Financial institutions have significantly evolved and improved in the last few decades. Especially in the previous decade, the advent of credit bureaus have changed the lending landscape. It has significantly enhanced credit performances and enabled lenders to tailor the products and pricing for the customers. Technology has played a subsequent part in the process.
The major developments over the last decade like the development of India Stack has completely taken the game to the next level. In the current scenario, Application programming Interface(API) has enabled us to fetch and validate real time client information from multiple sources. Using alternate data, behavioral scores enables lending into a new credit segment. Artificial intelligence and machine learning are used to continuously train and upgrade credit algorithms. These technical innovations have enabled us to expand the financing option to customers where lending would not have been possible earlier.
Finnable Credit Pvt Ltd is one such company which is delivering these elusive digital financial services to its patrons. Incorporated on 12th august 2016, the company provides various financial services to make the lives of millions of salaried earners less stressful, more productive and much happier.
Distinctive Products & services
The company has built a credit scoring platform using alternate data and 3rd party APIs, which helps them to lend first time borrowers. This platform has allowed the company to gather credit insights of an applicant from multiple sources and make decisions in a few seconds. Favoring these factors the company provides an app-based platform to hand out personal loans that are approved in less than a minute. The company has also introduced travel loans for domestic and international holidays packages and online shopping loans at 0% interest rate EMI for e-commerce platforms.
Tale of Inception and Success
Finnable is a concept of three experienced bankers who have spent a large part of their professional career in MNC Banks. Considering as the start-up, the company has faced a few ups and downs. But the biggest achievement that advocated its struggle was the approval of RBI for setting up the NBFC.
It is the first RBI approved digital NBFC in the Indian finance sector. After the smooth success in its business, the company has launched Personal Loans business and just in a year, the volumes have grown over 10 times. A year later the company launched another segment of the finance Shopping loans. The mobile app experience is very intuitive and allows customers to buy shopping vouchers online and shop instantly. The customers are choosing its financing options and the app is rated 4 on play store.
The company has also created a satisfactory customer pool. Today the company stands committed to be the torchbearer in proving technology driven financial services.
The Dynamic Flagbearer
Nitin Gupta is the Co-Founder and CEO of Finnable Credit Pvt Ltd. He is an alumnus of IIM, Bangalore. Starting his career in analytics, he later set-up his own analytics company which partnered with large banks across the globe. His working experience in doing analytics for the financial services industry had made him be at the top of his game. Nitin has played a major role in the journey of analytics development over the past few years. He built innovative products which later helped banks and NBFC’s to increase its customer cross-holding and reduce credit risk.
Lending industry is still paper based industry and inward focused rather than customer focused. Refuting to the earlier concept of the industry, he is focusing on building Finnable as the customer oriented financial company. His wisdom of the financial industry has earned him a position of being a proficient mentor for the startups and as an angel investor to various companies.
Taking a Dare
Every company faces some challenges in its operation and organizational growth. But these challenges are the only aspect which assists in enhancing its performance. The industry needs a secured API that gathers real time information to make the digital customer experience convenient and minimize data entry of information by the customers. Finnable has built a digital backbone to hardwire analytics and client insights into all business decisions. The company is able to fetch the real time data from multiple sources that provide client financial, transactional and behavioral information. This fetched data is fed into machine learning scorecards that deliver credit decisions within seconds.
The Future Roadmap
An increase in the regulations and reforms are leading the customers as the ultimate winners. At some point in the future, financial services like lending, payments, etc, would be coming to customers, when are required rather than, customers having to seek out or go to bank branches.
Seeing the future growth of the industry, the company is spreading its skyline to 5 new cities by the end of 2019 and to over20 cities in the coming 2 years. Currently, it is focused on three main products i.e Personal Loans, Travel Loans and Shopping loans, fulfilling its mission and vision of “make India financially able”, where financing is not an option.
Finnable Credit Pvt Ltd: A Digital Backbone of Elusive Financial Services
