Home Credit India partners with global financial data platform Envestnet | Yodlee, digitize loan processing. The Envestnet | Yodlee Aggregation API eliminates the manual loan process, where lenders require borrowers to provide bank statements in order to approve a loan
Envestnet | Yodlee, a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced its partnership with Home Credit India, one of India’s leading consumer finance providers that is committed to driving credit penetration and financial inclusion. The tie-up has enabled Home Credit India to digitize its loan approval process with Envestnet | Yodlee Aggregation API, a technology that enhances traditional credit reports with consumer-permissioned aggregated data from over 15,500 sources, including banking, investment, loan and credit information.
Designed with bank level security, the Envestnet | Yodlee Aggregation API eliminates the manual loan process, where lenders require borrowers to provide bank statements in order to approve a loan. By integrating with Envestnet | Yodlee FastLink, consumers can add and link their financial accounts on any device within seconds. With this transaction information, Home Credit India will use this powerful financial data to supplement traditional credit reports.
“We are pleased to associate with the pioneering consumer finance provider Home Credit India and thrilled with the unprecedented response of consumers to aggregate their financial data for the loan application with Envestnet | Yodlee Aggregation API,” said Arjun Singh, Managing Director of Envestnet | Yodlee in Asia. “In order to accelerate financial inclusion, it is necessary to have credible and secure digital solutions. The Envestnet | Yodlee Financial Data Platform brings together massive data and intelligence to address those needs in India.”
“While typical credit risk reporting is heavily focused on past payment history that furnishes a limited view of the consumer’s financial condition, Envestnet | Yodlee Aggregation API enables lenders to gain a holistic and verified view of the consumer’s true financial picture in a more comprehensive and accurate manner than other methods available today,” said Dhruv Manga, VP of Sales, Envestnet | Yodlee in Asia and the Middle East.
“Our partnership with Envestnet | Yodlee is a game changing opportunity for us to become disruptors in the area of online lending,” said Milan Dolansky, Head – Online, Home Credit India. “Considering the scale at which we operate, optimizing the loan process with financial data has allowed us to streamline our operations, and expand our offerings to digital-savvy customers. We have been approached by leading private banks to share our successful digital lending model powered by the Envestnet | Yodlee platform.”