Integra’s eCredit Officer (eCO) also known as LoanBOT is an intelligent loan aggregation platform that brings together loan seekers, banks, NBFCs, legal experts and miscellaneous service providers such as verification agents and lawyers. Applicants can upload their requirements, personal details and supporting documents online; view deals and schemes available; directly apply to various institutions; receive alerts; and monitor the progress of the application.
The system not only collects and routes applications, but also verifies documents, phone numbers and income statements submitted; verifies the identity of the individual loan seeker; checks the CIBIL and other credit scores; and rates Bank account statements for safety, stability, repayment history and a host of other parameters that are important to a Chief credit Officer. eCO thus complements the existing Credit Teams at an institution and automates all the mundane activities related to verification, vetting, assessment, evaluation, monitoring and eligibility assessment of loan applications.
The core intelligence of the platform is an IBM Watson Analytics machine learning system that ‘learns’ from past data and recent feeds. The program maintains a complex set of algorithms and rating criteria that it updates and refines after each disbursal or repayment advice. The system uses assisted machine learning techniques to work towards the optimal solution that neither loses business nor exposes the institution to undue risk.
LoanBOT powers the eCO web-portal from where Financial Institutions can target all or specialised categories of people from their region of operation. It helps Banks and other institutions to popularise their schemes and available deals; request third-party services (e.g. legal services) ; and process machine vetted applications. Customers can apply to several institutions at a time are provided the facility to choose a financial partner of their choice.
LoanBOT combines the very latest open-source technologies with some highly specialised proprietary systems such as IBM Watson and has a Microservices architecture and operates under the continuous integration paradigm, which enables any component of the system to be replaced with no downtime.
- To have uniformity of decisions
- To improve the quality of decision making and speed up the approval / disbursment process
- To overcome the fear of CVC induced delays and decisions
- To get rid of mundane manual document processing tasks