Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank

Indian private sector bank, RBL Bank, has entered into a partnership with the AI-based credit underwriting platform CreditVidya. The partnership aims to facilitate improved user experience and development of the bank’s customized offerings.

Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank said “It is our continuous endeavour to make credit accessible to all, and improve the overall experience of our customers. Keeping in mind the power and potential of big data analytics and AI, we decided to leverage CreditVidya’s platform for this purpose. We look forward to the transformation that this engagement promises to bring. We will be working with the team to build multiple use cases around the application of alternative data and create greater value for our customers.”

According to the bank, CreditVidya‘s underwriting platform will assist the bank in gaining insights in order to segment its customer base and develop relevant offerings for its respective segments. CreditVidya and RBL Bank have partnered in 2018 with an aim to achieve instantaneous and automated verification of applicants’ employment details.

Abhishek Agarwal, CEO & Co-Founder of CreditVidya said, “Our products are designed and continuously upgraded via machine learning algorithms, to help lenders become more agile and customer-focused. Today we have crossed 12 million assessments via the platform, and the insights that it provides will help RBL Bank to significantly improve its customer experience. It will also allow them to cater to new customer segments. RBL Bank has been one of the leaders in the adoption of technology and it is indeed our pleasure to partner with them and help them in the journey towards reimagining the credit ecosystem in India.”

Founded in 2012, CreditVidya’s platform assists financial institutions to underwrite small loans to its customers profitably. It leverages alternative data, AI and machine learning to facilitate institutional credit for the underserved.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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