April 30 2017: Artificial Intelligence is central to a financial tech startup, CASHe, arguably India's first mobile lending platform. It offers quick, short term loans and all the info required, can be sent from your phone.
This works well for those to whom regular channels of loan in an emergency are blocked, possibly by a low credit rating. CASHe doesn't care. It uses its own AI algorithm called SLQ which trusts your mobile and social networking data rather than looking to CIBIL.
CASHe developed and implemented the algorithm which allows customers to apply and get an instant loan approval within 8 minutes. While other lending institutions use standard ranking techniques coupled with human intervention, CASHe’s SLQ engine considers everyone to be part of a giant community. Thus it not only focuses on individualistic aspects but also on how everyone is connected to people around them, avoiding being a traditional preconditioned ranking system.
Loans can range from Rs 5000 to Rs 1 lakh. Interest rates will be higher than bank loans -- but the young professionals who are its target, don't seem to mind, as the loan periods are usually very short. Cashe has recorded 100,000 downloads at Android app stores with over 10,000 borrowers and 80% repeat customers within a span of 6 months.