06 Nov Pagantis Chooses TigerGraph to Deliver Faster Consumer Financial Services
Point-of-sale financing is huge business.
In a return to an older way of paying for purchases, point-of-sale financing (POSF) offers consumers the opportunity to buy merchandise through installment plans.
POSF appeals to consumers, especially Millennials and Generation Z, who don’t like credit card balances. The market is estimated to be almost $400 billion annually in the U.S. alone, according to the Filene Research Institute.
“Buy now, pay later” evokes images of the 1950s and ’60s, when “layaway” plans were a staple of installment lending. The arrival and popularity of credit cards, with their near-universal acceptance and convenience, pushed aside buying “on time,” even for higher ticket consumer goods. But some key factors have begun to change the scenery, and now plastic is in the crosshairs. Multiple new ways of obtaining short-term consumer loans – at the point-of-sale – are beginning to impact card use.
Technology-enabled POSF has become attractive to all three legs of the consumer credit stool: it appeals to consumers looking for more control and more flexibility than traditional credit card purchases allow; it appeals to store-based merchants who want more ways to complete a sale while the consumer is in the mood to purchase; and it appeals to lenders in search of more individuals to loan to.
Standing Out Among Competitors
Not surprisingly, especially given the size of the market, it’s a very competitive industry. Pagantis is one of the most innovative vendors in this space. The company, headquartered in Spain and with an established presence in France and Italy, continues to grow steadily after closing over $75 million in financing, one of the highest financing rounds in Spain this year. Pagantis allows consumers to pay for goods with a fully automated, paperless process and provides eCommerce merchants with a simple onboarding process to offer instant consumer credit in conjunction with purchases.
In a crowded marketplace, Pagantis has gained a competitive edge through its ability to approve or disapprove, a loan request within 500 milliseconds. The company makes loan-worthiness decisions using an innovative scoring algorithm that analyzes an applicant’s credit score and fraud risk, identifies the lenders and loan programs for that borrower profile, and creates the financial records, using big data and artificial intelligence.
TigerGraph is enabling Pagantis to obtain real-time insights into complex relationship-based workflows which are essential in tasks such as credit scoring, risk analysis, fraud detection, and loan recommendation. Pagantis has optimised its data analytics and is now, consequently, offering a frictionless and differentiated consumer finance solution. You can read more about it in the Pagantis customer story and the press release.
Don’t Settle for Less
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