Manoj Agrawal: What are the approval rates for loan applications at U GRO Capital?
Irem Sayeed: Ours is a very robust system built on a scientific way of selecting borrowers. Our approval rates are very conservative - it hovers around 27% of the logins. Most of the rejections happen before any manual intervention takes place, ie, the entire underwriting process is such that the first part of it is done by algorithms, and then later, individuals are involved to go and meet the customers and evaluate them. So, before it comes to human intervention, 50% of the applications are already filtered out based on a scorecard that we have developed in-house. In fact, we've applied for a patient also for this. The initial screening is based on banking behavior, banking practices and also on their past repayment behavior, which is obtained from the bureaus.
What are the business expansion plans?
Our focus has been and will be on MSME sector. We have customers for small ticket loans (secured & unsecured) in the smaller towns. We started expanding this in December 2020 and had all our branches and people in place by the end of December 2021. Currently we have micro branches in Rajasthan, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh and Telangana states. We will be focusing on growing business in these branches. We are also evaluating expanding small ticket loans in some other states.
Do you reach out to potential customers using seminars or workshops or training programs?
Bu hikaye Banking Frontiers dergisinin September 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Banking Frontiers dergisinin September 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
