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Mexican personal loan hub Destácame has granted more than US$ 24K using Open Banking

January 25, 2022
Por
Finerio Connect
Finerio Connect
Newsroom about Finerio Connect
📷
Destácame
Destácame is a personal credit hub, which through its free web platform allows people to understand their finances in a simple and friendly way.
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To date, Destácame has disbursed more than $24,000 USD in personal loans to Mexicans who have chosen to link their bank accounts by using the services  of Finerio Connect, the leading Mexican startup of Open Banking, Data Analytics and PFM (Personal Finance Management)in Latin America.

Destácame was presented with a challenge in the evaluation and qualification of the prospects for their credits, since the documentation they requested was not reliable enough to calculate the income of the candidates. Through the implementation of the Finerio Connect API (Application Programming Interface), they were able to quickly and reliably identify the payment capacity of users, to better evaluate credit applicants

Destácame’s Personal Loan Hub has so far managed to get more than 1,200 users to link their accounts through Open Banking. Additionally, the bank link success rate is 70%, that is, on average, out of every 100 users, 70 of them who go through the flow, convert and link their account successfully. For a user who links a bank account  through Open Banking , the process is completely optional. However, a lot of the success in linking rates  is directly related to the user experience as well as the incentives that Fintechs or Financial Institutions utilize to promote open banking, which can range from a shorter response time to a better interest rate.

Nicolás Matías Castro, Customer Success Manager at Finerio Connect, explains that: “At Finerio we provide support to our clients by guiding them through our best practices in user experience flows. As part of  this support, we generate a tailor-made support plan to encourage end-user trust, optimize banking aggregation, and reinforce the security protocols we use ”.

Destácame also offers a PRO membership on its platform so that the end user can access their credit history on a recurring basis, prevent fraud, correct information and improve their credit score. In addition, through the website, the user can make better decisions and access financial products according to their needs.

"With the help of Finerio Connect, we better understand the behavior of our users through Open Banking and we give them greater visibility about their financial situation. For this reason, it has been a very useful tool to evaluate credit candidates", says Roberto Vargas, Product Leader at Destácame.




About Finerio Connect

Finerio started as a personal finance management platform in 2016, and in early 2020, it launched Finerio Connect, its all-in-one financial API solution. Thanks to their direct experience in the market, they quickly became one of the leaders in the Latin American financial ecosystem with products focused on Open Banking, data enrichment and personal finance management. Its mission is to democratize the best data-driven solutions for any institution in the region.

Finerio Connect currently has more than 65 clients, including some of the largest banks, neobanks and fintech in the region. Its solution receives more than 2M requests per month and is fully adapted to the needs of the Spanish-speaking Latin American market, with an API solution ready for any type of financial institution to implement. Learn more at www.finerioconnect.com

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

To date, Destácame has disbursed more than $24,000 USD in personal loans to Mexicans who have chosen to link their bank accounts by using the services  of Finerio Connect, the leading Mexican startup of Open Banking, Data Analytics and PFM (Personal Finance Management)in Latin America.

Destácame was presented with a challenge in the evaluation and qualification of the prospects for their credits, since the documentation they requested was not reliable enough to calculate the income of the candidates. Through the implementation of the Finerio Connect API (Application Programming Interface), they were able to quickly and reliably identify the payment capacity of users, to better evaluate credit applicants

Destácame’s Personal Loan Hub has so far managed to get more than 1,200 users to link their accounts through Open Banking. Additionally, the bank link success rate is 70%, that is, on average, out of every 100 users, 70 of them who go through the flow, convert and link their account successfully. For a user who links a bank account  through Open Banking , the process is completely optional. However, a lot of the success in linking rates  is directly related to the user experience as well as the incentives that Fintechs or Financial Institutions utilize to promote open banking, which can range from a shorter response time to a better interest rate.

Nicolás Matías Castro, Customer Success Manager at Finerio Connect, explains that: “At Finerio we provide support to our clients by guiding them through our best practices in user experience flows. As part of  this support, we generate a tailor-made support plan to encourage end-user trust, optimize banking aggregation, and reinforce the security protocols we use ”.

Destácame also offers a PRO membership on its platform so that the end user can access their credit history on a recurring basis, prevent fraud, correct information and improve their credit score. In addition, through the website, the user can make better decisions and access financial products according to their needs.

"With the help of Finerio Connect, we better understand the behavior of our users through Open Banking and we give them greater visibility about their financial situation. For this reason, it has been a very useful tool to evaluate credit candidates", says Roberto Vargas, Product Leader at Destácame.




About Finerio Connect

Finerio started as a personal finance management platform in 2016, and in early 2020, it launched Finerio Connect, its all-in-one financial API solution. Thanks to their direct experience in the market, they quickly became one of the leaders in the Latin American financial ecosystem with products focused on Open Banking, data enrichment and personal finance management. Its mission is to democratize the best data-driven solutions for any institution in the region.

Finerio Connect currently has more than 65 clients, including some of the largest banks, neobanks and fintech in the region. Its solution receives more than 2M requests per month and is fully adapted to the needs of the Spanish-speaking Latin American market, with an API solution ready for any type of financial institution to implement. Learn more at www.finerioconnect.com

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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