SourceForge recently spoke with Juozas Rupšys, founder and CEO at EGROUP EU and talks about the challenges and effective and equitable access to financing.
Can you give us a brief overview of CREDITONLINE?
I am one of the people who helped kickstart the “Payday loan” breakthrough in Europe. More than 13 years ago I started my own company EGROUP EU which implements and supports CREDITONLINE loan business management system. Currently, we operate in more than 15 countries including Great Britain, Denmark, Spain, Switzerland, and the Baltic States. We have launched over 150 startups in Lithuania, Poland, Latvia, Czech Republic, Slovakia, Great Britain, Russia, Brazil and other countries. We have a lot of insight as well as experience of how to successfully start a loan business in many different countries. Finance professionals have been using our services and system for more than 13 years. The company currently has three offices in the United Kingdom, Argentina and Lithuania.
How the idea of having a loan management software business was born?
In 2007 when I wanted to start my own payday loan business, there really was nothing similar in the market – back then if you wanted any sort of a loan even if it was a payday loan you used to have to go to a bank, request for a loan, wait 3 to 5 working days and only then you would receive an answer – the payout would take even more time. None of this was done automatically or online, therefore I came up with an idea to start my own online payday lending business and quickly focused on the fintech side of it rather than the actual lending.
How does CREDITONLINE deal with challenges in lending software development?
Ever since we took off in 2007, we have been guided by the conviction that efficient, effective and equitable access to financing is essential to socioeconomic progress. We strive for an active society in which everyone is encouraged to take their ideas and translate them into reality, and in so doing be part of a growing economy and inclusive prosperity – we do so by empowering lenders through advanced IT solutions. Throughout the years we have accumulated crucial know-how that not only allows us to solve most pressing lending industry challenges, but also emboldens us to take a step further and constantly innovate new technological solutions in anticipation of particular challenges to come.
How would you describe what CREDITONLINE is?
Befitting established lenders, loan-granting scale ups and credit startups, CREDITONLINE is a future-proof lending technology designed to boost your business capacity to auto complete others by creating seamless financing experiences globally.
What segments do you serve and who are your current customers?
We have three types of clients: banks, alternative lenders and retailers. The CREDITONLINE solutions caters to all types of clients as the CREDITONLINE software is a modular based system which can be extensive enough to fully serve the needs and requirements of a bank and at the same time can be simplified down enough to serve the full purposes of a start up alternative lender. The CREDITONLINE solution currently services most types of financial products in the market including classical financial products such as: payday loans, installment loans, secured/unsecured loans, credit lines, credit cards as well as newer products such as factoring of invoices, p2p, crowdfunding and marketplace.
What size companies use your solutions?
Due to the fact that CREDITONLINE is a modular system, the software itself can serve large, medium and small sized clients as it is adapted to each type of client in each particular case.
Why should lenders choose CREDITONLINE software?
The CREDITONLINE software is an all-around software which covers the full life cycle of a loan including loan origination, underwriting, scoring, pay-outs, pay-ins, debt collection, document/communication generation, marketing and statistics. The CREDITONLINE software is a modular software therefore you only need to acquire what you need at that particular moment and you can add on modules as well as functionalities later on as needed – this helps our clients to upscale easily as well as to expand their businesses and offer a wide range of financial services and to move into new territories.
How important cyber security is for you?
The software is a reliable, time-proof solution that has been operating for more than 14 years with a team that is dedicated to the quality of the product and services provided as well as the utmost attention towards our client’s data security. In 2011, CREDITONLINE was awarded the ISO 9001 “Quality management” and ISO/IEC 27001 “Information security management” certificates which are constantly checked during regular surveillance audits and is fully GDPR compliant.
How do I know if my business needs this solution?
If you want to start, grow or expand your loan business please do not hesitate to reach out to us for a quick chat to see if CREDITONLINE is the right fit for you.
How are you different from your competitors? What is unique about your product?
Our innovative lending technology, solutions and partnerships render it fast, simple and cost-effective to improve your products, expand the portfolio of your services and increase the number of your clients without inflating your contribution margin, allowing your business to scale up or reinvigorate itself more effectively at any stage of the business life-cycle.
Our team offers qualified supervision and support to our clients to ensure optimum setup of the platform with regards to your current and expected future needs and smooth implementation of the project. We also offer professional loan business consultations and a wide variety of other services to help you maximise the benefits of our offer, facilitate greater business agility and accelerate your scaling up.
How Covid-19 affected the industry and CREDITONLINE?
All around the word people as well as companies have been affected by COVID-19. Naturally, a lot of companies were forced to move their businesses online and that includes the financial sector. While previously companies could get away with having little online presence and doing most operations in their offices, now companies were faced with the challenge with moving most of their operations online, due to this there was quite an increase in the interest in the CREDITONLINE software.
How do you see the future of the industry?
In our opinion digital banking is going to completely replace in person banking that a lot of people have gotten used to over the years due to the COVID-19 situation and a worldwide lockdown.
How do you keep up with industry trends? What can we expect from CREDITONLINE in 2021?
We always monitor the trends and the demand of the financial industry. We have a dedicated R&D department and invest a lot of time and effort in development of new products as well as research of markets and trends. CREDITONLINE is constantly keeping up with the latest news and therefore is ready for everything and anything that the fintech industry might throw at them. CREDITONLINE is currently developing an innovative pre-scoring solution for the UK market.
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