22 August 2019, India:
Fintech firm CreditMate has introduced its Sherlock product. Sherlock uses a proprietary Machine Learning algorithm to score debt defaulters, manage debt resolution processes and optimise results and costs.
Its data scientists and software teams have deployed the complex algorithm for agents and field staff in all states across India, the company said in a statement.
Jonathan Bill, Founder and CEO, CreditMate said, “Sherlock, the latest in our suite of products, brings the power of technology to what has historically been a low or no-tech activity. Debt collections are fundamentally crucial for the health of lenders as well as to lower NPAs currently affecting the financial sector. By using data science, we are able to improve debt resolution rates, reduce costs for lenders and improve their performance, and empower borrowers with better credit scores.”
Jonathan Bill added, “The lender community is very keen to standardise and optimise debt collections by using technology and data science. This is evidenced in the volume of uptake we are seeing in a few short months from a range of lenders large and small. Our platform allows all to benefit from improved performance based on insights and, of course, to ensure an appropriate and managed experience for borrowers.”
CreditMate is a Paytm-backed three-year-old fintech company that delivers customised collection strategies for financial services providers such as banks, NBFCs and digital lenders.
(Image – CreditMate)