Tag: financial institutions

Business World

Datacultr successfully enabled NBFCs to disburse loans worth INR 500 Cr in the last 12 months

Nov 3, 2020 by Gouri Achary 0 Comments #Datacultr, #debt collections, #financial institutions, #NBFCs, #Neel Juriasingani, #Telecom operators

Datacultr, one of India’s fastest-growing startups that provides a one-of-its-kind risk management & debt collections platform to financial institutions has helped NBFCs and Telecom operators secure loans worth INR 500 Cr since Apr 2019. The major chunk of this loan amount has been disbursed to ‘New-to-credit’ and HIgh-Risk customers.

“The new-to-credit customer group has been ignored for a long time because of the high-risk profile of these borrowers. With our ML algorithms, we have been able to equip lending companies Banks, NBFCs, Telecom Operators, and MFIs to securely lend to this underserved segment. Backed by our technology, these institutions are better positioned to lend to different segments whether it’s tier 1, 2 or tier 3, 4. Without any hesitation, they can expand the horizon of their financial services to every nook and corner of the country. This further enables them to bring financial inclusion in the economy” says Neel Juriasingani, CEO and Co-founder, Datacultr.

In order to expand the horizon of financial inclusion, Datacultr has enabled financial service providers to recognize new business opportunities and work out coherent strategies. Its Machine learning algorithms are built to cater to the specific needs of the lender. These models help the lender to gauge a customer’s propensity to pay and build strategies to achieve specific objectives- delinquency prevention, default prevention or to improve agent productivity.

Today Datacultr works with some of India’s largest NBFCs and global telecom operators. It very well understands the pain points of the lender and is dedicated to predominantly addressing the same since 2019. The company is focused on filling the credit gaps in the ecosystem. Earlier, financial institutions were lending in a limited market owing to the chances of increasing NPAs. However, in a major milestone, Datacultr has helped reduce the NPAs for financial institutions significantly.

By turning the borrower’s smartphone into virtual collateral for lending companies, Datacultr’s proprietary product provides the lender seamless access to the borrower throughout the tenure of the loan. The platform allows the lender to segment the customers based on their risk profile, financial understanding, and literacy levels, helping them build empathetic communication plans that result in lower default rates and NPAs. The platform also makes borrowers aware that timely repayment helps in building their credit score which in turn can get them access to a bigger loan in the future.

Business World

Accelerate Digital Transformation with Newgen at India NBFC Summit on November 6

Nov 3, 2020 by Gouri Achary 0 Comments #banking applications, #digital transformation, #Diwakar Nigam, #financial institutions, #NBFC Summit, #Newgen Software., #Sunil Pandita

Newgen Software, a global provider of low code digital automation platform, announced that it is participating as a digital transformation partner at the India NBFC Summit, to be held virtually on November 6, 2020.

This event provides a platform for industry experts to come together and share their knowledge about the latest technology trends and solutions for non-banking financial companies (NBFCs). Additionally, the event will feature a session by Sunil Pandita, Vice President – Sales, South Asia, Newgen, where he will share his thoughts on “The Changing Face of Lending – Emerging Trends in the Digital-only World.”

Event participants can connect with Newgen’s subject matter expert at booth #2 to experience Newgen’s offerings for NBFCs, including account opening, loan origination solution, collections and monitoring, and service request management. These digital banking solutions, built on a low code automation platform, help organizations to streamline end-to-end operations, achieve faster turnaround time, and stay on top of regulations. Furthermore, organizations have the flexibility to deploy these solutions either on cloud or on-premise.

“The event is an opportunity for industry leaders and decision-makers to learn how Newgen has been enabling financial institutions to accelerate their digital journey, bring agility into their processes, and transform customer experiences. Newgen’s platform and banking applications lay the foundation for a digital business by securely connecting people, systems, data, and workflows,” said Diwakar Nigam, MD, and Chairman, Newgen Software.

Newgen’s digital automation platform can help NBFCs automate their key processes, bridge content and communication silos, and adhere to regulatory compliances. The platform offers cutting-edge technologies, such as mobility, analytics, cloud, robotic process automation, and artificial intelligence, to help organizations stay current and competitive.

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Business World

IDEMIA launches GREENPAY, a sustainable end-to-end offer portfolio for financial institutions

Oct 12, 2020 by Gouri Achary 0 Comments #financial institutions, #GREENPAY, #IDEMIA, #Mr. Amit Kakatikar

IDEMIA, the global leader in Augmented Identity, today announces its GREENPAY launch, an eco-friendly global offer for financial institutions, in line with its CSR* and sustainability strategy.

Environmental concerns underpin IDEMIA’s business practices.Through GREENPAY, IDEMIA commits to move away from today’s “take-make-waste” attitude to redesign our habits. IDEMIA is proud to develop solutions generating less plastic and paper waste, reducing land and water pollution while also minimizing its carbon footprint.

GREENPAY is IDEMIA’s commitment to continuously improve each part of the payment card value chain, seeking to:

  • Minimize the environmental impact of its processes and services
  • Develop innovative, eco-friendly products, services and solutions
  • Help customers achieve their environmental goals with IDEMIA’s product offering.

GREENPAY encompasses eco-friendly card body solutions, advanced card related services like eco-designed packakging, on-demand printing of PEFC/FSC certified card carrier, digital alert and e-documents among other services that enable finantial institutions to deploy their sustainability transformation.

Over the last few months, IDEMIA’s customers around the world, including Latin America, the US, Europe and Asia, have adopted GREENPAY. For example:

  • The RHB[1] Visa WWF Debit Card-i is a recycled PVC payment card which will be available to all new and existing RHB customers in Malaysia from July 2020. The cards contain state-of-the-art technology for seamless payments, have passed all durability tests and are ISO-certified and EMV compliant.
  • IDEMIA’s trusted solutions were chosen to accompany BBVA’s[2] customers in the environmental transition journey. This partnership will progressively allow the bank to deliver cards made of “eco friendly” materials to customers in all countries where it has a presence by the end of 2021.
  • IDEMIA also offers Treezor[3], a low-natural-resource-consuming card which does not compromise on security or end-user convenience. The collaboration between IDEMIA and Treezor – French banking-as-a-service market leader – has culminated in the launch of the first-ever eco-friendly card by a FinTech in France.
  • IDEMIA was also awarded the “Environmental Claim Validation Summary” certification by its recycled PVC supplier “UL Environment Inc.”

Furthermore all GREENPAY products & services – through IDEMIA’s certified partner – financially contribute to key environmental projects around the world in line with the Sustainable Development Goals set up by the United Nations.

Mr. Amit Kakatikar, Vice President Payment Cards, IDEMIA: “We at IDEMIA take sustainable development very seriously and we have seen an overwhelming response from Indian leading banks as awareness amongst the customer has increased. GreenPay cards will be available from the 1st quarter of 2021. ”

*CSR: Corporate Social Responsibility