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Last Updated : May 10, 2019 06:57 PM IST | Source: Moneycontrol.com

Driving financial inclusion, aided by AI & Machine Learning

Ketan Patel, CEO, CASHe talks about how the company envisions to create one of the most valued AI and ML-based lending platforms.

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With the rise of fintech companies in India, staying competitive and offering best customer experience have become key priorities. Fintech players are revolutionizing the digital lending space today, with each player delivering its own unique value proposition.

Moneycontrol.com spoke to Ketan Patel, CEO, CASHe—a digital lending start-up founded in 2016. The company has till now disbursed over 650 crores of loans through its digital platform. In this interview, Patel talks about the company’s fully automated lending platform and AI-based alternative credit rating systems, which offers unique benefits to the traditionally underserved segments.

Q: What sets CASHe apart from the competition?

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A: All other similar platforms in the market rely on physical verification of the borrower’s documentation. With CASHe, we have made the process in-app and full automated. That is the key differentiator along with the speed of giving loan – within minutes. The USP of our platform is that it is 100% digitized and requires no human intervention. Also, due to our proprietary AI-based alternative credit rating systems, the Social Loan Quotient (SLQ), we have been able to ramp up our loan disbursal process significantly while keeping the delinquencies to the minimum.

SLQ lets us disburse a loan in under 10 minutes to a customer anywhere in India subject to proper documentation. This is a proprietary rating system and is forward looking in nature as it measures a borrower’s propensity to repay based on currently available information, as opposed to traditional credit scoring systems which deliver a score based only on historical financial behaviour. An individual with no history in the Indian financial system, but whom our SLQ engine determines has a reasonable propensity to repay, can get a loan from CASHe.

Q: How is automation helping you to effectively to respond to customers, especially the millennials?

A: Around 85% of customer queries are addressed and solved through our social media platforms and the intelligent AI-based customer service chatbot. This has greatly helped us to replace manual query. We are also working towards integrating digital assistants like Alexa and Google Home to introduce voice-based assistance to our customers.

Q: What are some of the innovations you bring to the table?

A: We launched a host of innovations on our lending platform which has immensely benefited our customers. We were the first to integrate Paytm to enable direct cash transfer into their digital wallets directly from CASHe. The CASHe Crown Rewards Program is available to our privileged customers where they get an option to either lower their loan interest rates or increase the loan eligibility amount based on their loan repayment history with us. The CASHe BuddyTransfer lets our customers to transfer part of their loan amount to five of their contacts from their phone list anywhere in India. We also tied up with Mswipe to launch the CASHe EMI Mcard to provide our customers with an EMI-based pre-approved loan card to make their purchases at any Mswipe merchants across the country.

Q: What is CASHe’s future vision and how it is making progress towards it?

A: We want to create the largest and most valued AI and ML-based lending platform using alternative datasets to evaluate and provide financial services to millennials who otherwise are not catered to by conventional banks and financial institutions. Serving primarily a client base of salaried individuals, self-employed professionals and small businesses that lack access to efficient and timely financial services. We are committed to making CASHe the go-to platform for all financial requirements of this target customer base. We are also focussed to expand our current offerings in multiple business segments like consumer durable financing, lending to small businesses and financing of second-hand automobiles keeping our current millennial customer target at the core.

Over the last 2 years, we have honed and perfected our proprietary algorithms in personal finance and has created a technology enabled, highly scalable rating and lending platform to provide quick, transparent and efficient personal loan products.

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First Published on May 10, 2019 06:57 pm
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