2020 has been a year where every single industry has had to adapt to the unpredictability that the COVID-19 pandemic has brought along. In India, this holds true especially for one of the largest and most important sectors in our country: lending. The lending industry has been on the up-and-coming because of its relevance in supporting both individuals and SMEs (small and medium businesses) in the last few years.
However, the oncoming of the global pandemic has highlighted a few chinks in the industry’s armor, namely its lack of digitization and reliance on physical interactions. While sanctioning of loans and identifying bad loans sanctioned by middlemen was getting increasingly easier online, it was still in a very nascent stage. Thankfully, apps like Saarathi have utilized the power of artificial intelligence (AI) to make your loan procedures simple, easy and quick.
Saarathi is financial services distribution platform that connects channels, customers and the product providers with initial focus on lending. It enables verified and trusted channel partners to send digitized loan applications with detailed risk assessment to lenders making the loan process absolutely effortless. Moreover, their integration with the biggest Indian banking conglomerates and modern NBFCs (non-bank financial companies) makes sure your loan sanctioning is safe, secure and verified. They are also pioneering digitization of the formal lending market (of which 92% is still offline) with features like paperless documentation, the option of multiple financial products (loans, credit card, insurance) and a complete risk assessment before any sanctioning is done.
.One of the biggest problems the lending industry faced was accessibility as the pandemic had restricted movement and reduced last-mile accessibility. Saarathi is determined to changed that with its proprietary and industry trusted No-Code Low-Code platform which facilitates scale with security.
The app also aims to bridge the credit gap of the country by creating efficient and transparent offline channels. Combine this with features like making your entire loan journey from start to end automated and upto 5x faster loan approvals for customers, and you realise how much simpler this entire process has become!
Saarathi is also focusing on solving one of the most vital problems of the lending industry: risk assessment. Before, companies had to make sure of the credit risk a potential customer posed by meeting them physically to ensure the 5 C’s approval method: repayment capacity, consumer’s history of credit, any extra collateral, the amount of capital and finally the loan’s conditions. With the AI-powered technology of Saarathi, banks can now avail an automatically-generated Credit Analysis Report of the customer which is sourced from trusted partners to provide better risk assessment.
Along with this, the app also guarantees a much lower cost of processing and empowering lenders to work on multiple products that can be customized for the individual, giving more choices and a better customer satisfaction opportunity.
Saarathi has something for both the sides of the lending industry: the loaners and the loanees. Banks and lenders have found an ideal way of processing transactions while consumers can finally get their loans approved from the comforts of their home. Get your AI-based experience to see the revolutionary future the lending industry is heading into!