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Personal loan platform CASHe launches instant credit line on Whatsapp

Personal loan platform CASHe launches instant credit line on Whatsapp

The platform is looking to give access to instant credit line to users through its Whatsapp Business Platform; users can get access to instant credit lines by simply typing their names.

Personal loan platform CASHe launches instant credit line on Whatsapp Personal loan platform CASHe launches instant credit line on Whatsapp

Mumbai-based personal loan and financial wellness platform CASHe has announced the launch of its Whatsapp-enabled credit line service for customers seeking access to instant credit lines. The platform will employ the AI-driven Whatsapp Business interface to interact with users seeking instant loans, requiring them to only type in their names, in what it calls an "industry-first" offering.

The company claimed to be the first fintech enterprise to provide instant credit without the need for documentation, app downloads, or the filling of application forms. Whatsapp users in India may get a pre-approved credit limit from CASHe in under a minute on any given day. Anyone may use this service by simply typing "Hi" to CASHe's official WhatsApp number and initiating a conversation stating their requirements, the company stated in its press release. 

An AI-powered bot supports this service, which matches the customer's inputs and automatically enables a formal application, as well as a KYC check, and then sets up a credit line in a few clicks through a guided conversational flow once validated. The borrower's data will be generated and displayed depending on the name given, which is the only crucial input required at the beginning of the discussion from the person seeking a loan.

The company claimed to have witnessed tremendous traction during the beta testing of the service, stating that there was a ‘near-zero delay’ in approving credit limits for KYC-compliant customers who were using the platform. 

V. Raman Kumar, founder and Chairman at CASHe, while commenting on the launch of the service, said, “It’s our “Customer First” approach that is at the forefront of our product innovation strategy. Today’s smart consumers demand instant gratification and contactless support. Our AI-enabled chat product introduced on WhatsApp is a step in this direction.” 

“We believe an industry-first and innovative service like this will not only empower our customers and ensure that they get a best-in-class experience in their demand for credit but will also significantly expand our credit footprint using the humongous user base of WhatsApp, thereby bringing us closer to our vision of achieving financial inclusion to the underserved in India,” he added.

With over 487 million users of Whatsapp in India, according to data from June last year, the messaging platform has been rapidly growing in popularity in India. Businesses in the country have been fast experimenting with and deploying WhatsApp-enabled chatbots in order to develop closer ties with consumers and offer their services more efficiently.

 

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Published on: Jun 15, 2022, 2:37 PM IST
Posted by: Soumyashis Prashanth, Jun 15, 2022, 2:29 PM IST