Light the spark with Anumati Imagine an all too real scenario at your mid-to-large size financial institution
Updated on Jun 15, 2023
Lending is all about risk management
You’ve been in business for years or decades and honed your underwriting and risk management capabilities diligently over a period of time. You have a robust governance and compliance culture that lays down a process that ensures that activities such as KYC, credit underwriting, and monitoring are performed diligently. The processes you use have stood the test of time and are constantly being fine tuned based on how your portfolio is performing. The data you have about your own customers is your moat.
Who moved my cheese?
Slowly at first, but increasingly rapidly now, something is changing. Your customers are impatient. Nimble upstart competitors are innovating rapidly to give them a great experience and grab market share. Your core competencies such as risk management are now hygiene items, but no longer a competitive advantage. There is a real danger that new competitors will start nibbling away at the low-value, high-velocity segments of the business which may be unviable for you. But there’s a sense of foreboding that soon they will come after the bigger and more profitable segments of your business. Time is running out.
Running hard to stay in the same place
You are trying hard as well. You have setup a dedicated “digital capability center” or “innovation hub” packed with seriously good product- and tech- talent. You’ve stripped down your processes and models and re-built them. You’ve re-evaluated and fine-tuned you customer acquisition channels and partnerships and tried to stay competitive. And yet results are taking time.
You feel like you’ve bought a Ferrari but are stuck in traffic in Chandivali, Mumbai or Silk Board, Bangalore.
The missing element? Authentic, consented, real-time, machine-readable data. Each of these adjectives is there for a reason. And only Anumati brings them all together seamlessly:
- Authentic: Anumati is directly integrated into the core systems of XX FIPs. Data comes straight from the source, with no “man-in-the-middle” attempts at data fraud
- Consented: Privacy and Data Protection are soon going to become law. Anumati, as an RBI-regulated consent manager, future proofs your business for an era of increased scrutiny and accountability.
- Real-time: Thanks to a robust architecture, solid engineering and constant monitoring, Anumati is able to fetch data in near-real time from XX banks and more.
- Machine-readable: Anumati provides you data in a standardized, machine-readable format. You need to waste no energy or time in converting or labelling this data before you’re able to make use of it.
Light the spark
Don’t just look at Anumati as just another channel for sourcing data, replacing e.g. PDF uploads. Instead, take this opportunity to completely re-imagine your customer journeys, data flows, and backend processing. For inspiration, take a look at how HFDC Bank brought down vehicle loan disbursements from 3 days to 30 minutes.
Look beyond just underwriting. Anumati can completely transform other vital functions such as profiling, targeting, credit monitoring etc. With a one-time tech effort, Anumati can offer benefits across the customer lifecycle.
Like a spark that lights a fire and dispels darkness forever, Anumati can become a gift that keeps on giving.
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