Ratnakar Bank expands partnership with CreditVidya to build custom offerings
CreditVidya partnership expansion will enable RBL Bank to improve the user experience for its 15 lakh customers and build custom offerings for them.
In a bid to gain significant insights into its customer base the Ratnakar Bank Limited (RBL) today announced the expansion of its partnership with Artificial Intelligence or AI-based credit underwriting platform CreditVidya. This partnership will enable RBL to improve the user experience for its 15 lakh customers and build custom offerings for them. Elaborating upon the development Harjeet Toor, Business Head for Retail — Inclusion and Rural Business at RBL Bank said “It is our continuous endeavour to make credit accessible to all, and improve the overall experience of our customers. Keeping in mind the power and potential of big data analytics and AI, we decided to leverage CreditVidya’s platform for this purpose."
The business head of the RBL Bank went on to add that the bank looks forward to the transformation that this engagement promises to bring. It will be working with the team to build multiple use cases around the application of alternative data and create greater value for our customers.
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Speaking on the expanded partnership, Abhishek Agarwal, CEO & Co-Founder of CreditVidya said, “Our products are designed and continuously upgraded via machine learning algorithms, to help lenders address creditworthy yet underserved segments of the population. Today we have crossed 12 million assessments via the platform. The insights from this vast data set will help RBL to significantly improve its customer experience. It will also allow them to cater to new customer segments, including those who have no credit history at all. RBL Bank has been one of the leaders in the adoption of technology and it is indeed our pleasure to partner with them and help them in the journey towards reimagining the credit ecosystem in India.”
RBL Bank will leverage CreditVidya’s big data underwriting platform across its credit card and mobile banking apps. By acquiring richer customer insights, RBL will be able to segment its customers better, offer them far more relevant credit products, and build custom scorecards. RBL Bank first partnered with CreditVidya in 2018 for instant and automated verification of employment details of salaried card applicants.
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