posted on 2017-08-22 08:01:45 by Admin
MUMBAI: Fintech platform LoanAdda has launched LoanSwift which will enable it to analyze vast amounts of non-traditional credit data to increase loan approval rates and reduce the risk of credit decisions, particularly for millennials who are mostly accessing credit for the first time. LoanAdda facilitates credit requirements for those with limited banking access. LoanSwift is the only machine learning platform developed specifically for credit underwriting.
The platform uses an algorithm to analyse data points to provide a more accurate understanding of all potential borrowers. The platform consists of capabilities such as data aggregation, which identifies, cleans and aggregates data from thousands of sources, regardless of format and modeling tools which help train, ensemble and productionalize machine learning models that address credit risk analysis. "LoanSwift uses Machine Learning to process each customer's application as a vector of factors. It then maps the corresponding factors to enhance the chances of lending to the customer. This has been operationalised in our app and targeted at millennials, who have no or limited credit history and numerous inaccuracies, something which is not enough to access credit worthiness. LoanSwift can also add traditional credit information and nontraditional credit variables, such as how a customer fills out a form, how much time they spend on a site, and more," said Anshuman Mishra, Co-Founder, LoanAdda. News source: Economic Times