NUVO TrueScore
Bharat ka Credit Score
Created on 4th November 2024
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NUVO TrueScore
Bharat ka Credit Score
The problem NUVO TrueScore solves
TrueScore is an innovative solution for Financial Score (Credit-Worthiness) for individuals and business entities. It solves for sme critical challenges with existing credit scoring solution.
** Limited Data Sources: Traditional credit scores primarily rely on historical financial data, such as payment history and credit utilization. This limits their ability to accurately assess the creditworthiness of individuals with limited credit history, such as young adults or those who primarily use cash.
** Static Nature: Credit scores are typically calculated periodically, often monthly or quarterly. This means that they may not reflect real-time changes in a person's financial situation, such as sudden job loss or increased income.
** Potential for Bias: Credit scoring models can inadvertently perpetuate biases, such as racial or gender discrimination, if they are not carefully designed and monitored. This can lead to unfair treatment of certain groups of people.
Challenges I ran into
TrueScore Project is challenging because of various factors. Some of our key challenges faced are with user journey mapping, AI-ML model deployment and data consumer models to support rapid credit decisions in real-time with actual data. Integrating this with the Sahamati AA Flow is challenging to ensure the raw data is utilized.
** User Journey Mapping was a critical challenge to understand, as this requires a deep understanding of evolving customer needs and preferences, necessitating continuous adaptation.
** In addition, we have to implement AI-ML Credit Scoring Model - which involves several challenges with data acquisition, cleaning and optimization for various types of loans. It requires robust data infrastructure, model retraining mechanisms to account for different market dynamics (home loan, bike/car loans....), and ensuring ethical and unbiased decision-making.
** Implement the data consumer (FIU) and UX with complete user flow, as it involves complex data integration, privacy and security considerations, and real-time data processing capabilities.
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