This is a guest blog post by Sechaba Ngwenya, Founder and Director at Creditable. Financially healthy employees mean healthy progressive businesses. Afterall, we spend a third of our life in the office. When faced with personal crisis, such as poor financial well being, the company we work for also loses. Creditable enables caring employers to offer financial wellness products to their employees. This cloud-based pay-as-you-use financial tool is the first of its kind to assess “affordability” using bank data aggregation. In addition, it is the only service to offer a personal financial management tool alongside savings and loan products. Early on in Creditable development, we encountered a sizeable problem. Borrowers and savers would have to laboriously input their own financial data into the Creditable database. We needed aggregation software that would shorten and enhance this manual process to retrieve employee financial data from banks automatically. In addition, we needed employees to have access to their financial statement in real time so that they could apply for a loan or a savings scheme. The Yodlee Interactive Aggregation API has enabled Creditable to dramatically improve every borrower’s experience. With well over 12,500 data sources, borrowers simply apply for Creditable with their bank username and password. Meanwhile, Yodlee Interactive handles all employee personalised, detailed bank details. By leveraging this partnership, Creditable can now supply employee financial data in real time fairly, transparently and professionally. With Yodlee Interactive, Creditable has legitimised itself as a sophisticated financial tool. We count SAB Miller, BT Africa and Barloworld as our pilot clients who will benefit from this awesome technology and have already processed almost 4,000 loans with many partners and looking forward to doing many more with Yodlee Interactive as our partner.
