Datacultr, a Platform-as-a-Service(PaaS) player is supporting banks, NBFCs and other financial institutions to lend securely and reduce risk on existing as well as "New-to-Credit Customers” post-COVID-19.
As financial sector companies play a crucial role, they will be the building blocks post-Covid era. These institutions can bounce back post-COVID-19 by turning the RBI's 3-month period into a transformative phase and brace themselves for increased lending on accounts of people requiring loans to either run their businesses or to meet day-to-day requirements as COVID-19 evolves and knock-on effects become clearer. This, however, is also the time, when highly risky or fraudulent customers will enter the market, the lenders knowing this may go extra cautious on their lending, which is exactly what the economy doesn’t need.
Neel Juriasingani, CEO and Co-Founder, Datacultr said, “Due to the COVID-19 lockdown, many small businesses have suspended their business operations, people have been laid off from their jobs and employers are cutting down their salaries. This will push individuals and businesses to take loans either to meet their day-to-day needs or start their operations again. Constantly aiming to resolve the financial problems, Datacultr’s machine learning technologies enable financial institutions to facilitate access to credit and expand their loan books at a much-reduced risk.”
Datacultr's proprietary product integrates with the borrower’s smartphone and provides controlled access of the device to the lender for the duration of the smartphone loan. This allows the lender to reach out to the borrower in case of delays; effectively predict high-risk customers, which are sent out as alerts to the risk & collections teams, allowing them to take suitable action at an appropriate time.