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The Tech Pod, IncubateInd, E-4, Sector 3, Third floor, Noida, 201301

KreditBee is a FinTech Platform which offers instant personal loan to professionals, where they can avail loans upto ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions to solve the financial inclusion gap in the varied demographic segments of the country.

Madhusudan Ekambaram is the CEO of KreditBee. In an interaction with The Tech Pod, Madhusudan speaks about the future of AI in Indian banking system. Read more!

Tell us something about your company.

KreditBee is a full-stack Digital Lending Platform, with the entire life cycle of the loan, starting from application & origination to disbursement & repayment being completely online. We have followed the Digital-first strategy in our entire product journey, and it has been received very well by our customers. During the last month of pre-COVID operations, we had more than 5 million Loan customers, out of which roughly 2 million were an active set. The DAU on our app is over 1 million, and the MAU is over 15 million. We have over 30 million app downloads within 2 years of operations.

On what basis does a creditable lend loan?

On the origination side, we have a proprietary rule engine which works on over 6,500 data variables acquired from over 120 data sources. We have 10+ scorecards that are used during the complete user journey – right from customer onboarding to credit line assessments to collections prioritization. Even on the collections side, we use vernacular languages for a larger relatability to the user. CRM optimisation techniques like template, send-time and channel optimisation are also used for a better overall output by customising the user experience on our platform.

What are the advantages of availing loan from KreditBee over a bank?

The process is 100% digital, be it the loan origination, disbursement, and repayment. With the quick decisioning based on alternative data points, it helps consumers avail a loan within 10 minutes on their smartphone at any given point of time in the day with no paperwork or bank visits. Also, the inclusive nature of the platform allows users who are self-employed as well as new-to-credit (people who haven’t taken a loan earlier) to avail loans from us, along with the salaried workforce.

What is your opinion about the scope of AI-based technology in the 21st century?

It would play a big role for FinTech lending space. In fact, KreditBee has a robust underwriting system which comprises different aspects of the customers, including but not limited to their personal profiles, social media thumbprints, spending habits etc. This helps in eliminating the potential fraud customers at the beginning itself. The scorecards we use for decisioning are based not only on vanilla regression models but also on ML neural net models. We also use decision trees to calibrate the strategies. With more usage of AI and ML, and inculcation of more data sources, the system will become better in segregating the good customers from bad. Even the collections practices in KreditBee boast of using robotics, automation and many other techniques besides calling agents that vastly improves the reach to the customers and provides various majors to use for collections.

How do you reach out to your clients?    

KreditBee uses a plethora of communication channels like Google & Facebook Ads, as well as certain affiliate partners which help us identify the consumer base that is more relevant to our overall set of offerings. Along with it, we also have an offline sales force which reaches out to consumers in the personal capacity, and helps them educate and avail loans face-to-face. We are also working on deep technical integrations with certain HR partners and employment service firms for our Personal Loan for Salaried product, which is getting a very positive response from the market.

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