To make consumers’ lives secured and empower them financially, RBI-registered Finkurve Financial Services Ltd (Arvog Finance), provides tech-enabled personal loans for educational purposes, gold loans and digital micro loans. Taking their services a notch higher to enhance products and processes, Arvog Finance is now using Artificial Intelligence (AI) tools to speed up credit analysis, enable predictive risk analytics and help in back-end processing of loans.
With strategic review of their growth so far, the NBFC has decided to bring in AI that plays a pivotal role in disrupting the financing sector. The AI decision systems adopted has made Arvog’s products and services more customer-centric and technologically relevant.
Right from the moment a customer applies for a loan to the time of getting it processed, the decision system plays a critical role. In the process, they eliminate manual checking of bank statements, which are usually uploaded in the form of photos by customers from smaller towns and cities. An underwriter who usually goes through 4 applications in an hour is now able to approve hundreds of applications in the span of one hour. This increases the overall productivity and reduces costs while easing out the operations. Another major win is that the tools also help in credit analysis, enabling loans to be processed within 24 hours.
Furthermore, with predictive risk analytics offered by the AI decision systems, the ability to vastly improve customer experiences has gone up, leading to higher conversion and retention rates. Often partnering with Fintechs, this feature gives Arvog the edge to provide firms with data harvesting tools.
In the post-pandemic levels, incorporating AI tools and decisions systems have made Arvog grow at a faster pace, says Priyank Kothari, Director, Arvog “With smarter insights by these tools, we were able to mitigate risks in advance. Moreover, using AI helps us to define a better data strategy around our services. Due to the sheer amount of people that use financial technologies nowadays, the amount of people at risk of data breaches of sensitive information is high. This is why it is essential to make sure that fintech companies keep their security up. Safety of customers and staff are at the forefront of cyber security concerns, and what is a grave risk of being affected in the aftermath of a data breach.”
In the world of digital and cyber security, Arvog is the pioneering spirit to break new grounds in the world of finance utilising the channels of artificial intelligence and other latest technological upgrades.