Banco de México (Banxico) is developing a digital platform so that, through an application, users who are interested in requesting a loan with a regulated financial intermediary can receive personalized offers once their profile has been analyzed.
According to the central body, it is planned to make the platform available to the public, in the course of 2022.
In its “Annual Report on the exercise of the powers conferred by the Law for Transparency and Regulation of Financial Services, July 2020 to June 2021”, Banxico details that on said platform, through an app for smartphones, the Users will be able to send a credit application, authorize the consultation of their credit history, and receive from participating intermediaries credit offers designed according to their need and risk profile.
“Standard credit cost comparators reveal the cost of credit for an average user; this tool considers the individual characteristics of the applicant ”, he points out.
He adds: “additionally, the platform empowers the user, since once the intermediaries make an offer –which is presented in an easily interpretable standardized format– they choose the one that best meets their needs without incurring an additional search cost.”
Technological components
Banxico refers that the technological components required for the development of this platform are: the app for a smart device with an Android or iOS operating system, through which an account will be created and followed up; and the infrastructure of the central bank itself, consisting mainly of the application server and the database required to manage the accounts of both users and intermediaries.
Also, a mechanism for exchanging information with intermediaries, through an application programming interface (API), which allows sharing all the information they need to determine the user’s eligibility and, where appropriate, issue an offer for this.
Process
According to the Banxico document, the process for using the platform is as follows: the user submits a credit request meeting some requirements; this is distributed to intermediaries through the API; the intermediary consults with the Credit Information Societies (SIC) the history of the interested party; a risk analysis and determination of the offer is carried out; the offer is issued, the user selects it and the credit is formalized.
“The process of formalizing the credit is concluded outside the platform, directly with the selected financial intermediary,” he points out.
Banxico mentions that it is currently working with financial intermediaries to carry out adjustments and tests, and it is planned to make the platform available to the public in the course of 2022.
“This platform will contribute to the healthy development of the financial system, fostering competition between financial intermediaries, creating incentives to offer better products at a lower price,” he says.
Reference-www.eleconomista.com.mx