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VeraLoans Platform

Small Loans at Scale Made Easy

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Last updated: 01 August 2020 03:37 AM

Updated video

The problem VeraLoans Platform solves

Problem Statement: Almost 90 percent of small businesses in India still have no links with formal financial institutions.

Primary reasons are
for borrowers - borrowers to not have
adequate tools for consent managemen
and networks infrastrucure to promote financial inclusion

for lenders - lenders do not have easy ways to access borrowing capacity leading to high defaults and NPAs validate small business workflow and cashflow needs and their veracity on adequate amounts AT THE TIME OF NEED adaptive decision making tools to quickly respond to macro economic events

VeraLoans platform solution

A infrastructure connecting small loans at scale through mobility including feature phones Explicit consent management for awareness, and actors to facilitate reach and promote AA ecosystem Data sharing privacy via data fields and loan indicators tiering Leveraging AA and extending AA to other sources including IT , and BL verficications for Export invoices A hostable configuration module for the FIUs / Lenders to run weight based adaptation for Assets to Flow based macro economic situations

Challenges we ran into

Early stage validation and vetting had challenges with respect to understanding the AA motive, and flexibility were addressed by the AA master classes and the group communication sessions.

The technical challenges were along selection of an appropriate framework for feature phone integration. We overcame this by extended research and selecting the USSD framework.

Supporting all regional languages was involved, so have scoped to 4 languages.

Mapping the functional platform requirements needed some real world examples. This challenge was mitigated by many interviews, and help from talking to many clients of SunKrish Global.

The UI designs needed for explicit consent , and the journey mappings were unclear at first. Many interviews and what-if sessions helped.

The UI designs and design implementation for privacy-first designs were challenging, We proceeded with multiple brainstorms, research and what-ifs. In some situations we have come up with stub implementations where the current AA support needed improvements, enhancements or more-realistic data.

Discussion