Mansoon Creditech can predict your credit rating from your social media post.
21st, July 2017 - Tech Startup
Facebook, LinkedIn, Twitter, SMS etc. these social media help individual to connect virtually with their friends family etc.. Now using these profiles, a Startup, Monsoon CreditTech will determine your credit rating.
This Startup was in stealth mode for almost one and half years and now realeased the product in the market.
Using this product one can understand person’s entire digital footprint. The Startup is looking to serve retail loan category and at individual borrowers and what is called the 'digital exhaust'.
This includes social media profiles like Facebook, Twitter and LinkedIn along with information as simple as data usage pattern and SMS.
The source said “there are times when patterns show that if you are friends with people who have defaulted on loans, you are unlikely to get a loan. The kind of SMS that you receive and send can affect your credit ratings. By and large they tend to be right and do a good job in finding out who is a good borrower and who is not. When you send your next SMS or make the next Facebook post, think hard before doing it. This will now affect your chances of getting a loan.”
For SMEs this extends to even third party transactions, which means if you are a part of a buying club, the algorithm has the ability to tap into your transaction and payment records to come up with your profile.
What makes Monsoon particularly appealing is what it can do. Monsoon says its machine learning programme can save at least 20% of a bank NPA. Take it across banks the savings can be astronomical. Current NPA levels for banks are in the region of Rs. 6,14,872 crore and the use of machine learning could have saved a princely sum of Rs 1,22,974 crore
Run by a team of data scientists and financial analysts who were with organizations like Merrill Lynch, Bank of America, The World Bank and American Express, Monsoon wants to democratize machine learning among India's NBFCs, banks and FinTech enabled lenders.
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