LoanAdda is a leading company, providing various financial products and has outgrown itself in the financial sector, by becoming India's Leading fintech company
Online PR News – 14-March-2019 – Noida – Noida- based Aadventure InfoTech Pvt ltd., the parent company of one of the leading Fintech Company LoanAdda, has outshined itself in the financial market. It provides with premium financial products and services with ease by incorporating the latest technological advancements with financial process.
How LoanAdda did evolve itself?
The company was started in 2015 as a startup firm and has evolved as a prime Fintech firm, with the novel ideas of the CEO Mr. Anshuman Mishra. He had the vision to entertain financial services and products to all, without the usual hassle associated with them, empowering the customer by providing them with informed and efficient financial data. LoanAdda has been revolutionizing the financial landscape one satisfied customer at a time, as they understand the unique nature of everyone's financial requirements and hence they enable the customer with the power to choose among the best offers on loans based on their unique needs.
What is the Biggest Problem LoanAdda aimed to solve?
The biggest problem which LoanAdda has taken into consideration is that there are 456M Indians who are living without access to any formal sources of credit. This is because there is limited access to credit for unbanked customers and poor guidance in facilitating loans. With high entry barriers to formal banking and lack of education adding to their woes, these customers remain outside the periphery, pushing them deeper into poverty. This problem is further aggravated by the fact that customers usually do not know which lender would be the best fit for their profile, going from pillar to post to get a loan.
How did LoanAdda use the advancements of technology?
LoanAdda has revolutionized itself with the use of latest technology in further helping its customers. LoanAdda has launched LoanSwift a software 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 millennial who are mostly accessing credit for the first time. It is the only machine learning platform developed specifically for credit underwriting. The platform uses an algorithm to analyze data points to provide a better understanding of all potential borrowers. It reduces the risk of credit decisions.
With over of 17 years of experience in sectors ranging from Banking, Consulting, Retail and Venture Capital, Anshuman Mishra, the brain behind this brand LoanAdda's CEO says Anshuman Mishra says, "Technology is an enabler to service the customer needs of getting access to credit in the first place, pricing is based on risk-adjusted return on capital and a multivariate digital model of evaluating a customer's digital footprint combined with the last mile connect with the consumer."
Instigation of LoanSwift.
"LoanSwift doubles itself as a CRM, front end face of website and app, credit underwriting algorithm to enhance the probability of a customer landing on its site for a loan inquiry ". LoanSwift analyzes vast amounts of non-traditional credit data to increase loan approval rates and reduce the risk of credit decisions, particularly for millennial who are mostly accessing credit for the first time. It is the only machine learning platform developed specifically for credit underwriting. The platform uses an algorithm to analyze data points to provide a better understanding of all potential borrowers. It reduces the risk of credit decisions.
The company is able to compete successfully due to the focus on the entire value chain rather than just lead origination, which is what most competitors are focusing on. The Company is able to achieve conversions of over 8% as against an industry average of 1-2%, due to the smart filtering using its proprietary algorithms which push only relevant leads to the lending partners thus enabling a higher conversion rate. Due to its focus on priority sectors, the Company also facilitates the customer at every point in the process ensuring they identify the best product, properly evaluate the necessary documentation, and receive both pre and post disbursal checks and compliances.
What is the goal LoanAdda aims for?
LoanAdda's goal is to improve the financial inclusion in India; it is the largest PSL online loan aggregator portal in India completing the complete spectrum of loan origination to disbursal. They handhold the customer with from free document pickup to getting his credit score for free and finding the ideal financial institution to lend to him with the loan amount he requires.
Due to LoanAdda's focus on new to banking sectors, the company revolutionized the industry by having 4 consecutive years of a fully profitable business model. The company works on a Co - lending model using its proprietary software LoanSwift to underwrite loans and provide First Loss Deficit Guarantee to its partner NBFCs / Banks. Today origination along with an evaluation of the borrower in real time digitally is key to a higher conversion ratio and hence lower cost per lead. A combination of Technology and execution skills makes LoanAdda stand out for its business model.
LoanAdda also uses alternative data to provide credit scoring and verification to economically empower the poor sections of society. Their team believes in truly transformed lives not by charity but by credit access. LoanAdda's team has an actual online experience of loan origination, discussion with the customer, structuring of the case and discussion with the lender to do the actual case sanction and disbursal. Team product knowledge includes collection, analysis, and processing of multiple data points, which are fed to the development track team that constantly upgrades the software to ensure perfect track record for all our lending partners.