A founder pitch: credit scores for people without one

Transcript

So I had this idea of doing a credit score Yeah Way back when in 2004 I'm going to give you one lakh rupees What are you going to build for me? 95 by 1 of India today do not have a credit score or a candidate invisible But this people have a derivative financial behavior because of UP and host of alternate data We are building an alternative credit scoring model which not only understands the person's ability to repay back alone but also the infant the near of the person to repay back the loan using psychological signals or psychometric analysis using advanced machine learning and IoT decreasing loan processing time to less than 2 minutes helping NBFCs to get access to more potential water-overs decrease their operating cost and decrease their MTS in the long term So have you built this product? Yeah, it's already life We are already working with three NBFCs and we are on track to make revenue in the next two months UPI, do you have access to UPI's? True, yeah So for something in India now in the last 12 or 2 years account, the system has developed a lot All your bank statements, all your investments, all your insurance policies are linked to one bank card and when the customer or the borrower comes to apply for a loan they just input their bank card Of course with the OTB connection from the customer all of this data can be pulled to one single dashboard and all advanced machine learning predicting analysis can be done and it can be understood or it can be predicted whether the person will repay back What are the signals do you use? So we use UPI, we use SMS data we use bank statement analysis We have access to people's SMS data We are a backend software for the NBFC Anytime the borrower goes to take a loan all it's all the NBFC that comes to borrowers' mind or the phone So whenever they apply for a loan of course we ask consent for the borrower from using SMS data and we also take a consent for bank statements and investment data So all of the data goes to the NBFC only and we are a backend software for the NBFC or a backend layer or a create intelligence layer for the NBFC to give them a 360 degree credit report and we give them an entire analysis of the person in a 360 way to help them understand whether they should give out the loan to the person or not and we do it in less than 2 minutes so they are producing time of the loan decreases to like no less than 90% Now I think there is definitely a huge scope for this Yeah, I kind of like the idea Okay, I'll give it less Thank you so much Alright, good luck Thanks

Transcribed automatically from the video, so small errors are possible.