This post is written by Mr. Abhishek Agarwal, our CEO & Co-founder on his LinkedIn profile.
Disclaimer: This is not an advertisement of our product, nor is this a love story. This incident is based on a true story that happened in CreditVidya last week.
We have this product that digitally verifies the employment status of a prospective borrower simply based on their email ID.
Yes! No CPV (contact point verification) needed. Using this product, we’ve already verified hundreds of thousands of salaried loan applicants. Our product makes this part of lending really THAT simple by finding the inconsistency in application (that leads to fraud), eliminating the need for physical verification, reducing underwriting cost substantially and bringing down the TAT (less than 1 min per applicant, specifically) for loan disbursal.
We used to refer to this product as ‘Email Fraud’ earlier. But somehow we felt that the name did not justify the product’s functionality and there was something missing. So we decided to change it!
In words of our Communications Specialist, Mrs. Parekh, the value proposition for the product should be-
“Ask them where they work; we’ll instantly tell you whether they really do.”
We were really struggling with finding a name for this product that would be-
4. Easy to recall
5. Relevant to what the product has to offer
We tried hard to think on our feet, but failed.
And then, we remembered one of Gretchen Rubin’s principles of growing up as mentioned in her book ‘The Happiness Project’-
‘Don’t be afraid to ask for help; don’t be shy to take it.’
We instantly knew what we had to do. We reached out to all our employees, and shared our struggle with them. And we asked them to help us. We asked them to think, and come up with possible names for (what we previously referred to as) ‘Employment Verification’. And we were surprised!
It’s beautiful how we all work like a family at CreditVidya. Everyone wore their capes (read CreditVidya sweatshirts), put their thinking caps on and came up with some brilliant suggestions-
– SALT- Salaried Loan Underwriting Tool
– ValMail- Validate Email
– Email Sherlock
– EmPower- Power your Employee Verification
– DEV- Digital Employment Verification
The list is exhaustive, that’s why we’ve mentioned only a few. We literally had to jot down some of these and had to conduct voting for that one name which resonates with the product (and with us too!).
And in this process, we found our EVE- Employment Verification Engine.
Yes, that’s what we’ve named it. 🙂
You could get on a date with our ‘EVE’. Simply request for a LIVE demo of our product(s) here.