New Delhi [India], August 21 (ANI): In a bid to augment financial inclusion in India, fintech startup LoanAdda on Monday announced the launch of LoanSwift, enabling the firm to analyse vast amounts of non-traditional credit data to increase loan approval rates and reduce the risk of credit decisions. Also Read - New Delhi, Goa and Mumbai Top Booked Destinations by Indians During Valentine’s Week
Machine learning platform, LoanSwift is developed specifically for credit underwriting. The platform uses an algorithm to analyse tens of thousands of data points to provide a more accurate understanding of all potential borrowers. Also Read - Mughal Gardens to Open For Public From THIS Date, Entry Through Online Booking Only | Check Timing, Other Details
It consists of capabilities such as data aggregation, which identifies, cleans and aggregates data from thousands of sources, regardless of format and modeling tools, which help train, ensemble and productionalises machine learning models that address credit risk analysis. Also Read - Costliest 'Ghagra'? Drugs Worth Rs 1.7 Crore Hidden in Lehengas That Were Being Sent to Australia
“LoanSwift can also add traditional credit information and nontraditional credit variables, such as how a customer fills out a form, how much time they spend on a site, and more,” said Anshuman Mishra, co-founder and CEO, LoanAdda.
“Traditional underwriting works for evaluating borrowers with a considerable credit history, but when there is limited or no data, there is no possibility of ascertaining the difference between a credit worthy and a high-risk borrower. Machine learning fills those gaps by analysing a considerably broader set of data,” he added.
Many millennial fails to avail of loans as financial institutions deny underwriting them because they lack long credit histories. This is a problem since many of these applicants perform as well as prime borrowers.
By denying them credit, institutions do minimize their risks but also let go of profitable growth which they require to compete in today’s dynamic marketplace.
LoanAdda uses machine learning and big data analytics to identify the right borrowers and the right lenders. A completely integrated front end and back end system, custom made in-house systems helps in quick customer turnaround.
As a lender, LoanAdda leverages data sciences, machine learning and AI to facilitate customized financial requirements for businesses and individuals with limited banking access.
There are around 456 million Indians living without access to any formal sources of credit. The biggest problem is limited access to credit for unbanked customers and poor guidance in facilitating loans. LoanAdda is working to remove the high entry barriers to formal banking and analyse customer’s data to enable and enhance their credit worthiness. (ANI)
This is published unedited from the ANI feed.