Avail Finance Goes Live with Scienaptic's Decisioning Engine to Power Credit Decisions
Dec 22, 2021
Leading global AI-powered credit decision platform provider, Scienaptic AI, announced that Avail Finance has gone live on its credit decisioning platform. The implementation is helping Avail Finance to enhance its credit decisioning for India’s blue-collared workforce.
Avail Finance provides the blue-collared workforce with a neo banking platform that aims to include every credit-worthy individual under the financial umbrella. With the formalized lending segment having overlooked extending credit to daily wage workers, domestic help, delivery workers, cooks and household staff, which was much needed, the team behind Avail Finance wanted to harness the power of technology to enable quick dispersal of small personal loans with low-interest rates and processing fees to the country’s low-income groups to help them when they need help the most. Using a hassle-free, quick and simplistic loan application structure, Avail Finance aims to identify credit-worthy individuals in the Indian population who are currently underserved by formalized lending institutions such as banks and NBFCs and provide them with credit line and instant cash products using an online app that enables access to credit in just a few moments.
“Traditionally, formalized lending institutions ignore underserved segments of the population. There is no credit card penetration among blue-collar workers, and they have a limited credit history. Considering these limitations, a platform like Scienaptic, which gives us the flexibility to integrate alternative data and change strategies rapidly, was a must,” said Tushar Mehndiratta, Co-Founder at Avail Finance. “With Scienaptic's decision engine, we are empowering low-income workers with faster access to credit. The AI engine has already helped us determine the financial picture of over 500,000 applicants dynamically.”
“We are very pleased to work with Avail Finance in supporting the credit financing needs of the underserved through our AI-powered credit decisioning platform. Using our platform, Avail can approve more borrowers, reduce losses, analyze portfolio performance at a granular level and react quickly to external changes. Avail is seeing exponential growth in its business, and we are happy to help them scale,” said Joydip Gupta, Head of APAC Business.
Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Over 150 years of credit experience is embedded in Scienaptic's AI native credit decision platform. Our clients across banks, credit unions, fintech, and other lenders use the platform to constantly improve the quality of underwriting decisions. This enables them to say ‘yes’ to borrowers more often and faster.
The platform is used by lenders with assets exceeding $100 billion, enabling them to process over $22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto and online lenders.
For more information, visit http://www.scienaptic.ai.