2 mins read

AI-powered B2B Fintech Startups redefining the lending space in India

FinTech and AI go hand in hand to create innovative solutions that drive the financial industry forward. In fact, according to the Cambridge Centre for Alternative Finance, 90% of Fintech companies already use AI. AI has brought numerous benefits to FinTech, including personalized financial advice, faster fraud detection, increased productivity, and improved accuracy. Thanks to AI-powered data entry, Fintech firms have seen an 80% improvement in speed and accuracy. It’s no surprise that more than a third of all financial services companies have recently adopted AI. From automation to customer service improvements, FinTech startups are using AI for various purposes. In fact, McKinsey research shows that 56% of firms use AI in at least one business function.

  • Roopya: is the 1st Indian Fintech company to get access to credit data in all forms which will help enable hundreds of lenders in India who are currently deprived of quality analytics and scorecards for loan origination and underwriting. Roopya built a data and insights infrastructure platform from the ground up where a Lender simply signs up and gets access to advanced analytics for loan origination and underwriting. As a result, the cost of customer acquisition and NPA is coming down for these lenders. In turn, the benefit is being passed to the borrowers. This will be India’s first automated Data and Analytics based Fintech platform in the form of a SaaS delivery model. It has a decision-making engine and automated loan origination platform, providing lenders access to run pre-approval, scorecard, KYC, and BRE on a large pool of borrowers almost instantly on a self-service platform.
  • Finbox: FinBox makes it seamless for any business to provide tailored credit products to their customers & partners. We absorb all the complexity from lending enabling our partners to launch in a week. We are building a state-of-the-art credit infrastructure that makes business easy and allows companies to focus on building the business while we take care of the credit. At FinBox, we have developed cutting-edge products such as DeviceConnect that power millions of credit assessments a month through our proprietary alternative credit scoring algorithm.
  • Lentra: Lentra is driving lending into the future with its simple, configurable, and secure technology platform that helps accelerate embedded banking with speed at scale. Lentra is transforming the lending space with a SaaS model that simplifies the digital inclusion, makes loan approvals faster and seamless than ever before. Powered by AI, ML and Blockchain technologies, Lentra’s API-driven modular architecture helps banks create tailored lending products and customer experiences with an astounding 90+% STP rate, all resulting in increased access to the new customer base, reduced NPAs, and improved operational efficiencies.
  • Biz2X: The Biz2X Platform is the natural outgrowth of Biz2Credit’s established platform software that brands like HSBC and Popular Bank have chosen to launch new online lending initiatives. With enhanced loan management, servicing, risk analytics and a configurable customer journey, Biz2X is helping banks like these run their lending operations at scale. Biz2X uses a streamlined user interface, AI-driven analytics and a customizable white label environment to help banks enhance their core services such as offering focused customer service, growing their portfolio, and increasing the use of their different products. The Biz2X Platform offers end-to-end loan management

The advancement of technology will further increase the reach of financial services. Moreover, with time, the government’s aim to bring everyone into the financial system of this country will become a reality. And, in this mission, these startups with their advanced technology will play a significant role.

Leave a Reply