Neel Juriasinghani, Co-Founder, Datacultr

Datacultr, a PaaS (platform as a service) for consumer lending companies introduces a feature called ‘Collection Digitisation’ that will help consumer lending companies reduce their overall cost of collections. The company claims that its innovative over-the-air communication framework helps improve the outreach of a lender to a borrower to nearly 100% thus increasing the effectiveness of the entire process.

India’s Non-Performing Loans Ratio stood at 11.2 % in March 2018, compared to that of 9.3 % in 2017, Datacultr said in a statement adding that the major reason was that the consumers generally tend to neglect the  reminders sent out by the banks through SMS, Emails, or agent calls thus forcing banks to bear the loss. Hence, there was a need for a platform that can digitize communication to reduce costs involved in the collection process, the company added.

Datacultr’s platform integrates end-to-end with the lent out the device on one side and the Lender’s Loan Management System on the other, bringing together the entire ecosystem, making it a successful program for both the borrower and the lender. The self-learning platform helps lenders to program and digitize all communication even when the borrower is offline, out of coverage area or unwilling to pick up calls.

Neel Juriasingani, CEO & Co-founder, Datacultr, “Consumer lending companies need to embrace digitization in their collection systems to gain efficiency and cut down on operational costs. As far as loan repayment is concerned, digitization is the key to rapidly scale the process, so that the lender can focus on new disbursals. Our solution bridges the gap by not only automating the communication with the borrower but at the same time, also educating them on the benefits of timely repayment.”

The proprietary software provided by Datacultr is built on a combination of core IoT technology, an innovative communication framework, and machine learning. The software can remotely manage smartphones given out on loan, by setting up a unique device experience module for the lenders that helps them manage the asset as well as leverage Datacultr’s communication framework.

The software integrates with the Smartphone and provides controlled access of the device to the lender for the tenure of the loan, which the lender uses to reach out to the borrower in case of delays, gradually managing the experience on the device and ultimately locking the device in cases of default, it added.

For the unbanked and the underserved user, such loans that ride on Datacultr’s technology begin their journey of building a robust credit score, enabling access to bigger loans in the future. Datacultr has combined technology with the basic financial service and created a simple and fair offering for those who need it the most.

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by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia
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