also prevents SMEs from receiving financing. The often complex and lengthy document submission to different lenders further complicates acquiring financing. Many Lenders without a centralised platform, have limited reach capabilities and are often unable to access a larger market. The reliance on manual document processing lengthens the process of loan application such as checking loan applications that don’t meet underwriting criteria leads to resubmissions. Verification of submitted financial documents also delays loan processing time.
Many Brokers face communication problems due to multiple channels involved which results in communication inefficiency between brokers and lenders. Information from varied sources limits brokers’ ability to stay up to date with the current lending criteria or policies. Brokers also have limited contact with new lenders due to evolving players in the market and various financial options.
Keeping the above concerns in view Bluecell is launching a Centralised Ecosystem for Borrowers, Lenders and Consultants. This will be an end-to-end lending platform with a funding marketplace that brings together diversified financing options from multiple lenders.
The solution caters to all types of SMEs, from young enterprises to growing companies and well-established organizations at all levels of financial standing. The process of loan application is simplified and happens entirely online in a secure environment.
When looking for financing, SMEs simply set their financial capability and get matched with financial options that fit with their needs. The necessary information is generated automatically in an electronic format. Borrowers see a summary of product features for all matching loans, which increases transparency.
The Bluecell platform serves as an additional digital sales channel for lenders, expanding the market reach and loan application sources. A secure online environment helps in document management and ensures data integrity. Bluecell delivers data-based insight into loan offers and other assets, letting lenders improve the performance of their products.
Bluecell features a CRM platform that aggregates all lender offers in one place, helping brokers manage their relationships more efficiently. Additionally, brokers have access to a considerable pool of lenders and can find a matching offer faster. The information on basic loan criteria and product features for different financial institutions is up-to-date and easily accessible. By reducing application reworks and errors, the platform lets brokers improve the lending experience for their clients.
Bluecell intelligence has ensured that its initiative for Digital transformation should be coupled with the latest technology available in the market as it has a future looking perspective. This can be justified by its collaboration with many establishments and participation of other eco-participants, like Govt Bodies, Auditors, Law firms, Trade Insurance Providers, Accounting Software Providers, etc. This will ensure seamless processing through the lending ecosystem. Loan origination, authentication and approvals can be done faster within the platform.
With the implementation of Blockchain technology, it will assure all parties of the authenticity of information in various parts of the lending process. This will add confidence in the process and reduce the cost of doing business. Lenders spend a significant amount of labour and cost to verify the authenticity and this will be a thing of the past with Bluecell.
Identity Verification & Know Your Customer (KYC)
The blockchain technology will also be used for smart identity which provides automated identification and verification of customers which includes people and organization during sign up or for real time transaction. Bluecell will be able to digitize traditional identity documents such as driving licenses, passport, and identity cards into a single and versatile digital record. Singapore Govt Tech has launched MyInfo which is a one stop source for government verified personal information to identify the borrowers. Bluecell has tied up with them so that it will provide the authentication and instant retrieval of required information.
In view of the recent Covid-19 situation, SMEs are forced to go online and adopt new operations and sales channels. As a part of Bluecell Support and Corporate Responsibility to SMEs, the platform will provide free services to the first 200 SMEs to overcome the unprecedented challenges during this crucial period. So please visit the website www.bluecell.sg for early sign ups.