Discover the future of Open Banking and become a leader in the revolution.
Lenders need to focus on financial wellbeing to win consumers’ trust, as research by Frollo and EML shows that consumers consider responsible lending and PFM features very important when taking out a loan.
Frollo and EML have published ‘Trust and the future of consumer lending’: a white paper on neo-lenders’ challenges with consumer trust and their unique position to capitalise on innovations in Open Banking, payments and personal finance management to win back that trust.
NUAPAY IS SHAKING UP THE OPEN BANKING MARKET
FOR BOTH OUR FINTECHS AND THEIR END-USERS
EML Payments & Frollo have partnered together to bring you Nuapay, Australia's most innovative white-label digital wallet product powered by open banking.
Nuapay is recreating a more wholesome relationship for the end-user with financial institutions, bringing together the latest innovations in Open Banking, Personal Finance Management and Payments.
The industry redefining Nuapay product is a complete, customisable solution to streamline, enhance and personalise the entire user journey for fast growth neo-lenders and neo-banks.
KEY FEATURES OF NUAPAY
Instant Yes, Instant Cash
Using Open Banking data and EML virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes!
Money Management
A market-leading banking app, including Personal Finance Management features.
Emergency Buffer
The ability to quickly go back and turn a transaction into an instalment loan (not dissimilar to a retro-BNPL).
Spend Controls
Use of AI transaction categorisation to control spend in real time and place budget caps for specific money buckets.
END USER BENEFITS
IMPROVED CUSTOMER EXPERIENCE
The Nuapay product removes friction from the application process, delivering an instant decision and instant access to the loaned money if approved.
The ease, speed and transparency that can be adopted in the application process takes the user experience to the next level by placing the end-user in the driving seat of their financial destiny.
IMPROVED FINANCIAL WELLBEING
The combination of more accurate credit decisions, powerful financial wellbeing tools and instant access to emergency buffers ultimately helps the end-user with financial literacy and better financial outcomes.
CLIENT BENEFITS
INCREASED TRANSPARENCY & PERSONALISATION = TRUST
Helping fintechs to build trust with their end-users is at the heart of this partnership:
– Keep your end users' money safe and accessible instantly
– Keep data safe and secure with our bank grade platform
– Provide instant feedback on decisions and put your end users in the drivers seat
– Innovate quickly and easily to create a better customer experience
– Personalise the experience throughout the lifecycle with proactive engagement using data
SPEED & COST SAVINGS
By utilising Open Banking data and a card for issuing the loan amount, the entire application process is accelerated from days to only a few minutes - removing the costly and highly manual human-led checks that exist in today’s traditional processes.
The instant approval process increases conversion rates and minimises application abandonment.
Access to the full suite of Nuapay products via the one platform has eliminated the clients’ need to incur costly and time-consuming tech-builds or manage multiple integrations.
OPTIMISED RISK MANAGEMENT & NEXT-GEN RESPONSIBLE LENDING
Throughout the customer journey, clients optimise their risk performance:
An altogether more accurate assessment of the financial situation of the individual applicant.
Dynamic in-life monitoring of the users’ financial status, with the ability to proactively provide personalised financial solutions.
Help customers with financial wellness by using Open Banking data, AI and the unique combination of Nuapay smart money and spending tools, which goes beyond even today's regulatory requirements for an optimised outcome.
“By removing friction for our clients & and their end-users and being able to offer best in market products created by partners like Frollo - we believe our clients are well-positioned to drive disruption of the traditional financial services industry. At EML we love working closely with businesses all over the world to solve their payment problems, create awesome customer experiences and grow their businesses”
Sarah Bowles
EML - Group Chief Product Officer