Convenient Corporate Finance with
KODO was started with the mission of simplifying corporate finance and helping businesses grow. Through their products and services, KODO envisioned simpler finance control for businesses that could enable them to cut through financial bureaucracy and simplify corporate expenses and approval. By delivering easy access to liquidity and granular financial control mechanisms, KODO aimed to empower businesses and enable their growth.
Technologies Used
Business Requirement
Credit cards are used ubiquitously within corporations to enhance easy spending and expense reimbursement. While most banks offered ‘specialized’ corporate credit cards, these cards only offered paltry bonuses over average credit cards and did nothing to simplify corporate finance.
Further, businesses incurred significant onboarding delays and bureaucratic hurdles with most corporate banks. These cards were not a viable solution due to reasons like
1.
Cumbersome processing
Most banks required extensive documentation and lengthy procedures to be followed before issuing a corporate credit card. Corporates, on the other hand, needed hassle-free credit card solutions that allowed seamless disbursal, maintenance, and termination of cards to match the ever-changing needs of employees
2.
Lack of control
Corporate cards offered by most banks offered little to no control on expense management. Tracking expenses, approving/rejecting them or deriving cost-saving insights was largely not possible with the limited set of features these cards provided. The result was a complete lack of control over credit card spending
3.
Lack of transparency
With traditional credit cards, spend analysis had to be undertaken manually. The finance department spent a significant amount of time in expense tracking, approvals, and analysis. These manual efforts also led to a complete lack of transparency and zero financial insights
4.
Zero customization
Bank-issued credit cards were too generic and lacked options like custom-spend limits, expense tagging, and others. Naturally most businesses failed to see the value in mass-issued corporate cards with little customization
5.
Paltry benefits
Banks issued generic benefits on corporate cards that seldom matched business needs. The lack of benefits further deterred businesses from embracing credit cards for spending and expense control
6.
Poor finance
Overall, corporate credit cards and their lack of transparency led to poor financial planning and bad spending habits
7.
Limited Liquidity
Businesses avoiding corporate credit cards due to numerous limitations resulted in reduced overall liquidity. This hindered business operations and impacted overall productivity
The Solution
Cloudesign endeavored to create a robust digital platform in line that could support the ambitious product and service offerings that KODO envisioned.
Instant Customer Onboarding
Automatic Account Verifications
Comprehensive Dashboards
One-stop dashboards enabled businesses to gain a bird's-eye view of their finances. These dashboards enabled spend analysis, expense projections, and advanced data insights that helped clients keep track of the numbers that matter
Comprehensive Dashboards
One-stop dashboards enabled businesses to gain a bird's-eye view of their finances. These dashboards enabled spend analysis, expense projections, and advanced data insights that helped clients keep track of the numbers that matter
GST Integration
Effortless expense approvals
Granular Spend Control
Advanced Filtering
Easy EMI Repayment
Safe and Secure Payments
Comprehensive Reporting
The new platform allowed conversion of big-ticket spends into loans at the click of a button. Businesses were now able to cover unforeseen large-ticket spends and easily repay them in monthly installments
Comprehensive Reporting
The new platform allowed conversion of big-ticket spends into loans at the click of a button. Businesses were now able to cover unforeseen large-ticket spends and easily repay them in monthly installments
Ubiquitous Access
Intelligent Insights
Business Benefits
KODO’s revolutionary digital platform enabled it to break ground in the corporate finance sector and delivered distinct competitive benefits like:
3 minutes
Swift customer onboarding in as little as 3 minutes
20-40%
20-40% reduced business spending for clients
Policy Compliance
Improved financial policy compliance across businesses
Customer Acquisition
Improved customer acquisition & retention at KODO
