User authentication has always been one of the biggest hassles for any lending organisation, particularly NBFCs owing to the kind of consumers they deal in majorly. Especially during the unprecedented times we find ourselves in, it has become almost impossible to verify user details through physical contacting. Rising to the challenge, certain new-age companies are providing data driven solutions to verify & authenticate consumer credentials for the lenders. Such solutions come as a breath of fresh air for the industry as they are now able to provide convenient, trust-worthy and ready solutions for the screening process maintaining social distancing norms.
Adopting technological innovations across value chains will aid optimisation of resources and processes, reduce turnaround time, facilitate intuitive and automated decision making and ensure accessibility of credit/loans for customers at rates tailored to their socio-economic profile. This would give NBFCs a great leverage over traditional banking systems and drive maximum possible growth.
Some of these companies are:
Paisabazaar Stack’ is a digital lending solution using Microsoft Azure technologies and Azure AI to optimize loan disbursals and credit card issuance. Built on the Azure platform, the Stack is integrated with Paisabazaar’s partner banks and NBFCs to enable consumers to access credit products through end-to-end presence-less and contactless processes. In addition to help consumers stay safe, the Stack is also enabling banks and non-banking financial corporations (NBFCs) to disburse unsecured loans in a presence-less, completely digital manner, within 3 to 5 hours as compared to 3 to 7 days earlier.
The company prides in its masterful creation of comprehensive, state of the art, digital platforms that enable the screening of counter parties through 700+ publicly available government sources, providing seamless, real time and cost-effective solutions for digitally enabled on-boarding, diligence, monitoring and fraud prevention. Karza Technologies is a B2B software as a service company where clients integrate Karza’s custom product suite with their core banking systems. The company’s techno-dexterous solutions, unparalleled safety, and ease of integration and use, make Karza the favoured partner for most Banks and NBFCs.
So far Karza has partnered with different banks and NBFCs like Bajaj Finance, L&T Finance, Jana Small Finance Bank, Federal Bank, Ugro Capital and many others.
IDfy helps people and businesses build authentic relationships by ensuring that both parties are who they claim to be and can be trusted. IDfy’s solutions detect and prevent fraud at source, accurately identifying entities and verifying their credentials. IDfy’s solutions help safely onboard customers, merchants, service partners, and employees. These solutions are ensuring safety and compliance in industries such as Banks and Financial Services, E-commerce, Telecom, Healthcare, P2P communities, Gaming, and Logistics.
Signzy offers a digital onboarding solution for banks, NBFCs, and other financial institutions. It uses AI and blockchain to provide smart e-verification and risk prediction and aims to simplify and secure digital regulatory processes. Its applications are in banking, insurance, mutual fund, payments, and cryptocurrency. Signzy works with 140+ banking and financial services globally including the four largest banks in India and a top 3 acquiring bank in the US. Globally, it has a strong partnership with Mastercard and offices in New York and Dubai to serve its customers in these geographies.