Rubique: SPOT the Right Direction with One & Only ‘Phygital’ Platform

The financial marketplace in India continues to be inefficient, time-consuming and uncertain for banks as well as customers. For both customers and financial institutions the entire journey can become challenging in terms of time & information and due to varied risk appetites of the FIs, there is no certainty in the process for consumers. FIs also face a huge challenge of finding the right consumer profile and high rejection rates. Rubique sensed these intricacies long ago andstarted their journey in Mumbai in the year 2014 to help overcome these. Right from consumer, influencers to financial institutions, the company offers host of technology enabled benefits to cover the entire lending spectrum from individuals to SMEs. To cater to all the stakeholders effectively, Rubiquefocused on both kind of platforms – exchange platform as well as maker platform in technical terms. As an exchange platform, they aggregate as many product/policies from financial institutions, so every consumer can search what he/she is looking for. And as maker product, Rubique develops technology solutions for other stakeholders – such as mobile app/SPOT for its associates empowering them to become financial entrepreneurs, TAB solutions for facilitating SMEs loan, white label solutions and more.

The platform is  a ‘Matchmaker’ – based on a unique proprietary algorithm designed to match the right product to the profile. The Rubique platform is built on a proprietary matchmaking algorithm, which is integrated with financial institutions’ systems for real time processing and providing online approvals to the customers. The advanced technology solution not only reduces the processing time significantly, but the data analytics done on multiple data points helps bring predictability and assess creditworthiness offering best deals to the customers.

Today, Rubique stand a cut above the rest by making its presence known across seven hubs and 62 cities. Since inception, the company has successfully disbursed approximately Rs.2393 crores worth of loans and set up around 70500, credit cards with releasing Rs.41 crores of revenue having over one lakh customer base. “Rubique was built on the concept that for every borrower, there is a lender. We provide services taking phygitalapproach – by combining the efficiency of a digital platform and the trust of the physical distribution channels. We offer an online credit marketplace for customers to discover the best eligible deals and provide an end-to-end fulfillment support just like any lender. As per our current business model, we do not have direct competition but there are web aggregators and digital lenders with whom we normally get compared with,” affirms ManavJeet, MD & CEO, Rubique. The company is the only online credit marketplace platform that offers products for both SMEs and individuals.

Secret Success Recipe

The company is unique in terms that it is a neutral platform where lender and borrowers can discover each other bringing transparency in the process, matchmaking algorithm and fulfilment engine which offers faster access to credit along with certainty, a plethora of products for individuals as well as small business owners which is not offered by any online model and multichannel distribution tapping every consumer segment be it digital savvy or traditional customers.Unlike other online platforms, Rubique has worked on digitizing the credit policies and deep integrations with the financial institutions. The credit policies are fed into the match making algorithm which then does the base level underwriting checks on the platform before passing them on to the FIs. With 150+ such policies on currently on the system and more on the way, the approval ratio of the applications has seen a steady increase.

SPOT is a data platform developed with an objective to be a single stop solution for all financial products. It has a JSON schema based configurable workflow engine that allows origination, assessment and fulfilment seamlessly for products like loan, credit card and insurance. The SPOT platform is integrated with paperless-focused features like e-KYC, bank statement analysis, credit bureau check, credit memo generation & MCA integration and more. These features further allow real time decision making on the application. ManavJeetsaid, “The world is constantly innovating, and we need to ensure we are always a step ahead. The SPOT platform has been designed to reduce cost and effort without compromising on the delivery and security of data. We have leveraged distributed systems, cloud offerings, Multi-AZ replications and serverless architectures to make our entire solution horizontally scalable and available. The platform is also fluid that can be constantly evolved to ensure we remain the market leaders in our space.” SPOT is a cloud based multi-tenant solution with utmost focus on data security, privacy and fraud mitigation to be regulatory compliant and be the front runner in the field of digital transformation in the fintech sector. The SPOT platform is abundant with features like theRubiquewallet, provision for CIBIL score, cross-sell/upsell engine,blockchain based KYC and analytics.

Rubique has also leveraged AI (artificial intelligence) and machine learning algorithms to build consumer analytics and crosssell/upsell recommendation engine to maximize life time value for our consumer and associate network.Rubique follows the technology-led Online PLUS model which is carried across all platforms be it the websites, mobile app or tab. ‘PLUS’ denotes the added technology advantage at every stage of processing like sourcing, processing, distribution & customer experience that Rubique provides – one stop shop for the customers, online platform, business associate network and lending gateway to make the distribution channels convenient, matchmaking algorithm and integrations to make the processes more smoother and upsell/cross sell engine and end to end fulfilment for the partner network. Not only this but the SPOT platform shows real time status tracking of the loan, provides online training, pay-out calculation, meeting scheduler and rewards platform for the business associate network.

Keeping technology at its core, Rubique has developed in-house technology products like the Rubique mobile application. The app helps in adding the PLUS factor to the overall proposition and using this Rubiquereaching out to influencers (like CAs, insurance advisors, financial consultants and more) and other such entities to help bring risk-averse customers, especially MSMEs, onto their platform, taking them offline to online and extend end-to-end fulfilment of their financial requirements. Rubique’s mobile app/extension of SPOT (Single Point of Truth), especially designed for the influencers, has platform capabilities like that of a consumer website, and leverages its matchmaking algorithm and integration with the systems of existing institutions to ensure that customers find the best financial institution willing to lend to them. Additionally, these tools provide other features like analytics, cross sell/up sell and more, which makes it a powerful tool for these influencers who can manage their entire business through it and get the opportunity to increase their business potential. Rubique’s vision is to create financial entrepreneurs from these influencers. The second is the SPOT, Rubique’s in-house built data platform SPOT (Single Point of Truth) provides paperless approvals and ensures efficient loan distribution till fulfilment, making the process faster and more convenient. This platform is loaded with features like a matchmaking algorithm, advanced analytics, a lead management system, and a cross/up sell engine.

