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Credmitra Innovations: Creating AI-Powered Solutions For Instant Loan Processing

 Samved Bharadwaj,    CEO

Among the many things that the pandemic influenced, one was the large-scale digital adoption that boosted the promising growth of the Indian SaaS industry. The Indian SaaS market is expected to account for almost 7 to 10 percent of the global SaaS market, from 2-4 percent at present, according to EY-CII Research Report. Further, according to data from research platform Venture Intelligence, SaaS companies raised $2 billion across 93 deals in the first quarter of 2022.

Thriving in this industry by leveraging Data & AI-powered SaaS solutions for Instant Customer Screening, Quick Loan Processing and Detailed Monitoring of Loans is Maharashtra-based, CREDMITRA INNOVATIONS. The company specializes in developing solutions which help Lenders process & manage loans very effectively through the lifecycle.

Samved Bharadwaj, CEO of CREDMITRA in an exclusive interview with CIOInsider gives us a detailed insight regarding the offerings of his company

Tell us about CREDMITRA's role and position in the financial services industry
CREDMITRA is focused on simplifying the lending business within the financial service industry. Credit is instrumental in the economic empowerment and upliftment of individuals, corporations and nations. Unfortunately, a large segment of the Indian population is not yet integrated into the fold and continues to remain isolated. CREDMITRA solutions are geared towards developing an Ecosystem that will enable easier and greater access to credit. Our solutions are built as an integrated platform helping Financial institutions to slice & dice usage, based on specific gaps in the lending cycle. We have leveraged cutting-edge

technologies to develop algorithms and solutions for the different stages of the lifecycle of loans. Our solutions not only standardize and simplify loan processing but also give financial institutions valuable insights into borrower behavior, enabling stricter controls. We offer our solutions on a SaaS model making it extremely affordable to all sizes of Financial institutions which in turn helps them cast a wider net.

CREDMITRA's solutions are built with a focus of directly impacting the bottom line of financial institutions by helping scale, improving efficiency (reducing costs) and reducing bad loans

Take us through your solutions portfolio?
The solutions offered by CREDMITRA are broadly categorized under three stages, Pre-processing, Processing and Post-processing. For the pre-processing stage, our solution SCREEN101 sets the tone for the credit evaluation process. CREDMITRA's solutions for the pre-processing stage help filter out ineligible leads under 5 minutes, saving enormous effort and time.

Second, the processing stage, it is of utmost importance to use the right technology as it can bring massive efficiencies and effectiveness to the assessment process. CREDMITRA's cutting-edge processing solution, LAP uses AI-powered automation, multiple data sources and strong rule based engines to simplify the loan evaluation process. Processes that take days can be brought down to minutes with our higher accuracy and robust verification.

Third, CREDMITRA's AI and analytics driven post-processing solutions monitors each borrower’s portfolio and performance, ensuring timely repayment and zero impact on the bottom line. Delayed loan repayments and defaults severely impact the bottom line of lending businesses, in addition to raising concerns about business continuity.

CREDMITRA's intelligent AI and Analytics driven solution, AIM pre-emptively predict defaults even before

any signs of stress in loan accounts, thereby enabling the FIs to significantly reduce slippages to NPA and the associated losses.

What is the kind of technology framework built within these offerings?
The CREDMITRA platform is built using AI, ML, and data powered analytical engines. Our customizable rule based engines & proprietary OCR tools simplify the assessment process and improve efficiency and TAT. The AI-based models on the other hand predict borrower’s behaviour providing insights pre-empting defaults. Our API-driven ecosystem facilitates simplified integration by mere plug & play. In addition to the state of-art technologies implemented to develop our solutions, the SaaS delivery model enables influence quick adoptions with large institutions, making it an extremely user friendly product.

We are an innovative, customer-centric and technology driven organization. CREDMITRA's solutions are built with a focus of directly impacting the bottom line of financial institutions by helping scale, improving efficiency(reducing costs) and reducing bad loans. Being a SaaS platform, our costs are extremely competitive with NO upfront implementation costs. We work on a purely Pay-as-you-use pricing model.

What is the future roadmap envisioned for CREDMITRA's Innovations?
We aim at providing valuable insights on borrower behavior, thus strengthening sales efforts and predicting probability of default by using available related data. The company’s mission is to develop super intelligent, data driven solutions that benefit not only financial institutions, but also make it easier for people to get access to credit, with a seamless experience.

We hope to increase our presence in as many banks and NBFCs in the next five years. We hope to continually enable people working in different industries (big or small) access to credit in an efficient manner.

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Credmitra Innovations: Creating AI-Powered Solutions For Instant Loan Processing