Data Privacy Stands As The First Principle For Fintech Global Fintech Fest 2021

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Data Privacy Stands As The First Principle For Fintech Global Fintech Fest 2021
12 Jan 2023
5 min read

News Synopsis

Latest Updated on 12 January 2023

Government organizations are increasingly closely monitoring fintech since the goods are more customized for popular applications. In the past it was more about being particular to a particular group of clients. Fintechs must guarantee the privacy of the data that multiple regulated companies access on their platforms. To learn more about the growth of the financial industry The CEO and co-founder of LoanTap, Satyam Kumar has spoken with Srajan Agarwal of the Elets News Network.

For more than six years LoanTap has been meeting the demands of millennials. Although the loan industry is growing we observed some flaws in the way that systems are typically built. We have worked to close these gaps over the last six years and have improved the efficiency of our technological stack in the process. We put it to the test with our own products before deciding to make it available to the public. We think that this collective knowledge will help the sector and the participants. LTFLoW was created in this fashion.

The LoanTap division with the only focus on technology is called LTFLoW. By utilizing available resources like Account Aggregator, AI-enabled profiling, and social score to close operational gaps this platform promises to provide enterprises with customized end-to-end modular solutions. LTFLoW allows entities to source, enrich, underwrite, and manage portfolios by addressing discrepancies in these areas of sourcing, credit decisions, underwriting, and portfolio management. The infrastructure that supports APIs and the highly automated process lowers TAT. Entities may quickly begin digital KYC, eNACH, and agreements with the help of LTFLoW after AI-powered credit decisions. Instead of developing a new platform which may take months to set up this would enable NBFCs to quickly start making income through digital channels.

Every lead or application that we get goes through our sourcing and underwriting process which is powered by AI. The system extracts the applicant's information from the data and permission given by the customer using account aggregators and other sources. This suggests that the system collects various data points from onboarding to decisioning to forecast the propensity and risk behavior of the client assisting the credit managers in making weighted judgments and lowering the default rate.

Last Updated on 29 September 2021

With a subject as delicate as data in this new world the finance minister Nirmala Sitaraman spoke about data and its privacy. The government has noticed the rise of Fintech transactions in India. The value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively. Sitaraman said at the Global Fintech Fest 2021, Safeguard of client data is something which I think is the backbone to bringing trust. Unless my data is safeguarded well I wouldn't want to get into a scheme of things. So that is the guiding principle. Fintech has now stretched its roots from the huge malls to the small tea stalls. But with this humongous amount of data of common people comes the responsibility of securing it at all costs.

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