Some of the valid questions raised by lenders and how they can be sorted out.

When we hit APIs in digital lending, sometimes they won’t work due to various issues. We often hear these complaints from lenders, such as:

– The Aadhar server is down!
– The PAN number doesn’t exist in the NSDL database!
– Can’t do the e-NACH as the NPCI server is down!
– Video KYC is not working!

These are failure scenarios, and in such cases, how can we provide a better borrower experience?

1) Take the borrower through an alternate route. If the borrower can’t complete the Aadhar KYC after trying a few times, we can complete the KYC process with CKYC by obtaining PAN and DoB.

2) Borrower onboarding should not be interrupted in any of these failure scenarios. For example, if any of the servers is down, we can ask the borrower to upload documents or fill in basic details and complete the journey. In the backend, the loan officer can hit the APIs (with the details entered by the borrower) and provide the offer.

3) Call API from different vendors. Lenders should integrate with a couple of vendors for ONE service. For example, if video KYC is not working with Vendor 1, the system should automatically call Vendor 2’s API.

Sometimes, APIs can be problematic, but with a proper system, lenders can handle them effectively.

#digitallending #apiintegration #borrowerexperience #manispeaksmoney

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