Credit Decisions Simplified by Technology: Interaction with Founder of CreditTech Firm Rupeepower

Fintech startups have been making quite a lot of buzz as technology disruption entrenches the finance and banking sector deeper. The extent of this buzz is so much that the number of Fintech startups funded in the first half of 2016 is more than the aggregate of startups funded in 2015. The recent demonetisation has shifted considerable amount of focus towards the technologies which aim at enhancing and simplifying your experience with money. One such startup is Rupeepower, which recently made headlines for its buyback from Snapdeal.

Tejasvi Mohanram, Founder & CEO, Rupeepower

A platform for loan and card decisioning and processing, Rupeepower disbursed over Rs. 7,000 crore in the FY2015-16 alone in form of credit via 12 banks and NBFCs (Non-banking Financial Corporations) and deploys insightful analytics at its core. We interacted with Tejasvi Mohanram, Founder & CEO of Rupeepower to know more about its offerings and future endeavours.

Q: In the wake of recent demonetisation of currency notes, what solutions does Rupeepower have to offer?

A: The Recent demonetisation is a welcome move that brings us closer to a cashless economy. We at RupeePower believe that Credit is the new discount, as only time can replace money. As a customer, you can instantly compare creadit card offers on the company’s marketplace RupeePower.com from over 15 lenders (Banks, NBFCs and HFCs), apply online and get an instant in-principle approval, a completely digitized system that would fast track the growth of plastic money.  RupeePower’s vision is to become a one-stop personal finance platform for Indian consumers, bringing personal financial planning, credit, insurance and investment products under one roof.

Q: What role does Big Data play at Rupeepower for enabling better and more conscious customer solutions?

A: At RupeePower, the mantra is that algorithms built on digital footprints will revolutionize lending. This is where Big Data is going to be of utmost importance. It is a big requirement for us to provide FinTech Services in a segment as complex as credit decisioning. Consumer behaviour has always been the basis of understanding the pain points in the system and developing our solutions, and we have been working with Big Data to develop and research alternate credit decisioning models.

Q: How do personalized solutions improve the quality of transactions?

A: RupeePower is used by over 10 large lending institutions in the country. As an end-to-end seamlessly integrated digital credit decisioning platform, we provide a personalized service to various lending institutions that co-exists and works with the process that already exist in a particular lending institution. The base is a Standard Suite of products; however, it is personally customized to every institution's variables which include Credit rate, decisioning parameters, timelines and much more. We also have a dedicated Business Analyst who understands the need for the lending institution and translates that into digital implementation.

Q: Smartphones are a rage these days. Please throw light on Rupeepower's availability on mobile platforms (app/USSD).

A: RupeePower, both the B2B platform that we run for the lending institutions and the consumer marketplace are entirely optimized to mobile usage, across operating systems. This facilitates a transaction that is a seamless experience across devices, locations, systems and locations.

Q: Which technologies (frontend/backend) set Rupeepower apart from the competition?

A: RupeePower is a technological platform that uses the same coding languages as any other technological platform. However, we are the only platform that employs end to end digitization for credit and loan approval system for over 10 lenders in India. For example, from the time the customer applies for a loan on the lender website, to the time he gets approval, RupeePower manages the entire digitized process. We also specialize in custom tailoring our platform to suit any credit disbursal needs unlike any of other fintech companies.