Datacultr, a leading Platform-as-a-Service(PaaS) player is ensuring timely repayment of loans for Banks, NBFCs and Financial Institutions with its proprietary Machine Learning platform. This further reinforces the company’s vision to empower financial institutions to lend to New-to-credit customers.
Datacultr’s one-of-its-kind platform turns the borrower’s smartphone into a virtual collateral for lending companies. It allows the lender to ensure timely repayments of loans through, data-driven interventions, that help the lender to educate users, predict potential frauds & defaults, remind users of the impending payment and in cases of default nudge them via actions that temporarily impair the experience on the device, thus significantly reducing NPLs (Non-Performing Loans).
Sujoy Ghosh, CTO & Co-founder, Datacultr states, “It can’t be denied that the access to loans has been made easier now with the emergence of new-age lending companies. However, with frauds and delay in loan repayments on the uptick in the last few years, many banks, NBFCs, new-age lending companies and other lending institutions have become reluctant to lend to customers with low or no credit history. We are helping them stay one step ahead in the industry in influencing the borrower’s repayment behaviour by using behavioural cues to build timely & relevant interventions throughout the loan repayment journey. This, in turn, ensures that borrowers prioritise payments and pay back the loan on time.”
The company has identified three key reasons why borrowers fail to pay and rightly addresses these challenges – unless there is financial distress, borrowers miss payments because they are Low on financial literacy and have little understanding of the merits of paying EMIs on time; they also lack knowledge on how building a good credit score will help them become eligible for larger loans in future, while in some cases they just forget.
Aspiring to bring about a meaningful change in the lives of millions of people in India, Datacultr’s platform equips lending companies to tap the unbanked segment and help begin their financial journey, bringing them under the umbrella of financial inclusion.