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How to be Uber and McDonald’s in Financial Assistance


Uber and McDonald's are very different companies but recently I found they have something in common. They both changed their industries thanks to technologies allowed them to be… fast.

Uber has made it faster and cheaper to get a taxi, and you know how fast and cheap they are opening up new markets and attracting new customers. You don’t need to call a taxi and to explain how to get somewhere — you just download the app, search for a car and set a destination address online — you can do it everywhere and anytime. The company has developed Big Data algorithms to monitor traffic conditions and time of a journey in real-time mode. Therefore, Uber was able to reduce service's costs, that lowered trip's prices for customers. Now all the online services want to be like Uber and, in fact, they launch Uber-like services — and the experts call this trend Uberization.

One more great example for me is the fast food restaurant chain McDonald's. Company optimized its business processes and made them all the typical and the same everywhere, that allowed quick and not expensive scaling in cities and countries worldwide. Moreover, the company is following all the new tendencies. For example, the fast-food chain uses — again — Big Data analytics to optimize the drive-thru experience.

Obviously, these examples clearly show us that shifting business online and making it typical lead to all processes shortening and effectiveness maximizing. However, it’s a win-win situation for the customers too because services become faster and more comfortable.

In the business I founded – the MicroMoney International, the worldwide blockchain fintech company and a lending services provider - I tried to combine both the Uber and McDonalds’s experience. We aim to disrupt the traditional but slow banking industry in a similar way Uber up-ended the taxi business. With this idea, the company came to the Asian market with its small financial businesses often carrying out all the customer relationship and accounting in paper ledgers. There are a lot of limits for customers: an average time of one to two weeks to approve a loan, at least five paper documents from borrowers, a collateral, and a person to vouch. Just imagine how long it will take to collect all these papers with no confidence the loan will be approved eventually. In all other cases with no credit history, no package of papers and no person to vouch, the bank approval for a loan application is practically impossible.

MicroMoney set the object to provide payday loans online completely, within just several minutes from completing an application form to money receiving. In the middle of the process, there are hidden but innovative tools like neural networks and Big Data working for our own scoring system for a rapid client’s creditworthiness assessment. Instead of papers, certificates and cross checking for the scoring process we use the data from a borrower’s smartphone. All that's needed is to install the MicroMoney’s mobile application, to complete the loan application in it, and to permit the access to all the available mobile data. Then the scoring self-learning system analyzes the data sources like social accounts, messages, contacts, searches in search engines, applications downloaded and even the time user spend completing the form. As a result, the system sets a credit rate and identifies potential credit risks with an accuracy of more than 95%. In case a customer reaches the certain credit score points the system approves the loan automatically and sends the money to a customer’s e-wallet.

There is no doubt that these technologies can change not only banking industry but the way people consume, spend and save their money like Uber changed the way people travel and McDonald’s — the way people visiting cafes.

Also, we took over the McDonald's company approach of rapid scaling and typifying the processes. We already came to Cambodia, Myanmar, Thailand, Indonesia, and Sri Lanka, based on fast expansion foundation: strong local partner, local employees, identical processes, united call center. For example, in Sri Lanka and Indonesia, the company launched within just 2 months, following this scheme.

The Philippines, Malaysia, Vietnam, Hong Kong and Singapore are the countries MicroMoney plans to launch soon. All these offices will have a single multilingual call center in Bangkok, equipping now.

MicroMoney plans to issue about 600 thousand payday loans per year, to involve 1 million of unbanked people into crypto-economy by 2020, and, thus, hopes to be named the next company changing the industry along with Uber and McDonald’s. To implement these large-scale but very realistic plans MicroMoney did start AMM Token distribution campaign on October 18, 2017. More info on MicroMoney site.

By Anton Dzyatkovsky, co-founder of MicroMoney