Ever wondered what the credit bureaus do with all the data, other than compiling your credit history? Equifax, one of the nationwide credit bureaus in India, recently came up with a platform that leverages its vast data to deliver valuable insights to the lenders in the Indian market.
Dubbed ‘Credit Insights’, this platform covers the breadth of MFI and retail lending products, available in an easy-to-use online interface.
Every month, lenders in the country submit data of all the loans they book and the performance of the loans in their portfolio to the Credit Bureaus. This data, aggregated such that the anonymity of all institutions is maintained, is what is used to generate the insights on the Credit Insights platform.
“The platform assimilates data of over a 9 Cr MFI loans and 20 Cr Retail loans,” says Monish Das, Head of Products & Marketing, India and MEA, Equifax.
Businesses often need to understand the market in a more granular way, for example, to identify risk areas, to develop expansion plans or to build a product entry strategy. In today’s world, there is an increased focus on quick business decisions, which have to be made in light of increasing competition.
“For this, access to recent and reliable industry data and the ability for the user to view the data segmented as per business needs, make dynamic data iterations with quick turn around time is essential. That’s what the Credit Insights platform provides,” Das adds.
The company has ~ 90 users on the platform across multiple Microfinance and Retail lenders.
At different levels of decision making, the platform provides summary and detailed insights that can be used across the levels of an organization from CEOs and Business Heads to Regional Risk Officers and Sales teams of any lending institution.
According to Das, the platform provides instant access to metrics on the sourcing landscape, portfolio growth, delinquency trends and vintage performance. This means that businesses can make quick decisions on enhancing sales team performance, deciding where to deploy collections resources, where to open a new branch or which product to launch in which market.