Discover Eight Tech Features That Will Prepare You for the Future of BNPLby Fintechnews Africa 1 February 2023
Buy Now, Pay Later (BNPL) is booming – some experts predict it could grow by up to 400% in the next few years. BNPL products have gone from interesting new option to a household staple in recent years.
And, like any emerging market, the products and the regulations that govern providers are evolving quickly. As BNPL providers take bigger and bigger bites out of the US$8 trillion credit card industry, both credit card providers and innovative startups are taking notice.
To compete and thrive, BNPL providers need technology that doesn’t just get them to market quickly, but that also prepares them for what the future of BNPL holds.
The decisions providers make now will have a direct and tangible impact on the future adaptability, growth, and longevity of their BNPL products.
Here are the tech features BNPL providers need to look for:
– Democratised data access. BNPL providers need to be confident that they are using accurate, real-time information in their BNPL decisions, with access to a wide variety of data including alternative sources.
– Real-time customer and merchant onboarding. Utilise powerful automation capabilities that minimises the effort of their customers.
– Ability to quickly and easily add and update compliance processes. Decision providers will need to look for no-code, drag and-drop technology that puts them in control of updating processes, adding in new data sources, and making changes on their own timeline.
– Integrated fraud processes. Staying one step ahead of fraudsters with real-time data access that feeds robust AML/KYC tools, digital footprint tracking, transaction monitoring and more.
– Continuous, real-time, learn and improve cycle. Ensure that they have easy access to real-time performance data so they can make changes fast to onboarding, risk models and more.
– Supports rapid time to market and diversification. Keep their options open in this rapidly changing market to diversify and target new industries, quickly.
– Supports the full customer lifecycle. Grow and nurture customer relationships throughout the entire lifecycle with technology that supports everything from onboarding to fraud management to ongoing credit line management to collections.
– Model flexibility. Model agnostic solutions eliminate recording delays and enable BNPL providers to push out updated risk models faster, making a big impact on their decisioning performance.
AI-powered risk decisioning platform Provenir’s e-book “Back to the Future: 8 Features of Fast and Future-Proof BNPL Technology” will help BNPL providers to discover the tools they need to get ahead and stay ahead as BNPL grows its market share.
The e-book provides insights on how to power world-class onboarding experiences, access and use the data needed to make smarter credit decisions as well as rapidly adapt processes to comply with evolving regulations.
Download Provenir’s e-book here to understand how increased agility, smarter decisioning and getting to market faster can power rapid growth and innovation.
Featured image credit: Edited from freepik