The Key Challenges and Resolutions

KreditBee faced several challenges in its mission to provide easy access to credit for millions of underserved customers:

• Complex Customer Onboarding:

  The existing customer onboarding process was time-consuming, requiring manual document verification and KYC checks, resulting in delays and increased operational costs.

• Risk Assessment:

  The traditional credit underwriting process relied on historical data and conventional risk assessment models, often leading to inaccurate credit decisions.

• Scalability:

  As KreditBee aimed to expand its customer base and product offerings, it needed a solution that could scale efficiently without compromising quality.

• Compliance:

  Ensuring strict adherence to regulatory requirements was essential for KreditBee's continued success.

To address these challenges, KreditBee partnered with Digitap.ai, leveraging its expertise in AI and automation.

Here are the key components of the solution:

1. Automated Customer Onboarding:

   Digitap.ai implemented a fully automated onboarding process that streamlined customer registration and verification. Through advanced optical character recognition (OCR) technology, the platform extracts essential customer information from documents like Aadhar cards, PAN cards, and bank statements. This eliminated the need for manual data entry and reduced the time taken for KYC checks.

2. Real-time Data Analysis:

   Digitap.ai's AI algorithms analyze customer data in real-time, allowing KreditBee to make instant credit decisions. By considering a broader range of data sources, including social media activity and transaction history, the platform provides a more holistic view of a customer's creditworthiness.

3. Enhanced Credit Scoring Models:

   Digitap.ai developed custom credit scoring models for KreditBee, incorporating machine learning and predictive analytics. These models assess the risk associated with each applicant accurately, reducing the likelihood of defaults while increasing approvals for creditworthy individuals.

4. Scalability and Efficiency:

   The solution implemented by Digitap.ai is designed to scale effortlessly as KreditBee continues to grow. The automated processes are capable of handling a higher volume of applications without compromising accuracy.

5. Regulatory Compliance:

   Digitap.ai ensured that the platform adhered to all regulatory requirements, including data privacy and security measures. This not only protects customer data but also helps KreditBee maintain its reputation as a trusted lender.

“We are excited to associate with KreditBee, and assist them in going live on Account Aggregator framework for effective loan sanction process. As a certified Technology Service Provider, we have built capabilities to assess financial data and improve credit decisioning for financial institutions. We look forward to being an active contributor to the financial ecosystem and support the country’s financial inclusion imperative.” - Nageen Kommu, Founder and CEO of Digitap

How Digitap is helping KreditBee smoothen customer onboarding

Digitap.ai is helping KreditBee smoothen customer onboarding in the following ways:

1. Providing multiple modes to source bank statements:

   Digitap.ai offers KreditBee's customers multiple modes to source their bank statements, including net banking, PDF upload, and Account Aggregator (AA). This makes it easier and more convenient for customers to provide their bank statements, which is an essential part of the loan application process.

2. Providing a comprehensive analysis of bank statements:

   Digitap.ai's AI-powered solution analyzes raw bank account statements and provides KreditBee with a comprehensive set of variables that are required in the underwriting process. This helps KreditBee to get a deeper understanding of each borrower's financial behavior and creditworthiness.

3. Automating the underwriting process:

   Digitap.ai's solution automates the underwriting process, which helps KreditBee to reduce the time and effort required to make lending decisions. This also enables KreditBee to process loan applications more quickly and efficiently, which results in a faster and more seamless customer onboarding experience.

Our association with Digitap is a crucial one, as it has helped us improve our risk assessment and underwriting processes. This partnership will allow us to offer our customers more options and better access to credit. We are in the advanced stages to utilize the full potential of the account aggregator framework, through which we aim to strengthen the entire loan disbursal process.''- Madhusudan Ekambaram, CEO, KreditBee

Here are a few articles, resources, and other reports on Digitap.ai and KreditBee's partnership:

Motilal Oswal Home Loans' partnership with Digitap demonstrates the power of digital identity verification and document analysis solutions in streamlining the customer onboarding process. By leveraging these innovative technologies, Motilal Oswal has been able to improve customer experience, increase operational efficiency, and ensure compliance with KYC regulations. This case study serves as a valuable example for other financial institutions seeking to improve their onboarding processes and provide a superior customer experience.

1. KreditBee strengthens underwriting process with Digitap solution (IBS Intelligence)
2. Fintech KreditBee taps Digitap.AI to boost underwriting capabilities (Retail Banker International)
3. Digitap.AI and KreditBee Partner to Strengthen Underwriting Process (CXO Today)
4. KreditBee strengthens Underwriting Process with Digitap AA solution (APN News)
5. Digitap.AI and KreditBee Partner to Bolster Underwriting Process (Outlook Startup)
6. KreditBee with Digitap.AI (Media Brief)