eMAG partners up with FintechOS to launch new online credit application

Retailer eMAG has recently launched an innovative service through which customers can obtain financing for online purchases in less than ten minutes without going to the bank. They can apply for the loan directly to eMAG, due to a technology-based flow that eliminates both physical interaction and time-consuming forms. eMAG developed the new solution in collaboration with Idea :: Bank, FintechOS and Bitnovel. 

The online service is based on a new identification process and on an evaluation model that takes into account the customer’s order history on eMAG, as well as his or her payment history at the Credit Bureau. Customers can finance their shopping cart in two simple steps, as follows: 

• The customer adds to the cart the desired products and chooses the payment in eCREDIT instalments through Idea :: Bank – Smart shopping. For identification, he or she sends a photo with the ID card. In a few seconds, the customer receives an SMS code that validates the phone number and then sends a video selfie. 
• The bank analyzes the client’s financing request on the spot and sends the answer online. Immediately after, the client automatically signs the credit agreement electronically, using the code sent via SMS. 

“We are updating and improving our available payment services in order to offer our customers a better experience. Time is a precious resource, and now, with a smartphone only, our customers can get approved for financing in up to ten minutes through a simple and intuitive flow, in which online funding is reduced to a single field that must be completed”, said Mircea Balica, eMAG financial services manager. 

“The Idea :: Bank – Smart online shopping financing solution is an adaptation of modern banking to e-commerce: in addition to the products purchased in the shopping cart, the customer also receives a financing solution without going to the bank, with a minimal effort, 100% online. The solution is unique and innovative on the Romanian banking market because the credit granting criteria are adapted to the client’s history on eMAG’s platform. In other words, the more frequently and more recently the customer bought in the online store, the better the chances of approving the loan. We are confident in the future of online lending and we are honoured to launch this partnership,” said Alin Daniel Fodoroiu, Executive Vice President of Idea :: Bank.