The result: a seamless, out-of-the-box solution for financial service providers to enable fully digital onboarding, rapid approvals, and streamlined account management.
Why?
Financial institutions face three key challenges:
- Reaching new customers and serving existing ones better.
Boost achieves this by using platforms customers are already familiar with – Messenger, Viber, and WhatsApp – to meet them where they are. - Minimising resource strain.
Financial institutions don’t want to expend valuable IT resources integrating new systems or waste time training their operations teams on unfamiliar platforms. By integrating directly with Instafin, institutions can seamlessly manage new applications within their existing backend infrastructure. - Staying ahead in a competitive market.
To remain competitive, financial institutions need agile technology that enables rapid experimentation to improve product offerings, underwriting, and customer experiences. Integrated systems, like those enabled by Oradian and Boost, eliminate data silos and accelerate learning and optimisation.
Seamless Implementation
Within weeks, Boost launched chat-based onboarding for RAFI Microfinance, a leading financial institution serving micro-entrepreneurs in the Philippines. Oradian’s integration-ready core ensured quick and effortless deployment.
The Process
- An entrepreneur initiates a chat with RAFI, powered by Boost’s technology. No app downloads required, just familiar chat channels like Facebook Messenger.
- Within minutes, they receive a tailored preliminary loan offer, based on RAFI’s underwriting criteria.
- They scan their ID and take a selfie, enabling identity confirmation with AI-powered fraud detection.
- They upload supporting documents to complete their application.
- The application is seamlessly processed through RAFI’s existing workflows.
This ensures a fast and efficient approval process. The entrepreneur uses tools she already knows – her phone camera and Messenger chat – while RAFI’s team relies on the same core banking platform they’re accustomed to.
The result being a fully digitised process that removes friction for both users and the RAFI team.
RAFI CEO Tom Kocsis shared his thoughts:
“We’ve been thrilled with how easy it was to launch this, and the initial results have exceeded our expectations. Boost and Oradian delivered an out-of-the-box solution for digital onboarding. We avoided spending a year developing custom technology. Instead, after a simple configuration of our workflows, we were live with digital applications within weeks. And since we already use Instafin for core banking, there was no integration effort required on our end.”
With this digitised approach, RAFI can scale its operations and extend financial services to underserved communities more efficiently than ever.
