According to Ansviesulis, the goal of Creamfinance is to make money available – and they do so by providing online consumer loans. While there are already solutions for online loans, Ansviesulis states that their focusing especially on convenience and providing a great customer experience distinguishes them from other services. Thus, positioning themselves as a “fintech business” is not important to the Creamfinance team. Instead, putting the customers in the focus and enabling them to receive one-click loans is the most important aspect for their online loan platform: “You come to a website, you enter your name and surname, you click a button and that’s it – you get the money to your account. That’s convenient”, says Ansviesulis. But of course, there’s more to being able to offer this: “There is a lot of heavy lifting in the background, like smart data analysis, fraud prevention tools and much more. But for the consumer, borrowing money online becomes as simple as clicking a button.” According to Ansviesulis, the smart data approach holds great advantages, as smart data is concerned with accuracy and value. Bigger – in case of data – is not always better, they say, as it is more expensive and harder to evaluate.
Having started in 2012, Creamfinance is by now located in 6 countries across Europe, with the headquarter located in Warsaw, and has already hired more than 200 employees. Their revenue has risen as far as 25 million euros, making them profitable and distinguishing them from a big number of startups in the business.
Ansviesulis: ”If you look at many online consumer loan providers, and more so if you look at digital banks, there is always a lot of work involved in getting the loan, including loan registration forms, sending in scanned documents and so on. Moreover, companies that position themselves as big data and scoring companies and make money on lending, rely on gathering a ton of data themselves. They even ask the customer for his data. That makes life difficult for the client. We believe the importance of big data is not having as much data as possible, but achieving higher conversion rates and better customer loyalty by making it easy for them. We don’t have the customers do the work for us.”
Talking about their target group and how millennials (and young customers in general) react to their product, Gorcakovaite adds to the topic: “A lot of young people are bothered by banks nowadays. Research looking at how millennials view banks proves the point that this group does not accept having to go to a bank, making an appointment or, generally, spending much time on their banking issues.”
With the smart data approach and their striving for the best possible customer experience at the center of their work, Creamfinance understood that it is not about the “Fintech” label to their company, but about creating a product that hits the nerve.