For MSME customers who are not so comfortable with the online platform, Rubique has created a TAB (Tech Assisted Business) solution for influencers who can help their MSME customers to search for right product as per their capital requirement. The TAB platform does the need assessment and suggests the right kind of product for an MSME based on its profile, cutting down the time taken in the discovery process from weeks to hours. And finally is the Rubique Lending Gateway which helps e-Commerce, housing, and car-selling portals to source financing for their customers that ensures minimum drop-off and maximum stickiness.

Founded by ManavJeet – a seasoned banking veteran – Rubique delves deep to understand the importance of collaboration with the ecosystem to make it a success and ensure it deliver value to each stakeholder which exist in the ecosystem. With a strong network of 4000+ influencers PAN India who are using Rubique’s mobile app/extension of SPOT (Single Point of Truth), the app taps the customer at the source even before search process for service has started. The application has been designed to leverage the power of influencers and addresses two large business problems that include market penetration and cost of customer acquisition. Rubique’s mobile app brings an opportunity for anyone to earn by sourcing loan/card applications across multiple categories spanning individual and small business loan (E.g. credit card, retail loans, business loans). Since the process is very transparent and hassle-free it is easier for them to operate. This application helps the influencer network to earn extra income and offer options across a wide range of financial institutions. “Initially everything is a challenge when you have a small team, limited time and most of the things you are doing is for the first time. However, the key to overcoming most of the challenges is having high caliber passionate human capital who not only believe in your vision but treat it as their own and work towards it,” proudly proclaims Manav.

Embracing Opportunities

India has huge untapped potential. With growing support from the government, the team foresees India becoming one of the largest digital economies in the world. Right from plowing the seed of digital in education, creating the infrastructure to connect villages to encouraging the establishment of advanced technologies like artificial intelligence including research and development through NitiAyog’s national programme will certainly help the existing market move towards digital. The three areas where Manav see a lot of potential are MSMEs, focusing on digitalization banking and bringing innovative tech support like blockchain.

Amazing Workplace Culture

Being present in such diverse industry, the blend of expertise from financial services and technology who could marry knowledge of both these worlds with high tech solution and a scalable business model was a must have. Hence, Manav and core team focused on the passionate minds that can look beyond the conventional job responsibilities. To ensure that, the company has a cross-functional panel interview process. The panel assesses the candidature and decides on its fitment in the organization. As a practice, Rubique identifies and hires key talent across various industries such as FMCG, travel, telecom, insurance, research, technology, BPOs and more since they bring a fresh perspective to the business solutions. The company strongly advocates an open office culture by virtue of providing equal opportunity to all its employees, irrespective of levels and hierarchy. It encourages creative ideation and ensures these ideas are evaluated and implemented based on merit. Breaking away from conventional methodologies and processes, the human capital management practices at Rubique have been framed with distinction. Even in terms of employee policies.

Manav says, “At Rubique, we encourage an entrepreneurial mindset where one can work on a blank canvas and go beyond his/her limitations to make it a success. We are also on a lookout for candidates who are hungry to grow and learn. Therefore, we follow a no-hierarchy and an open feedback culture. We believe in maintaining a lean team. Each member of the core team contributes to the overall business.” Apart from that, Rubique’s greatest strength lies in its ‘Business Associate’ network. The BAs are spread across the country and the company not only allow them an opportunity to earn but also provide working capital support. In line with its core value of entrepreneurship, the designed policies encourage to bring out the best of an individual’s talent and thus help him/her to enhance their skills.

Inspiring Journey

With a lean team and performance-based growth, Rubique has seen consistent revenue growth. The core strength continues to lie in technology with maximum employee strength diverted to that direction. With a financial growth of 400 percent year-on-year in partnerships with 80+ financial institutions, 234+ products, 150+ digitized policies and over 40 deep integrations, the company has succeeded in leaving behind lasting impression amongst its clients. Its clientele boasts of names which include some of the leading banks, NBFCs and insurance players – HDFC, ICICI, Axis, State Bank of India, Kotak Mahindra Bank, RBL Bank, IDBI Bank, Reliance Capital, Indiabulls, Religare, Tata Capital, OptaCredit, Capital Float, Bajaj Allianz, Tata AIG General and Aegon Life, to name a few.

Forging Ahead!

Rubique has recentlyannounced implementation ofa blockchain based KYC. The central repository will host the data enabling instant, secure and seamless customer identification process that will add a layer of security to customers’ data. Rubique realises that there is a strong gap in SME credit assessment and hence plans to invest further into technology and data to build technology and data solutions to make the process more transparent and seamless. With extensive data about customers in its arsenal, Rubique is working on alternating scoring engine on the SPOT which will use various data sources like SMS parsing, call logs data, contact list, device attributes, psychometric analytics and facial recognition to enable new to credit customers.

Rashmisree Deb

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