Two technology companies, uFlow and MO Credit Management Platform, established an alliance to accelerate the technological transformation of the financial market and therefore improve credit access rates in Colombia and the region.
This collaboration It will provide banking entities, Fintechs, retailers, cooperatives and other actors in the financial ecosystem with a comprehensive service to manage product and credit processes..
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The integrated decision engine will be essential for the origination of pre-approved credits in a matter of seconds, This tool allows you to quickly consult the applicant's history in different bureaus and alternative databases.
Santiago Etchegoyen, co-founder and CTO of uFlow, highlights that “the integration works by receiving data from a credit bureau, along with the application of the policies of each financial business, and with them two operations are carried out: a pre-paid amount is granted. -approved and segmented for different types of offer.”
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The No Code and serverless decision engine enables financial institutions to automate and optimize their credit decisions without the need for coding or dependence on the IT sector. With its integration into the MO Credit Management Platform, it follows an API-First approach, resulting in a highly integrable solution capable of supporting a variety of use cases, from credit cards to cash advances.
It should be noted that the recent context that the country has gone through, an economic slowdown, inflation and high interest rates, have permeated and impacted access to credit.
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According to the latest data from the Bank of the Republic, the consumer credit portfolio reached $205.5 billion in January 2024, which represented a 3% drop compared to the same period of the previous year, when it was $212 billion. , something that worries many, since consumption represents around 78% of GDP.
