How this tech driven platform is innovating the traditional lending space
CXOToday has engaged in an exclusive interview with Shashank Sharma, Director, ScoreMe Solutions.
- Can you tell us about your company’s mission and how it aligns with the fintech industry?
Scoreme’s mission is to deliver Paperless Credit Delivery & On-Boarding Solutions to its stakeholders. Today we work with >200 clients to deliver automated analysis for different documents which they receive from their customers/borrowers for analysis. To do this we are working in two directions where first is ‘System Automation’- This is the platform based approach where we create End-to-End digital workflows for Lending, Customer/Merchant On-Boarding for Retail, Agri & MSME borrowers or customers. Second is ‘Process Automation’- This is a SAAS based approach for >50 Unique Data Aggregation & Analysis services clubbed into 8 products. The two approaches have helped us to cater to a wider market and currently we are working with >200 clients.
2.How has your company evolved since its inception, and what changes have been made in response to shifts in the fintech landscape?
Since our Inception we have been working in two directions where first is ‘System Automation’- This is the platform based approach where we create End-to-End digital workflows for Lending, Customer/Merchant On-Boarding for Retail, Agri & MSME borrowers or customers. Second is ‘Process Automation’- This is a SAAS based approach for >50 Unique Data Aggregation & Analysis services clubbed into 8 products. The two approaches have helped us to cater to a wider market and currently we are working with >200 clients.
- How does the banking services offered by Scoreme make the work easier for people?
Our services help the Banks to deliver Digital Solutions to the Last Mile of the credit chain and ensure that Digitization is not only limited to internal operations but also extended to the customers to provide Banking as a Service. Today our applications are helping banks to disburse loans to customers via ‘STP’ Straight Through Processing Approach where the borrower can get funds in the accounts while sitting at the office.
- What makes the Sampan methodology of Scoreme unique and how is it helpful?
SamPan is an aggregation of >1000 data points gathered from >50 sources which helps Banks & NBFCs to create any digital journey for Existing as well as New Customers. The approach takes into account Data Sources from Public Domain, User Declared and data from Back-End System of the banks & NBFCs. The Unique Feature of the Product is that it is deployed On-Premise and ensures maximum security for the application.
- How does Scoreme ensure that its offerings are accessible and inclusive to all users?
Since our inception we have been working on use cases for Banks, NBFCs, Credit Rating Agencies, FinTechs & Corporates. The documents which are used for analysis remain more or less similar. The analysis is tailor made for every stakeholder. From Customers perspective our solutions are being used for a Loan of as low as INR 1000 to as high as INR 50 Crores. The low ticket size which includes Retail, Agri & MSME is the largest addressable market where ScoreMe has penetrated deep with most number of unique implementations.
- How do you automate the lending process for banks, Fintech lenders and NBFCs?
The master application takes into account the Business Rule Engine parameters which are configured to digitally score the customers ‘On the Go’ without any manual intervention. The BRE is the heart of the application and we have put state of the art technology to make it one of the most configurable modules.
- How do you reduce the risks and ensure transparency in your operations?
We Strictly follow a zero to low manual intervention policy and promote the same to our clients and push them to use Digital Documents which can be parsed using In-House algorithms and Use Digital Scorecard to ensure maximum transparency. Majority of our products are in Auto Learning mode now and keep on enhancing their efficiency from time to time. From a Risk perspective we follow microservices approach which ensures layered development and reduces the risk to the maximum possible level.
- Which technology do you use to manage your database and carry out documentation and KYC-related operations?
We are not Database Agnostic and our application can merge with any Database, be it Sql or No Sql. Our Base Applications are built over Java which is further linked to latest Cloud Approaches for the most efficient processing possible.