RBL Bank in lendtech project with CreditVidya
India-based RBL Bank has partnered with CreditVidya, a domestic provider of alternate data credit underwriting solutions, to “instantly verify the employment details of salaried individuals, consequently reducing the turnaround time for credit assessments”, CreditVidya says.
RBL Bank is among the first banks to go live on Bharat QR, BHIM, Aadhaar Payment Bridge System and other cashless initiatives launched by National Payments Corporation of India (NPCI).
Harjeet Toor, business head of retail, inclusion and rural business at RBL Bank, says the bank has been “at the forefront” of driving financial inclusion in India. “CreditVidya’s employment verification solution is the result of our investment and collaborative efforts to transform the lending process,” Toor explains.
“Through our partnership with CreditVidya, we have been able to leverage technology to substantially reduce underwriting costs in credit cards and personal loans, and also prevent employment-related fraud. In addition, we have been able to offer seamless customer experience and faster turnaround time for our services.”
CreditVidya says its platform uses over 10,000 traditional and alternative data points for accurate risk assessment for-first time borrowers, “thus helping RBL Bank and other retail lenders reimagine the credit ecosystem in India”. The vendor has 25 customers.
“We are building a world where lenders can fast-track their lending, cut down operational costs by 80% and influx $2.1 trillion of credit globally,” it states. “The ripple effect? Access to affordable loans for 1.6 billion underserved and unserved population.”
