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– “Mogo” has been working in Armenia for 5 years. What changes has the company brought to the financial sector?
– When a universal credit organization I can appeared on the Armenian market in 2017, there were very few, or one might say, almost no financial institutions that provided car loans or car collateral loans. There was often a skeptical attitude that such products were quite risky, because there was no such offer on the market, and accordingly there was no experience and trust. The offers were only for cars in the primary market, and the secondary market was free. However, the credit market seemed quite promising for this kind of products and services, and studies also showed that there is a need for them. After Mogo Armenia launched these products, other companies also started offering the same products and the market gradually started to develop: car loans and loans secured by a car pledge became common products.
During these 5 years, “Mogo” has proven that there are many similar products in international markets that can be effectively localized and introduced in Armenia as well. “Mogo” is a flagship brand of “Eleving Group”, which is one of the largest international fintech companies. “Mogo” operates in 13 countries on 3 continents. In Armenia “Mogo” offers the best products and services of “Elevating Group”. The latter operates in a number of countries around the world, each of which has its own market characteristics. Therefore, as a member of the Elevating Group, “Mogo” implements the best international practices in Armenia and presents the innovations, principles and methods of the fintech sector.
– “Mogo” is known as a fast credit company. Thanks to what the company can provide fast loans and is it not risky?
– Mogo Armenia provides fast car loans thanks to the use of an advanced credit risk assessment system and modern technological solutions.
I specialize in risk management and lending and I’ve been in the financial sector for over ten years, so I know how the system works and what it’s all about. Consumers generally accept what is offered in the market. There is a stereotype that lending implies long procedures of collecting many documents and making decisions that take at least a few days. Considering that all this can be done in a much more efficient and qualitative way thanks to automated systems and digital technologies, which is also observed in the products offered by some banks and credit companies operating in the Armenian market.
The point system we use implies exactly this automation. What is? The system checks the person’s credit history, authenticity of documents, income and other materials to assess the scale of the risk and make a decision, and already having thousands of data and stories in the database, it provides much more accurate results.
In the end, it turns out that it is not that we do not thoroughly study the customer’s credit history, but on the contrary, by studying many histories, the system brings out the possible risks and makes the most effective decision.
In this way, document turnover in the company is reduced to a minimum, and by saving time and resources, we manage to ensure the desired result. Of course, after this process, our specialists apply an individual approach to each client. The employees of “Mogo” are experienced and informed specialists and, using innovative and effective methods in their work, increase the financial literacy of our clients, contribute to making effective and responsible financial decisions. One of the keys to the success of “Mogo” is the dedicated and cohesive team with a consistent, caring and responsible approach to all customers.
– What products and services are offered in Armenia, taking into account international practice?
– At the beginning of this year we introduced a new product, the First a loan that is intended for people who have stable incomes, but due to lack of down payment or other reasons cannot use the car lending services offered by the banks. Overall, all of our products serve Mogo’s mission to offer affordable car loans and car title loans to those looking for a simple, fast and convenient financing option and to support personal financial well-being and success.
In the near future, we plan to offer our customers new products that are developed according to their requirements. Working in Armenia, “Mogo” aims to study and introduce international best practices, innovative solutions and products in the field.
– When did you join the “Mogo” team? Could you tell us about your development path? Where did it all begin?
– When I joined Mogo, the team consisted of a few people, today we are a team of about 70 different professionals. The company continues to develop over the years, which once again proves that the need and demand for its products has existed and continues to exist.
I am a financier by profession. I graduated from Plekhanov Moscow University of Economics, received a PhD from Yerevan State University and am currently studying at the English University of York and French Strasbourg to obtain an Executive MBA qualification. Before joining Mogo, I was working in the banking sector, and when Mogo was established in Armenia, I received an offer and gladly accepted it because it seemed interesting to me. Working here and working with international teams, I gained a lot of experience and skills. As a member of the Management Board of the Association of Credit Organizations, I personally monitor innovations, conduct research to find out what we can offer our compatriots.
“Elevating Group” regularly introduces innovations in the countries of its activity, which can be quite promising and effectively implemented in our country as well. “Eleving Group” regularly conducts market research, and “Mogo” Armenia, as a member of the group, follows these innovations, striving to implement and develop them in Armenia as well.
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