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Leveraging Advance Image Analytics and Machine Learning techniques to Enhance the capabilities of Fraud Detection.
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About the Financial Institution

 

  • India’s largest peer-to-peer lending marketplace that has been acclaimed as the ‘Interbrand Breakthrough Brand in Finance’ by Interbrand.
  • One of the Top StartUp50 Venture at the Smart CEO’s StartUp50 Awards.
  • Recognized as one of the Most Innovative Fintech Start-Up in the country, winning the award in the start-up category for its entry ‘P2P Lending: Delivering Banking to the Unbanked’, at The Economic Times BFSI Innovation Tribe Awards and Summit 2018.

Business Challenge

  • High delinquency rates and NPAs which required urgent attention and modification in the credit and risk modeling.
  • The core part of the Problem was the tempered Bank Statements are being submitted to access credit. Obsolete systems not able to find out Fraud thus passing them through the Lending lifecycle and providing them with credit.
  • Manual Fraud check increases the TAT and prone to error as well.
  • The client wanted to fully automate the financial assessment of the borrower in order to effectively categorize them into respective risk categories for more transparency in the overall P2P lending ecosystem.

Solution Offered

  • Credit Assessment and Robotics Transformation(C.A.R.T) – An Advanced Analytics and Machine learning-based platform which helps to automate the complete assessment and Fraud detection capability.
  • Provides Support for 400+ Financial Institutions Bank Statements providing very high coverage for both electronic and scanned documents.
  • One of the Least rejection rates across the industry for scanned Passbooks.
  • Very Robust Fraud detection with the option to also process the files even if Fraud is detected.

40% Overall Reduction in the Fraud Control Unit and Operational Risk resources groups.

12% Reduction in False positives and 18% more accurate Fraud Detection through C.A.R.T

Time to Yes and Time to Cash TAT reduced by 32% through Automation by C.A.R.T

Results Delivered

 

  • Application processing time has been reduced by 33 % to enable faster loan decisions.
  • Seamless integration through REST-based APIs does not need any manual intervention.
  • Proactive identification of doubtful cases through robust Fraud detection rather than increased defaults.
  • Quick to adapt to changes required.