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Empowering SMEs with timely credit through alternative data driven underwriting

Incorporating AI into Strategic Roadmaps Of Credit Unions



Oct 21, 2020

Scienaptic, one of the world's leading AI powered credit decisioning platform company, announced that it is deploying its credit decisioning platform for Electronica Finance Limited (EFL). Through this deployment, EFL can enable faster and easier access of credit to SMEs in line with its vision of "Creating success stories for businesses".

The deployment is uniquely focused on delivering predictive risk scores by leveraging alternative data available during the loan origination process. This includes scoring information parsed from bank statements, financial statements, Tax returns and credit bureaux. By using Scienaptic's decisioning engine, EFL underwriting experts will be able to design sharper approval strategies for different customer segments, evaluate their strategies dynamically, and build continuous learning into their risk scoring.

Joydip Gupta, APAC business head of Scienaptic says, "In an environment where many SMEs do not have access to credit, use of alternate data-driven risk scoring enables lenders to expand reach to deserving borrowers. Our flexible credit decisioning platform allows clients to experiment with this data through a test-and-learn approach, and over time, build the best strategies for their target customers, and balance growth with profitability."

Ms Shilpa Pophale, MD, Electronica Finance Ltd, commented by saying, "We are excited about the state of the art credit decision engine developed by Scienaptic. We expect it to add significant value to our underwriting strategies and reduce our loan application processing time considerably."

About Electronica Finance Limited:

Incorporated in 1990, Pune-based Electronica Finance Ltd (EFL), is a part of the SRP Electronica Group and a pioneer in the field of Machine Finance. Having financed more than 10,000 customers, it continues to be shaped by its philosophy of customer centricity, innovation and transparency. This is also the genesis of new business verticals like micro enterprise financing, which aims at providing much-needed funds to small businesses across the trading and service industry. EFL also received an equity injection of around $15 million in December 2019, from Encourage Capital, a New York based impact investment and advisory firm. With its vision of "Creating success stories for businesses", EFL is perfectly poised to positively continue this journey of passion and progress.

About Scienaptic:

Scienaptic is a world's leading AI powered Credit Underwriting Decisioning platform company. Designed by seasoned CROs, its platform is creating industry leading business impact in terms of lifts such as higher approvals (15-40%) and lower credit losses (10-25%). Scienaptic's clients include Fortune 100 banks, NBFCs and Fintechs.

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