The International consumer finance provider, Home Credit deploys a combination of lending technologies to mechanize and make the lending process intelligent. Ladislav Simicek, CIO, Home Credit India says in a talk.
The pandemic has pushed and accelerated the growth of digitalization to a large scope. It became necessary to start the digital journey for Home Credit too. It was important for Home Credit to ensure that the customers have to stay safe at their homes or workplace and meanwhile to make their experience meaningful, persistent, and handy. CIO Simicek said that this process was trouble-free and quick to attain.
Home Credit’s Digital Analytical tool assists in attaining a better understanding of customer segments and scaling up the company in building and providing products that are more suited to meet the needs. This tool gains deeper insights into customer behavior, by using a mix of demographic, psychographic, and behavioral information. This can help to deliver the right products to the customer through the preferred channels. The tool also enhances operational efficiency and optimizes the customer turnaround time by understanding customers’ choices and by helping to customize the product that is best suited for individual customers.
ML algorithms are to assess the customer and to predict his capacity for the EMI amount. These also compute real-time actual risk data along with the financial and behavioral data from valid data sources available in the application process. The accuracy and performance of the models are tested before using them or making the whole process data-driven. The capability to evaluate as well as forecast default rates and EMI capacity of a customer gets better as the ML models keep learning. This will reduce risk and enhance better value. The firm is also upskilling its staff to keep up with the extremely competitive industry via Stratbean, a digital platform. Stratbean is an AI-based online learning solutions provider for E-learning and upskilling of the employees.
Home Credit offers an inclusive digital solution for clients to gain loans via different platforms. Starting from the loan application till the loan approval, they have prepared and optimized the process with technologies like Optical Character Reader (OCR) that can employ loan sanction in a few clicks. The new digitized process enables customers to get a hurdle free experience from the comfort of their homes.