CUSTOMER STORIES
pACP A REALM OF NEW REVENUE STREAMS UNLOCKED FOR RETAILERS
A case study of innovative financing options designed for OTP bank's partners
Background
In today’s evolving retail landscape, businesses encounter a rapidly changing market that demands solutions capable of navigating intricate business logic. For banks’ retail partners, one of the main challenges contributing to customer churn is the absence of suitable financing options. As a result, consumers seek other retailers that provide straightforward, digitally integrated, and cost-effective financing solutions, fostering direct connections with customers rather than relying on external lenders.
Key Challenges
Banks require a seamless and flexible solution to empower its retail partners with dynamic financing options. The challenges that they need to address are:
/
Increasing Customer Expectations
Customers expect seamless and flexible procedures when opting for alternative financing options at the point of sale (POS).
/
Risk Management
Managing credit risk is a key consideration for banks when offering Embedded Financing solutions to their partners.
/
Customer Retention
Offering diverse financing options can help banks retain customers by providing added value and convenience, reducing the likelihood of customer churn.
How Axe Finance Effectively Tackled These Challenges
92
Increase in Average Order Value (AOV)
180
Increase in customer conversion rate
4
Average repeat usage per customer
pACP for seamless embedded financing journey
Partner ACP – pACP, is part of Axe Finance’s embedded financing segment and a streamlined lending solution designed to deliver a seamless financing experience, whether in-store or online through the retailer’s e-commerce platforms (website or mobile app). With pACP, OTP empowered its Retail Partners to become true digital credit facilitators, opening new product channels and revenue streams. By facilitating quick loan disbursal directly at the Point of Sale (POS), pACP eliminates the necessity for protracted bank procedures, benefitting both businesses and customers alike with a simplified process.
Axe Finance Integration Expertise
ACP’s Service-Oriented Architecture (SOA) facilitates real-time interfacing with all internal third-party and external systems. pACP addressed the critical aspects of accurate creditworthiness assessment and regulatory compliance checks through its powerful set of APIs, ensuring seamless integration of data from various sources. This enables flawless risk mitigation through its comprehensive loan eligibility rules at OTP Moldova.
pACP Open Lending architecture and Omnichannel capabilities
OTP and its partners benefit from omnichannel communications provided by pACP, which supports mobile push notifications for real-time updates on application status and transparent communication of rejection justifications.
Testimonials
Thanks to pACP, we have been able to drastically reduce the turnaround time to maintain a high degree of customer satisfaction, as well as enhance our overall credit processes”
DELINSCHI Petru, Deputy CEO and Commercial Director Retail Banking at OTP Bank Moldova said:
Axe Credit Portal (ACP) has been productively running since 2017 and we are satisfied with the software performance as well as the service and support quality. In 2021, a successful version upgrade took place to move from ACP v6 to v7 along with the implementation of a new Point of Sales module (POS) to give access to the different types of partners at OTP Bank of Moldova. Thanks to ACP, we have been able to drastically reduce the turnaround time to maintain a high degree of customer satisfaction, as well as enhance our overall credit processes.
