After two years delivering the digital credit guarantee service, with a 100% digital guaranteeCoophumana is shaping up to be the first Fintech cooperative in Colombia.
(Latin America reaches 2,500 ‘fintech’).
coophuman has been taking steps to further strengthen the bonding service in which it replaces or substitutes the guarantor for credits and which eliminates the operational burden for the fintech, having the entire process digitized from the issuance of the bond, through its report, the custody of documents and securities, until the effective recovery of the portfolio with dematerialized promissory notes and electronically signed documentation.
Luisa Martino, operational manager of Coophumana, says that the process consists of an integration via web service with the Fintech “so that everything flows without human intervention, for which we have our inhouse development team that attends to all the needs of each credit originator and guarantees the support of the operation”.
In recent years, and especially during the pandemic, bonding has registered good growth because they are credits conceived digitally, with the purpose of being delivered quickly and with the minimum of paperwork to Colombians, since this is how bonding operates. , automatically accompanying the credit and without waiting for response times or study of documents.
(Learn about the new technologies that the ‘fintech’ are appropriating).
And the numbers prove this. Coophumana guaranteed during the past year 15,849 credits for $200,758 millionachieving a growth of 49% in the number of obligations and 35% in the amount of obligations compared to 2020.
During its 10 years of operation, Coophumana has secured 65,000 credits for more than $900,000 million.
It must be remembered that the Fintech sector seeks to provide access to credit to Colombians who, in many cases, do not have a good report in credit bureaus, or do not have the best credit risk ratings, so they require the support of suitable guarantees that provide security to the entity to make the disbursement of the money before a debtor profile with such characteristics.
Luisa Martino says that “That is when Coophumana comes in to play a fundamental role, to strategically complement the Fintech product so that they can continue to gain market share.”
The operational manager emphasizes the fact that the Fintech business model must be accompanied by a risk coverage scheme that gives it backing in the portfolio that ensures the profitability of the business, “And that is what we offer at Coophumana credit guarantee, based on trust”.
Coophumana’s board considers that “The interesting business opportunities offered by fintech are given in terms of saving time and money. In itself, working with the Fintechs makes the operation much lighter once the corresponding integrations are achieved and the digital guarantee that accompanies the credits originated in the same way is in place.”
He also adds that the backbone of fintech is technological innovation, “Issue by which the future of Coophumana’s operation is being guided by 100%”.
(Alliances, the gasoline that drives fintech).
It highlights added values that are offered to credit originators such as electronic invoicing, and a web portal for the Fintech to see its movements in real time (guarantees, claims, money available in the provision, among other figures of business interest).
In addition, the digital bond accompanies the credits regardless of the term or amount. “We adapt to the strategy of each company and structure both the coverage scheme and the policy with which we will approach the collection management of obligations that default on payment in a specialized manner for each Fintech according to its business model”, indicates the operational manager of Coophumana.
Luisa Martino said that of the credits that are being secured monthly, about 60% are originated digitally, the other 40% with physical stationery and the traditional autograph signature method.
Coophumana serves 22 entities with credit guarantees and several of the largest Fintechs in Colombia, such as Finsocial.
BRIEFCASE
