Solutions for NBFCs & Lenders
Accelerate Lending with Instant, Verified Customer Financial Data
Via OMS AA, NBFCs and lenders can access customer-consented bank statements, income documents, and financial records instantly, leading to faster loan underwriting, better credit decisions, and improved customer experience.
The Problem
The Challenge
NBFCs and lenders struggle with:
- Slow Underwriting: Waiting 3-5 days for manual document submission (if customer complies)
- Unverified Data: Relying on self-reported or potentially fraudulent documents
- High Drop-Off: Customers abandon applications due to slow, cumbersome processes
- Poor Credit Quality: Limited financial visibility leads to higher default rates
The Fix
How OMS AA Facilitates Faster Lending
1
Instant Income Verification
- Customer consents to share bank statements and ITR via OMS AA
- Lender receives verified data in minutes, not days
- Automatic income calculation and verification
2
Existing Liability Assessment
- OMS AA facilitates access to borrower's loan account data from all FIPs
- Instant view of existing debt obligations
- Better debt-to-income assessment
3
Real-Time Credit Decisioning
- Verified financial data feeds directly into credit models
- Faster approval/rejection decisions
- Data-driven risk assessment
4
Reduced Operational Cost
- Fewer manual document processing steps
- Less fraud and compliance risk
- Lower customer acquisition cost
Onboarding
Implementation
Quick Start
- Sign agreement with OMS AA
- Integrate OMS AA API into your existing platform (1-2 weeks)
- Update consent flow in mobile/web app
- Go live and start processing consented data requests
Technical Capabilities
- Real-time and batch data retrieval
- Webhook notifications for approval/rejection events
- RESTful API with SDKs (Python, Node.js, Java, Go, C#)
- Sandbox for testing
In Practice
Use Cases
1
Personal Loans
- Customer provides consent to share 6 months of bank statements
- Lender accesses consented income and existing liability data
- Approval within hours
2
Business Loans
- Business owner shares business bank statements and ITR
- Lender assesses business cash flow and tax compliance
- Faster decision on business credit line
3
Credit Card / Limit Increase
- Existing customer requests credit limit increase
- Lender pulls updated financial data via OMS AA
- Real-time decision on limit enhancement
Regulatory
Compliance & Risk Mitigation
DPDP Act 2023 Compliance
- OMS AA ensures customer consent is valid before data access (Sec 6)
- Lender can use data only for consented purpose (Sec 8)
- Audit trails support regulatory defense
RBI Compliance
- OMS AA is RBI-regulated NBFC-AA
- FIU (lender) liability remains with lender; OMS AA is conduit
- Consent records provide regulatory audit trail
Fraud Prevention
- Verified data from FIP banks reduces document fraud
- Encrypted data sharing prevents data tampering
- Immutable audit logs track every data access
Results
ROI & Business Impact
| Metric | Improvement |
|---|---|
| Loan Processing Time | Reduced from 3-7 days to 1-2 days |
| Manual Document Verification | 80% reduction via automated data retrieval |
| Customer Application Drop-Off | Reduced by 25-40% via streamlined consent process |
| Default Risk | Lower default rates with verified income data |
| Operational Cost Per Loan | Reduced by 30-40% |
Anonymized
Case Study
Lender: Mid-sized NBFC
Challenge: 40% application abandonment due to slow manual KYC, 5-7 day loan approval time
Solution: Integrated OMS AA for instant income verification
Results:
- Loan approval time reduced to 24-48 hours
- 30% increase in completed applications
- 25% reduction in operational cost per loan
- 15% improvement in loan quality (lower defaults)