As the former Economic Advisor to the Government of India C. Rangarajan recently said, “There are two aspects to financial inclusion: One is bank accounts and the second is access to credit. The scheme announced by the prime minister addresses the first problem. The issue of making credit available to small borrowers remains.”
Finomena is trying to solve the second problem using the power of big data, artificial intelligence (AI) and machine learning (ML) in every imaginable way.
We urge you to watch this talk given by our cofounder Riddhi Mittal at India’s most renowned data science conference, The Fifth Elephant 2016. It describes how big data, AI and ML can solve India’s credit problem and improve how people live their lives everyday.
Banks and other traditional lenders do not have the technology or processes in place to risk assess small tenure, small ticket-size loans. The cost of sourcing, analysing, approving and servicing such loans is way too high for them. So the entire process of lending has to be re-thought end-to-end from first-principles.
Watch the video to know how these technologies can disrupt every stage of lending, so that disbursing loans at scale for such small amounts becomes viable.
Please do leave your comments and let us know your thoughts on one of the biggest disruptions in the Indian fintech industry till date!