askRobin found in Belvo the perfect partner to grow and offer a more diverse range of loans for the entire population in the region.
Inclusion and digitization of services in Latin America are among the main challenges the financial sector is facing in the region. Although there are joint efforts between governments and financial institutions to achieve these objectives, such as the launch of CoDI (Mexico) and Pix (Brazil), in some ways they have fallen short of the economic and educational reality faced by the population.
In Mexico, for example, according to figures from the CNBV and its Annual Financial Inclusion Panorama for 2018, the number of retail bank household loans per 10 thousand adults in Mexico was 5,689, falling below Brazil and Chile and above Argentina, Colombia and Peru. As for the number of credit cards per 10 thousand adults in Mexico it was 2,963, a figure that resulted below that of Chile, Brazil, Colombia, and Peru.
With this scenario ahead and with the firm conviction of generating greater inclusion in Latin America, askRobin launched in 2017 its free loan marketplace for the population that’s underserved by the traditional financial system that works through a mobile application called “Robin”. So far, askRobin has helped more than 1.4 million people to get loans.
Getting the best credit to the people who need it
askRobin emerged in 2017 after realizing that the systems for applying for credit online were too complex and inequitable, as there were high rejection rates, as well as “fine print” policies that prevented a greater volume of the population from having access to credit.
Their service is 100% free for users, and the process is very simple: you select the type of credit you are interested in, answer a series of questions by completing the registration through askRobin.com, and finally, it shows you the best credit options available to you.
After using the Banking product developed by Belvo, askRobin has a robust and complete tool that provides a secure connection for the exchange of users’ financial data. In addition, it now has this access to information in an automated and enriched way.
With this Open Banking solution, askRobin has all the necessary elements to make better decisions and provide better credit offers to its consumers. And thanks to data analytics, they can now tell their customers what the best options are for them, as well as provide visibility into their creditworthiness and financial health.
As a result, by implementing Belvo and other tools during 2020, askRobin quadrupled its conversion rate growth and increased its revenue per transaction sixfold.
To learn how Belvo is helping credit companies grow exponentially, download our case study.