Datacultr introduces ODYSSEY to provide financial solutions
Datacultr, an IoT enablement platform declares the launch of its risk management solution ODYSSEY targeted at the Financing sector. With the help of Datacultr ODYSSEY, banks, consumer finance lending, and fin-tech companies can deliver credits to underserved people, which will help them to significantly reduce their risk and NPLs.
Datacultr continues to keep its eye on the market while developing its platform to include tools and features that help keep its customers ahead of the curve in the connected devices space.
Simplified and economy credit
In fact, billions of people across the world lack access to economy credit for working capital or various life events like births, weddings & deaths or to get protection against natural and man-made disasters. Financial presence of these people is critical.
To bring people in the fold of organized credit, the consumer lending and fintech companies have identified a new ways such as lending small amounts to buy a smartphone. Such loans help them build a user’s profile and their credit score, allowing larger amounts to be spent on the basis of favorable scores. Providing the money comes with challenge, for instance, the challenge with financing smartphones is that the lender doesn’t have any real control over the asset. ODYSSEY allows them to make this device into viable collateral, by providing NBFCs with an access point to such lent out devices.
ODYSSEY educates about Loans, EMIs and Credit Scores
Neel Juriasingani, CEO and Co-founder, Datacultr, stated, “Financial Services providers are now beginning to innovate. Decade-old organizations are re-thinking their operations and rebuilding them from the ground up to have an edge over the competitors. ODYSSEY helps NBFCs and fintech companies in educating their users, about Loans, EMIs, Credit Scores, how to build a healthy credit score to get access to cheaper credit and also device access to take relevant actions in certain cases where the users are unwilling to repay. This is very helpful while extending loans to the new-to-credit population. We believe it would benefit this population in two ways- the average amount of loans should go up and more people will start getting such loans.”