Datacultr, Platform-as-a-Service(PaaS) player which is now enabling Banks, NBFCs and other Financial Institutions to lend securely and reduce risk on existing as well as “New-to-Credit Customers” post-COVID-19.
The moratorium declared by the RBI can prove to be a financial setback for the financial institutions. It must, however, be noted that the financial sector, especially banks and lending companies will have a crucial role to play in helping the economy stabilize afterward by bringing in the required liquidity. These institutions can bounce back post-COVID-19 by turning this 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.
Commenting on the same, 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 is a PaaS that allows consumer lending companies to significantly reduce their risk on ‘New to Credit’ customers. Datacultr allows the lender to give out unsecured loans, at a lower risk, by allowing borrowers to present their newly purchased or existing Smartphone as collateral.
For the Unbanked & Underserved user, such loans that ride on Datacultr’s technology begin their journey of building a robust credit score, enabling access to bigger loans in the future. Datacultr has combined technology with the basic financial service and created a simple and fair offering for those who need it the most.
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. To add to this, the Datacultr platform can investigate and bring to fore suspicious activities at a customer level.