Emerging technologies are changing the way we live, shop, travel and make transactions. Technologies such as machine learning and artificial intelligence are making our lives effortless and secure. There’s a leap of technology we witness today!
The fintech landscape is ever evolving. To ensure frictionless and secure transactions of large volumes, one can’t rely solely on human intervention. To effectively mitigate errors and risks, one has to build and work with newer technologies on a real-time basis to serve customers better.
Square Capital, India’s largest integrated mortgage marketplace, has developed online capabilities to provide accurate eligibility of an applicant linked to the credit bureau and various banks’ products and credit policies, ability to perform e-KYC of loan applicants, integration with NSDL and OCR-based document reading and direct integration with banks’ loan origination systems. The company is also developing a proprietary ML-based model for ‘Intelligent’ lead assignment.
“At Square Capital, we are testing Cognitive Sciences derived modules to calculate the probability of successful loan disbursement to a client, based on his/her demographic information such as location, loan amount requisitioned and acquisition channel. This information clubbed with the recent interaction data of the client with our on-ground sales team is taken into account to improve the model,” says Mr Tanuj Shori, Co-founder and CEO of Square Capital.
Till sometime back, consumer redressal used to take time due to varying IT systems used by different stakeholders in the system, which lead to non-uniformity of data. Now, to ensure that the entire lending process is transparent and clear to its customers, smart contracts come into play. Instead of using cumbersome electronic data storage systems, you can record all the information on blockchain.
“Needless to say that such new tech frees up our internal resources to get our teams to focus on value additions only, improving revenues and overall customer experience, which is paramount to us at Square Capital,” adds Mr Shori.
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Published by: Business Today
Date: 20 July 2019