CreditVidya and Fullerton India partner to offer verification services and data-based authentication, looking to improve the efficiency of loan processing.
Using approximately 80 email-related inferences to confirm employment details, CreditVidya’s E-mail Fraud Application Programming Interface (API) analyses risks associated with potential borrowers. By combining data from eight discrete sources, the platform runs automated assessments of the details submitted and confirms the legitimacy of the applications. It makes for easier and safer processing of applications at a far lower cost and eliminates manual verification.
Another powerful alternative that will help determine the veracity of the details submitted by an applicant is Field Investigation (FI) Digital. Using CreditVidya’s technology, the manual effort is eliminated and loans can be disbursed on the same date. Its AI-based algorithms verify the details using transactional and behavioural data. The cost and time of underwriting is thus reduced substantially with the Stability Score produced.
Commenting on the announcement, Abhishek Agarwal, Co-Founder and CEO, CreditVidya said, “Our vast expertise in alternate data – based analytics has allowed us to build products that instantly verify customers and detect fraud with a high degree of accuracy. This, in turn, increases operational efficiencies and reduces the turnaround time for a lender. We are thrilled to partner with Fullerton India, who truly believe in the power of technology to enhance the loan application process. We look forward to helping them continuously increase their efficiency and profitability and improving the experience for their customers.”
