After a loan has been disbursed, originators and investors focus on collecting the EMIs and maintaining a record on the Yubi platform. This includes EMI amount, principal loan amount, interest, repayment tenure, and other details known as collection data. 

The originator – the one who created the deal – shares the collected data with both investors who have partnered in financing the deal and Yubi’s team, which is used for making settlements. As per Yubi’s protocol, the data is shared in a particular format in tandem with the LMS configuration.

Failed collection entries went missing in the system

However, there were multiple incidents of failed entries for collection data and these were not automatically visible as ‘failed’ on the records. Yubi identified that the lack of this visibility translated into delayed intervention by Yubi, investors, and originators to address the collection problem. In case of failed collections, the originators had to track the API responses and re-send the correct information.

Dashboarding to the rescue

YubiCo.lend now provides a monitoring dashboard for all users to view the collection data and review the failed collections. Users can instantly access and address the failure for particular collections and get a cumulative report for all the unsuccessful collections. Users can also review failed collection reports against partners and products over 31 days. 

With the latest upgrade, all the parties involved in the co-lending process, i.e., investors, originators and Yubi’s internal teams, will have superior capability to provide visibility, monitor failed entries and even track the quality of collected data across the stakeholders. In addition, users will be sent automatic email notifications for failed collection entries with a consolidated error report. 

Impact on investors and originators

The latest product upgrade in YubiCo.lend reduces the time taken to complete the workflow and close loans with 3 essential steps:

  • Notifying the investors and users about the failure of collection data along with its reason and timestamp of error
  • Improved visibility on failed collection reports and the trend of collection failures 
  • Capability to identify and quickly fix specific collection failures
  • Ultimately, reduce failed collection data reports on the Yubi marketplace