There has been immense disruption taking place in banking and financial institutions. Over the years, Techfin has been catching up pace in India. The rapid digitization has led these banks and financial institutions to adopt technology that finds a better way to deliver financial products as part of a broader offering of services. The business ecosystem needs a dynamic business information exchange to create transparency and a continuous monitoring of borrowers to weed out bad cases early. Here is a list of 5 companies that are transforming the business risk analysis landscape in India.
Crediwatch is building AI and Machine Learning tools to help the financial services industry in India reduce credit risk. The Bengaluru-based startup offers a dynamic ‘Trust Score’ derived from data points that are extracted from several formal and alternative sources, and analysed, to help lenders assess borrowers and monitor them close to real time.
The platform allows users to discover loans, credit cards best matched to the profile from lenders across the risk continuum, resolve and dispute issues on existing loans and borrowings, and reduce current borrowing costs. On the supply side, CreditMantri provides financial institutions access to better quality consumer risk profiles besides helping these institutions cut down on expensive credit operations processes and disburse loans faster.
CreditVidya helps lenders and wallets assess risk of customers. CreditVidya claims to have profiled over 13 million customers on its AI underwriting stack and says that the results were twice as powerful as traditional bureau scores.
KredX was built to help businesses achieve their short-term working capital needs by discounting their unpaid invoices (raised against blue chip companies) to a network of buyers/financiers, including banks, NBFCs, wealth managers, and retail investors. The platform helps organisations maintain cash flow by unlocking the cash that is tied up in their invoices. It also offers financiers access to risk-mitigated, high-yield, and short-term investment opportunities that are not tied to the uncertainties of the stock market.
- Ant Financial
Ten years ago, Alipay was just a rapidly growing online payments service. Today, Alipay is the modern gateway to Ant Financial’s ecosystem of financial services, from wealth management and insurance to lending and credit scores.