There are many students with enough talent to shine in future but often they do not have the chance or money to do higher studies. Use of proper technology and financial support can help them receive the proper education that they require for future career options. Credenc is a fintech company that aims to take up on that responsibility. It uses future income prediction model, which ensures that talented students in the country are not starved for funds for their higher education.
Analytics Insight has engaged in an exclusive interview with Mayank Bhateja, Founder and Director, Credenc.
Kindly brief us about Credenc, its specialization and the services that the company offers.
Founded in 2017 by me and Avinash Kumar, Credenc is a unique education lending fintech platform that finances students based on their merit and future employability, rather than the means available to their families. It is disrupting the education financing market with its future income prediction model, which ensures that talented students in the country are not starved for funds for their higher education. It offers education loans covering K-12 school fee, online upskilling courses, higher education as well as study abroad courses and will soon launch India’s first student focused neo bank. It is currently developing the entire student education ecosystem helping students and parents with, credit, accommodation expenses, savings, forex expenditures and investments all in one place.
Tell us how Credenc is contributing to the AI industry of the nation and how the company is benefiting the clients.
As the number of students applying for loan increases year on year, significant actions like reviewing loan applications and helping authorities in decision making is automated using artificial intelligence (AI) technology. Even tasks like preparing and collecting loan documentation, underwriting, can be automated using AI technology. In turn, in the education lending industry, integrating AI can drastically reduce the loan processing time.
Using a proprietary AI underwriting model, Credenc has developed a remarkably efficient and innovative end-to-end education loan lending platform.
The AI mode used by Credenc tracks over 15 million data points to predict student’s future earning potential, in turn enabling merit-based lending. This evaluation process furthers Credenc’s aim of building an inclusive society that provides equal opportunity to all student basis their potential instead of their family’s existing financial capability, which is typically considered by traditional lenders.
What’s your growth plans for the next 12 months?
With an aim to ensure that talented students in the country are not starved for funds for their education needs, Credenc plans to expand its reach to tier 2 and 3 geographies in India in the coming year. Additionally, it also plans to launch India’s first student-focused neo-bank and is currently in the process of developing an entire student education ecosystem that will help students and parents with credit, accommodation, employability, savings, forex, and investments on a mobile app. The launch is planned to be executed in different phases in the next one year.
What is the edge Credenc has over other players in the industry?
What sets Credenc apart from other players in the industry is the applicant’s future potential and income capabilities using an AI based employment predictability model.
Further, the speed and efficacy with which loans are processed and approved, within 6 hours and less than 48 hours respectively, at Credenc differentiates their offerings from the rest of the industry. Competitors require applicants to display preexisting means and embroil them in lengthy approval processes. While Credenc’s proprietary AI based evaluation model and outlook on lending ensures that capable and talented students who may be ignored elsewhere, get the opportunity to reach their potential with a Credenc loan.
Credenc’s digital focus and holistic approach to student development also sets it apart from other brands. Simplifying and streamlining loan process through a transparent and 100% digitally enabled ecosystem allows students to easily avail loans. Additionally, Credenc also offers support to students by providing services such as resume review, interview practice etc. to empower them to realise their full potential and add to the growth story of the nation.
Would you also like to give some more details about how Big Data Analytics and AI is being used at Credenc? How has it been progressing?
Credenc’s meticulous evaluation process, uses an AI model that tracks over 15 million data points to predict the future earning potential of students applying for loans.
These data points incorporate future profession, quality of university, industry income benchmarks, placement data, and more to create a comprehensive picture of the student’s career trajectory. This assessment is designed to test the aspirants soft and hard skills to assess their employability, which in turn helps determine if the student is eligible for an education loan.
What are the skill sets that you specifically look for while hiring talents at an initial stage? Any challenges in hiring and recruitment so far?
As a rapidly growing organization, Credenc is always looking to bring on board motivated individuals, who can think out of the box and aren’t afraid to take on new challenges. The brand is looking for talent with versatility, hunger for professional growth, and a desire to learn. As a crucial part of the organization’s vision, being passionate about enabling education is a must. While soft skills are still a crucial part of the hiring process, it’s the character of employees that the brand focuses on most. Team players who are always willing to try new things and take risks are the kind of people that the brand plans to onboard.
Would you like to throw some lights on the prediction of artificial intelligence advancements in the country?
Indian startups are growing and developing AI solutions in education, health, financial services, and other fields. As the fastest growing economy in the world, India has a big stake in the AI revolution as it will continue to dictate changes in consumer behavior moving forward. India’s robust network of high quality like the IITs, NITs, and IIITs, provide a jumping off point for entrepreneurs of the future to develop new frameworks of AI research. As the startup ecosystem in India continues to boom, we can anticipate new AI driven products hitting the market across a variety of sectors within the next few years.
Source: analyticsinsight.ne
