Education loan origination is a complex, human touchpoint-heavy and lengthy process spanning from lead acquisition to application to approval to disbursement of funds overseas. It may be spread over several months.
Nilanjan Chattoraj, Head of Credit and Product for Education Loans at InCred Finance, says that the rise of digitalization and modern technologies have aided in bringing these disparate systems under one platform. Various APIs, integrations with 3rd party systems/software and technologies including reg-tech, digital verifications, web scraping and predictive modelling algorithms – all these have resulted in vast advances in automation thereby improving experiences across the board.
Equally important is that these advances have made it easier and safer for financial institutes to reach the correct loan decisions at the right time. Another significant impact is that these advances have enabled collection of large amounts of precise data that forms the base for training machines.
Various types of integrations and tools help establish the credentials of each customer in a full-proof manner including their KYC, academic backgrounds, tax/ income statement, banking, etc. Nilanjan adds: “Black-listed or fraudulent customer databases help us identify potentially hazardous relationships upfront. Software and apps aid in skip-trace and render realtime collections into our systems, thereby making the collections management much more effective.”
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