For those unfamiliar with the term and concept; a fintech company is short for a company that deals with financial technology. With a rapidly modernizing world, fintech companies are growing in popularity, and many are turning to artificial intelligence for optimizing solutions.
Fintech companies use technology to provide financial services to consumers and businesses. Whether mobile payments or online banking, entrepreneurs often start fintech companies to use technology to make financial services more accessible or efficient.
Founder of Approval Nation Inc., Jay Modi, is a fintech trailblazer passionate about finance and innovation. As the brilliance and drive behind one of the world’s most successful fintech companies in Canada, Jay’s story is almost as inspiring as his rise within the industry.
Jay started the company in 2016, intending to connect a consumer with the end service provider. In a nutshell, the companies he founded are behind a series of online comparison, e-commerce and loan websites, aiming to offer unbiased and concise information that enables consumers to make confident and informed decisions. Moreover, they operate in various industries, from mortgage comparison platforms to personal loans.
However, Approval Nation and its partner firms are shattering record after record due to their customer-centric approach. He explains how they attract customers to the company via the power of digital marketing.
“The consumer sees our digital advertising, clicks on the advertising, and they are then prompted to fill out a web funnel (short 2-4 minute questionnaire or application). Once they have completed that, our proprietary algorithm then automatically routes the customer data set to the lender, and the lender or service provider will reach out to them to further the discussion and provide them with what they are looking for.”
The brilliant entrepreneur and businessman explains that the consumer’s process and “journey” varies with them as it is based on the product or service they require. For example, he explains that if the potential customer is looking for Auto Loan, then the company connects them with a dealer partner who can approve them and go through the available vehicles that fit within their price range, budget, and specifications. The entire process can be completed on the same day, and the customer can drive away in a new car within 48 hours.
However, it’s not the case with every scenario. Sometimes, complicated processes might require a longer time frame in the implementation phase. Approval Nation also works within the personal loan space, where consumers input their information on the platform, enabling a fully digital, online way to apply for and obtain a loan and caters to the customer’s need for speed and efficiency. Currently, the Companies Jay founded operate in the USA, Canada, Australia, and the United Kingdom. Under the firm, they have many brands. Ultimately, the goal is to continue the high growth rate and expand its services into new countries and markets, including the EU, Asia, and the Middle East. Needless to say, Jay is advancing, and soon it will be an unstoppable force in the fintech industry.