SalaryDost, a digital consumer lending platform, has onboarded CredoLab, a Singapore based Fintech company developing bank-grade digital scorecards based on smartphone metadata, as their technology partner to make their underwriting process faster and more predictable.
CredoLab’s credit scoring solution, CredoSDK, uses non-intrusive, non-personal smartphone metadata to assess the behavioural score of the applicant within seconds. Through an easy-to-implement SDK, SalaryDost will use CredoLab’s AI-driven algorithm to convert over 1 million features from opt-in smartphone into credit scores.
“One of our key objectives as a business has been to find ways to improve the profiling of our customers while cutting down the time-to-yes.” said Mrityunjay Shahi, Founder & CEO, SalaryDost. “With CredoLab we now have a more predictable source of data to rely on, and a powerful AI-based scoring algorithm to achieve our business goals. We can work towards issuing more loans in a faster and smarter manner while reducing the non-performing loans.”
The online loans market in India is predicted to grow up to INR 6-7 Trillion ($80-100 billion) by 2023, amounting to a 10x to 15x increase in annual disbursements. Factors like growing internet users, smartphone adoption and rising awareness among the users makes India the ideal market for online lending players and SalaryDost is leading the game with the adoption of innovative technology at every step of the way.
“SalaryDost’s strive to become a truly digital fintech platform from lead to disbursement is commendable and CredoLab is excited to help them accelerate their business.” said Tarun Kumar Kalra, Global Head of Sales, CredoLab. “In India there is an increasing number of customers with no financial background looking for short term loans. Our scoring algorithm helps them immensely by making use of smartphone metadata to access their creditworthiness. We are excited to see what this technology clubbed with SalaryDost’s platform can achieve.”
Recommended AI News: Domo Ranked No. 1 in Dresner 2019 Big Data Analytics Market Study
CredoLab recently won the first place for Fintech Awards – ASEAN Open Category at the Singapore Fintech Festival, the largest fintech event in World. The winners were chosen by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
“CredoLab has helped over 61 businesses across the globe to ramp up their credit decision making process. We are happy to be doing the same in India now starting with SalaryDost.” commented Peter Barcak, CEO & Co-Founder, CredoLab. “Being one of the first clients for us in India, we are excited to see the journey unfold for both CredoLab and SalaryDost.”
With a moto of small ticket, big help, SalaryDost is now aiming at reducing the non-performing loans by 2-3% in the coming months and scale up their business without affecting the bad rates or approval figures.