Brazilian fintech Dock has launched Responsible Credit Solutions on its proprietary Dock One platform. The aim is to enable businesses to offer an array of flexible, customisable credit and loan products to their customers in a way that encourages responsible financial decision making.
Dock’s Responsible Credit Solutions offer open lines of credit – for any purpose as well as for specific purchases. As a result, Dock clients can provide end-users with customisable payment instalment options. This allows customers to choose whether they to pay weekly, biweekly or monthly, among other timeframes. Dock’s solutions are designed to be accessible to the contemporary worker. They are particularly helpful for workers in the gig economy and small entrepreneurs not paid according to a predictable schedule.
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“True financial inclusion cannot happen without access to credit. Sustainable credit requires financial education so people can make thoughtful choices,” said Antonio Soares, Chief Executive Officer at Dock.
“Customisable instalment options that are presented as transparently as possible make it easier for people to budget and understand expenses. This makes an enormous difference in people’s lives, particularly in countries with lower levels of financial literacy.”
A Joint Responsibility
Dock’s Responsible Credit Solutions were built to encourage a change of mindset. The goal is for lenders and consumers to think more critically about the sustainable credit ecosystem and about indebtedness.
The solutions will allow Dock’s clients to include a financial education journey embedded into their products. They will provide end users with information so that they are well-positioned to make informed and reasonable financial decisions.
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By GlobalDataCompanies using Dock’s solutions can require borrowers to make their first payment at the time of purchase. By ensuring customers make an immediate payment, this feature can reduce emotional purchases. It also deters customers from securing a debt that they may be unable to pay off.
“We’ll continue to improve our credit offerings and launch new ones in the months and years ahead. We work with businesses across Latin America to deliver financial products that meet the evolving needs of customers and societies,” said Soares. “Our solutions will aim to empower more consumers with access to credit, in a sustainable way. This increases their purchasing power and supports true financial inclusion and broader economic growth.”
Dock One platform
Dock’s new credit offerings are part of its proprietary Dock One platform. According to the firm, Dock One is the only end-to-end platform in Latin America that brings together card issuing, digital banking, credit, risk, and acquiring solutions. This accelerates the ability of companies to offer innovative services to their customers. With Dock’s APIs, clients can use the same technology stack in any country they are operating.
In February, Dock was among the winners at the 2023 FICO Decisions Awards for best fraud management strategy. Full disclosure: the writer was one of the judges. Dock was recognised for its success in stopping more than $50m a month in fraudulent transactions for its clients
