~empowers Financial Institutions with Secure Lending for ‘New to Credit’ customers~
New Delhi, August 27, 2019: Datacultr (a PaaS for consumer lending companies) aims at helping reduce the risk of fraud in consumer lending through its Predictive Fraud Management solution. It is a first-of-its-kind platform that will allow financial institutions to significantly reduce their risk and cost of collections on ‘New to Credit’ customers in the emerging world. With the help of Machine Learning, the platform can identify potential frauds by building models around Usage, Behavioural & geo-spatial patterns and take immediate action.
Datacultr has turned a Smartphone into a tool for financial inclusion by effectively making it into a virtual collateral. With the proprietary technology provided by Datacultr, consumer lending companies can set up triggers that can alert them against potential frauds and asset re-sale. It shall help in making the collection process seamless by monitoring such triggers on the android device.
This solution uses data to create actionable insights before potential fraud. The Platform empowers the lenders to remotely manage Smartphone given out on Loan, by setting up a unique device experience module on the Smartphone, using behaviour driven templates that help them to uniquely maintain the entire life-cycle of the borrower throughout the tenure of the loan.
Commenting on the same, Sujoy Ghosh, CTO & Co-founder, Datacultr, said, “Our predictive Fraud Management solution & the existing device management levers will broaden the horizon for consumer lending companies and hence, strengthen the process of underwriting such loans to ‘New to Credit’ customers. We want to create a secure ecosystem for lending institutions so that they can provide loans to the next billion underserved users.”
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.
datacultr’s proprietary product, integrates with the Smartphone and provides controlled access of the device to the lender for the duration of the smartphone loan, which the lender uses to reach out to the borrower in case of delays, gradually weakening the experience on the device and ultimately locking the device in cases of default.
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.
Established by Neel Juriasingani and Sujoy Ghosh in 2016, datacultr has a vision of empowering banks and other consumer lending companies, and thus bring more people under the umbrella of financial inclusion.
datacultr is part of Microsoft for Startups & Google Cloud for Startups. It is the winner of Emerge50, 2018 award, given by NASSCOM to India’s Most Innovative Top 50 Emerging Software Product Companies. It was also recognised by the Haryana Government for product excellence in 2019. The team consists of well-experienced members from the telecom and mobile OEM space, with a deep understanding of consumers in emerging markets and have vast expertise in building scalable technology platforms.