Datacultr, a PaaS for consumer lending companies introduces Collection Digitization, which will help in reducing the overall cost of collections. Through an innovative over-the-air communication framework, it improves the outreach of a lender to a borrower to nearly 100 per cent and hence, increases the effectiveness of the entire process.
India's Non-Performing Loans Ratio stood at 11.2 per cent in March 2018, compared to that of 9.3 per cent in 2017. The traditional way in which banks could reach out to these customers was mainly through SMS, Emails, or Agent calls which in most cases are neglected by the customers. Moreover, Lenders have to bear the cost of delay. Hence, there was a need for a platform that can digitize communication in order to reduce the costs involved in the collection process.
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 & the lender. The self-learning platform helps lenders to program and digitize all communication, that works even when the borrower is offline, out of coverage area or unwilling to pick up calls.
The proprietary software provided by Datacultr is built on a combination of core IoT technology, an innovative communication framework & 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.
For the Unbanked & 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.