“Navi is establishing new rules for Loan Management Systems with a customer-centric and tech-first approach. Read on to know our story and the values which provide our teams at Navi a strong foundation, and a product that reflects these values.” — Vaibhav Rustogi
Navi, the emerging digital lending application, is planning to take the entire system through an upheaval. Our mission at Navi is to build financial services that are simple, affordable, and accessible. We deliver on that statement by providing personal loans instantly through a completely paperless process.
This feat is possible because of the tireless efforts of our in-house teams that took up the challenge to build the entire Loan Management System (LMS) from the ground up. Backed by ex-Flipkart co-founder Sachin Bansal, Navi’s LMS cuts down middlemen and helps customers procure a loan within minutes.
Our Story
Money lending has been prevalent since ancient civilizations yet the competition between various lenders has always only been negligible differences in interest rates. The cumbersome loan application process saw no changes.
We at Navi wanted to change that with a customer-centric and tech-first approach, and a seamless online experience without any third-party intervention to reduce costs which we could pass down to our customers as lesser interest rates.
Establishing New Rules for Loan Management Systems
Navi’s loan management system is a fully automated platform that allows users to apply for a loan through a customer-facing interface application, and if approved the loan amount is instantly disbursed to the applicant’s account. The entire process takes only 15 minutes tops for most.
Our quick turnaround time (TAT) is because of our agile process, which places the customer at the nucleus of all decision making.
The entire application is accomplished on the Navi app, and is 100% transparent. Applicants are made aware of the minutest details.
The Platform
Navi has evolved through constant self-evaluation based on user feedback. Our agile framework pushes our teams to periodically review our tech stack to incrementally release upgrades to our application.
The 4 Pillars of LMS
Transparency
The LMS Navi uses is based on real-time data and is made available on the customers’ interface. This helps us maintain a very healthy and interactive relationship with our customers. Our customers know exactly what is happening at every step of the loan process.
Privacy
Navi assures the privacy of your data. We do not share your data with any 3rd party applications or tools. We are a cloud-based company and have no physical data centers. Your data is encrypted and no individual from our internal team has the authority to look into any user’s data at any point in time.
Interaction
Navi’s platform is built with customer experience in mind. Our customers get notified about all major events like EMI due dates, status updates, and more.
Scalability
Navi has already served thousands of users in the last 15 months and targets to provide personal and home loans to millions of users across the nation. The platform has been maintained and developed to meet hockey-stick jumps in growth without any scalability concerns.
The Experience
We provide an unparalleled customer experience at every touchpoint with a clean user interface that is easy to navigate. Customers can find information related to their application easily. We are available for our customers via call and email. If users face any difficulty, an engineer is a call away to help them through the process.
Our problem-solving capability coupled with a transparent and empathetic outlook has enabled us to become the most trusted digital lending application in the market today.
The Navi Team
There is always a great team behind every phenomenal product. Ours is no different! The extreme passion and commitment to providing a remarkable experience to customers are inherent in each team member at Navi.
Navi’s vision of evolving into a ‘People’s Bank’ has been the driving force behind our thought process and technology. A microservices - first architecture will enable us to scale and service billions of customers in the next 5 years.
Conclusion
On that note, we’d like to conclude by saying that this vision fuels our endeavor to keep innovating in the BFSI vertical to bring new and better experiences to the Indian middle-class.
