Utilising AI-Drive Algorithms, the Integration Will Assist Lendenclub in Providing Hassle-Free L**** to All of India
LenDenClub, the peer-to-peer lending platform, announced a partnership with Singapore-based CredoLab, a leading developer of bank-grade digital credit scorecards based on smartphone metadata. LenDenClub’s integration of CredoLab’s credit scoring solution, CredoSDK, will assist the company in building intelligence on customer personas, aiding in the assessment of each borrower application, based on personal, professional, and financial credentials.
CredoSDK uses non-intrusive, non-personal smartphone metadata to assess the behavioural score of the applicant within seconds. Through an easy-to-implement collection of software development tools, also known as an SDK, LenDenClub will use CredoLab’s AI-driven algorithm to further propel financial inclusion throughout the country.
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Commenting on the integration, Bhavin Patel, Founder, and CEO of LenDenClub said: “CredoLab is going to be one of those significant tech-integrations that will contribute towards making our core underwriting engine stronger. We are delighted to collaborate with CredoLab in our journey to take LenDenClub’s products to the last-mile person in the country.”
“With the right set of technological advancements, LenDenClub aims to bolster financial inclusion. We are currently working on building a tech-system through which we can do application assessment, credit underwriting, and loan disbursal within few minutes in any part of the country. At the same time, we aim to derive maximum insight from an application by taking minimum data from the applicant, thus developing a stronger self-learning credit-scoring algorithm. CredoLab’s solution will help us do just that, by building additional intelligence on customer personas,” added Patel.
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Tarun Kumar Kalra, Global Head of Sales, CredoLab said: “As we strive to facilitate access to fair credit for consumers across Asia, joining forces with a company that upholds the same belief system is something we are passionate about. India is a huge target market for us and having reputable, trusted, partners, such as LenDenClub, will assist us in our overall mission of providing financial services to the underserved & unbanked population. We look forward to a positive, impactful future of working together with the LenDenClub team.”
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