DeviceConnect
What is DeviceConnect?#
FinBox DeviceConnect allows users to share their alternate data, such as non-personal text messages, meta data of contacts and installed apps, and geolocation data. It is an in-device API which can be integrated seamlessly with lenders existing credit decision system and helps screen borrowers with data on their devices, post explicit user permissions.
Why DeviceConnect?#
- Double Approval Rate - Lenders can double their approval rates while maintaining the portfolio quality.
- Lower Interest Rates - DeviceConnect helps lenders identify fraudulent applications earlier in the loan cycle, therby optimizing the loan funnel and equalizing interest rates, i.e., lower interest rates for good borrowers and higher for high-risk ones.
- Reduce cost of Credit Delivery - With automated and intelligent underwriting, especially for factors such as document verification, lenders can reduce the cost of credit delivery by 50%. DeviceConnect can help lenders approve 25% more loans.
- Enhance Collections - DeviceConnect feeds insights into FinBox CollectX - a collection prioritisation and early warning sysytem - that helps lenders boost collection efficiency by 50%.
- Boost Financial Inclusion - Foster financial inclusion, bringing thin-file borrowers under the ambit of formal credit.
How DeviceConnect works?#
- SDK Integration - First you need to integrate SDK with your platform.
- In-context permission - We ask users for in-context permissions to access their data.
- Collecting the data - SDK collects non-personal identifiable data from users' device.
- Data Enriching and Prediction - We enrich the collected data and predict users' credit eligibility using our AI models.
Key Features#
- Alternate Data Underwriting to assess thin-file and NTC borrowers.
- 3700+ predictors used for determining credit score.
- FinBox Inclusion Score - Our propriteary score to creditscore borrowers on the basis of alternate data.
