We’re honoured to be recognized by ‘Governance Now, India’ for driving financial inclusion in our country and bringing financial services to the doorsteps. We’re grateful that our efforts in developing solutions that help customers access credit at affordable rates have been acknowledged. SAB TV Group, the founding company behind Governance Now organized an event to award the Banks and FinTech companies who have been driving financial inclusion on 19th January, 2018 at Vivanta by Taj in Mumbai.
The event was addressed by Shri Deepak Kesarkar, Hon’ble Minister of State- Finance, Planning & Home (Rural), Government of Maharashtra. This was followed by talks from dignitaries like Shri P K Gupta, MD (Retail & Digital Banking) SBI, Shri A.P. Hota- Former MD & CEO of NPCI, Shri M Devaraja Reddy- Former President of ICAI, Shri M. Khan- MD of Bombay Mercantile Cooperative Bank Ltd., Mr. Panigrahi- GM-FI of Union Bank of India, and Shri Abhay L. Bongirwar- Executive Director of IDBI Bank.
We also got featured in the ‘Financial Inclusion’ casebook, which was launched at the event; this is mainly because we’ve assessed 5 million underserved/unserved people to access affordable credit. We’ve done this by building products that leverage the use of alternate data for credit risk assessment. Use of traditional data for credit underwriting has its limitations, mainly – inaccuracy of data and the problem of dealing with “credit invisibles”, which is why we evangelise the concept of credit underwriting using the non-traditional data. Our products are being used by 20+ leading financial institutions, empowering them to make better lending decisions for ‘thin-files’ and ‘new-to-credit’ customers.
We, at CreditVidya, have managed to leverage 10,000+ data sources for underwriting every borrower using alternate data. Application of machine learning algorithms and AI helps us build risk and fraud models for unsecured credit using unstructured and semi-structured data. These models can be used by financial institutions for all forms of retail lending – personal loan, two-wheeler loan, consumer durables, credit cards etc.