How Fibe increased their loan application rate by over 15% with Account Aggregator
Monika Singh Chahal
Assistant Manager — Growth & Marketing
12 Nov 2024 — CUSTOMER STORIES
ACCOUNT AGGREGATOR
We might have all heard this before—80% of Indians live paycheck to paycheck.
To solve this, Fibe, previously known as EarlySalary, offers bullet loans, salary advances, and buy-now-pay-later options to help individuals manage their immediate credit needs. They have a simplified loan application process, making it possible for customers to get approval, and access funds quickly through their mobile app.
Let’s first understand why Fibe wanted to use an Account Aggregator.#
Fibe initially had partnered with another Account Aggregator but decided to switch to Setu:#
1. **Better coverage:** Setu’s AA gateway had more Financial Information Providers (FIPs) live on the platform, including major banks like SBI, than any other AA players in the market.
-
Superior tech Stack: Fibe had previously worked with Setu on other projects and was impressed by the robust and mature technical infrastructure.
-
White-glove support: Their experience in resolving issues and proactive communication, especially during system downtimes, and support team’s availability on WhatsApp or calls, offering a white-glove experience in integrating a core part of Fibe’s lending journey.
-
Clear documentation: API specs were documented making it easy for Fibe’s tech team to access, test, and implement.
Outcomes and Metrics#
1.** Improved loan application rate:** The loan application rate of bank statements improved by over 15%. Customers found the process easier and faster, leading to higher participation and fewer drop-offs.
- Higher FIP success rate: The success rate for top banks increased by around 5% compared to the previous TSP for the AA gateway. This meant that more customers from the top 10 banks could complete their applications without running into any issues.
This partnership reflects a shared commitment to addressing challenges and continuously optimising the process. With ongoing enhancements, the focus is on delivering even greater value for Fibe and its customers.
