Ashwin Sekar, Chief Product & Technology Officer, lnCred shares how they’re using cool tech to make financial services better—faster, safer, and more personalised. With cloud and edge technologies, they’re boosting scalability and cutting down wait times. The ‘delta lake’ helps them analyse data in real-time, leading to constant improvements. InCred’s seen big benefits, like improved conversion rates and personalised customer interactions. Sekar also talks about their strict security measures, using a layered approach for data safety and compliance.
How is InCred integrating cloud, content, and edge technologies to enhance customer experiences in financial services?
InCred started with a strong foundation – built on cloud native modern architecture stack – which makes it elastically scalable with volumes. This stable and scalable infrastructure ensures low latency for all our customer facing applications – be it web based or app based.
To process all the data being generated at scale, we leverage a world class “delta lake” architecture for handling data which avoids traditional data warehouses and their “Extract, Transform, Load” overheads. This has allowed the entire org to access real time production data in 30 mins, and analyse their own data and drive “continuous improvement” without dependencies.
Finally, risk control is the bedrock of the company and we are constantly endeavouring to use alternate data assets to underwrite customers and maximise our reach to every Indian in our target segment. Edge technologies help us with collecting and utilising such data assets in a safe, cost effective and a low latency manner to ensure we deliver the best customer experience while meeting our risk imperatives.
What specific benefits has InCred observed in leveraging these technologies, and how does the organisation address challenges unique to the financial sector?
– Improved conversion rates – upto 50%-70% better in certain segments via consistently leveraging A/B testing infrastructure to reduce drop offs, and improve customer value proposition.
– Enabled personalisation of one – allowing custom messaging and nudges to customers.
– Independent rules engine and logic that allows risk teams to make policy changes as often as they want without engineering dependency.
– Lean engineering, infrastructure and devops teams able to support 6+ products on a common tech stack by outsourcing “undifferentiated heavy lifting” to the cloud providers.
– The use of cloud, content, and edge technologies provides us the opportunity to enforce standard data security policies including end-to-end encryption of data that starts at the source, secure computing environment, and data localisation to comply with data sovereignty laws.
How does InCred use technology to offer personalised financial services tailored to customer needs?
As mentioned above, we use a common tech stack, we are able to spin up bespoke workflows and customer facing journeys depending on the product.
Additionally, we are able to leverage a marketing tech layer to deliver a personalisation of one – be it transactional or marketing messages to customers as well as delivering relevant in-app notifications based on customer segmentation and cohorts.
Finally an A/B testing module allows us to constantly A/B test across the customer journey – marketing, workflows, risk models, pricing and loan amount assignments to optimise and deliver the best risk adjusted returns and the best possible customer experience.
How does InCred ensure data safety and compliance using cloud, content, and edge technologies amid strict regulations?
InCred’s data security program is built based on a comprehensive information security governance framework. This framework at its core factors in the security risk management, compliance/regulatory requirements, and user experience. Data security sits at the centre of our Information Security program, and we employ a layered approach for securing the data. The layered approach includes controls such as strong authentication, permission based on least privileges, encryption, data masking, segmentation, audit trails, data loss prevention, and security monitoring. The controls design and security framework is also fine-tuned as per changing regulatory guidelines as per need. We use six golden security signals that include security incidents, security compliance status, tech risk management, security control status, employee security awareness, and incident response to govern the operating effectiveness of this framework.
The use of cloud, content, and edge technologies provides us the opportunity to enforce standard data security policies such as end-to-end encryption of data that starts at the source, secure computing environment while scaling applications as per business need, and data localisation to comply with data sovereignty laws.