Who we Are
Indox is a professional document collection service for the largest 200 Credit Providers in South Africa of the total of 5724 who are regulated by the National Credit Regulator.
Indox is incorporated as a private company and is owned and operated by Rob Sussman, Lance Fanaroff and Gur Geva who comprise the executive board. The non-executive board comprises Professor Angela Itzikowitz (Executive Banking ENSafrica).
Indox has its head office in the Equinox Building in Sea Point, Cape Town.
What We Sell
Indox sells an outsourced document collection service.
Indox collects the pay slips, bank statements and ID documents of the borrower(s) who
approach a Credit Provider for a loan. Indox is capable of collecting any document type. The collection of these documents is performed by a combination of:
(i) bespoke software
(ii) professional document collection agents and
(iii) a deep understanding of email, SMS, call centre and automatic voice interaction technologies.
Indox is able to minimize the cost of acquisition of such documents and ensure the Credit Provider’s compliance with legislation.
The service is offered as a complete business process outsourced solution.
Who We Sell To
Indox targets all South African Credit Providers that are regulated by the National Credit Act and the National Credit Regulator.
Until 13 March 2015 there were no clear legally enforceable regulations prescribing the method to be used by a Credit Provider in ensuring the ability of a prospective borrower to repay the loan granted. The National Credit Amendment Act now requires a Credit Provider to validate the gross income of the borrower by referring to the borrower’s:
(a) most recent 3 months consumer’s pay slips;
(b) most recent 3 months bank statements or
(c) any other similar credible information to prove affordability.
Indox market research confirms that Credit Providers in South Africa are significantly unprepared for the document collection requirements of the legislation. lnDox’s bespoke software, pending integration into South African document repositories, together with its deep expertise in document collection services are well placed to capitalize on this opportunity and continue to be a market leader in this space.
Recipe for Success
The following factors favor the success of Indox:
1. Indox offers a significant value add business process outsource solution in the following areas for the Credit Providers in South Africa:
(i) Cost: Indox significantly reduces the cost of document acquisition for Credit Providers
(ii) Compliance: Indox ensures the Credit Provider‘s compliance with legislation
(iii) Competency: Indox achieves highest levels of competency via technology best practice and economies of scale
(iv) Capability: The Indox team has over 65 years of combined experience in business process outsourcing solutions
(v) Core: Indox liberates the Credit Provider from compliance burden and empowers the Credit Provider to focus on its core business.
2. The vast majority of Credit Providers have no effective solution to effectively address the National Credit Amendment Act of 13 March 2015.
3. Those Credit Providers who currently collect documents in-house display profound inefficiencies.
4. Indox technology, systems and processes are invisible to any outside parties and hence difficult to replicate.
5. The core competency of software development and service provision obtained by over 40 years combined experience in the Information and Communications Technology arenas by the cofounders of Indox.
6. Indox’s significantly reduced cost of acquisition of a document and economies of scale create a substantial competitive advantage.
7. The barriers to entry are significant and include a combination of the following:
• deep practical experience in the Credit Provider workflow and document collection business
• technical integration into a number of leading Credit Providers in South Africa
• a close working relationship with the Credit Providers in South Africa
• a proven track record in being a true business process outsourced solution.