Through this collaboration, LoanTap aims at simplifying their overall journey and introduce a unique AI model in the digital lending space. The model will help develop and onboard quick AI solutions for better consumer service and minimize operational costs
LoanTap, a homegrown digital lender, today announced its collaboration with Cyborgintell, an AI software company. LoanTap has always maintained its brand image around providing flexible and friendly products for its consumers. Through this collaboration, LoanTap aims at simplifying their overall journey and introduce a unique AI model in the digital lending space. The model will help develop and onboard quick AI solutions for better consumer service and minimize operational costs.
The inclusion of AI and ML algorithms will enable LoanTap to assess large quantities of consumer data, analyze consumer behavior, organize, and track consumer journeys to prevent defaults, therefore improving the turn-around time for loan disbursals. AI will further guide the consumers throughout the loan journey, including reminders to repay timely and develop consumer profiles which will eventually lead to us being able to serve our consumers efficiently along with offering them an ideal product.
Gautam Sinha, Vice-President-Technology, LoanTap said, “At LoanTap, we believe innovation is at our core, we have always aimed at re-inventing the financial dynamics, introduced fast loan processes for the convenience of our consumers. This collaboration is a step forward in that direction, wherein we are aiming at financial inclusion. The adaptation of artificial intelligence will enable us to target our consumers and make internal processing of loans seamless, ultimately driving value for our customers with a customized, fast, and convenient experience.”
Suman Singh, Founder, and CEO of CyborgIntell adds, “We’re very excited to join hands with LoanTap and be a part of their success journey in helping them to be the new-edge AI-first lending company to source quality customers, offer instant loan decisions, and early warning indicators for loan default management. AI-First strategy is going to reduce customer acquisition cost significantly, reduce risk exposure, enhance revenue and improve their customer experience.
The AI models will help LoanTap understand various consumer personas including salaried and self-employed. It can further perform customer segmentation based on their needs, develop consumer profiles which will eventually enable LoanTap to service their consumers efficiently along with offering them an ideal product.
Source: Business World
