Non-banking finance company Credit Wise Capital launched an AI based bot Twin2, which is integrated into WhatsApp. The idea is to give customers the option to quickly enquire loan options and terms and conditions and receive a sanction letter for their two-wheeler, within two minutes in a few taps.
“Unlike the conventional dealer culture in India, Twin2 is a step forward in having a unified interface that stays the same for all customers," the company said in its statement. It added that it has placed physical cutouts with scannable QR codes of the Twin2 rendition in over 500 dealerships across the country, connecting them directly with the bot.
A customer can enquire about the loan from the bot, get the sanction loan letter and the bot will guide them to the nearest partner dealership based on their location where they can show their sanction letter for their two-wheeler.
“The winner in the two-wheeler finance industry will be the one that is able to control the customer acquisition costs. If one can control that, they can scale pan India exponentially in a branchless model and that is what we aim to do at Credit Wise Capital" said Aalesh Avlani, founder, Credit Wise Capital.
The loan offers a repayment tenure of 24-36 months. Twin2 is launched pan and it has already received 5,000 logins in its first week of operations, the company said. “Twin2 is something customers have not seen before. This is the symbol of transparency, and execution of speed. This is the new era for dealers and financial institutions and Credit Wise Capital is leading this," said Karan Thappar, owner, Pilot Honda commenting on the success of Twin2 at his sales store.
The company explained that Twin2 gets leads for loan sanction using Credit Wise’s existing digital partners to simplify the transaction for users and it also leverages the existing customer bases with Credit Wise Capital integrated with partner platforms to curate an efficient customer experience. Credit Wise claimed it is embedded on multiple fintech companies leading to about 2,000 leads for two-wheeler financing per day.