Neel is a seasoned business leader with over 15 years of leadership and commercial experience in the operation and expansion of companies with a global footprint. Prior to Datacultr, Neel used to lead Nokia’s Advertising Trading Desk across APAC, Middle East and Africa. He is also credited with for delivering some of India’s biggest advertising campaigns on mobile during his tenure at Airtel, India.
Sujoy is a Consumer Internet junkie with a passion for platforms and partnerships, now tackling the enterprise at Datacultr. Prior to Datacultr, he worked at BlackBerry leading the App World marketing efforts across APAC, Middle East and Africa. He also built India’s first and largest Telco App Store for Airtel, where he met Neel 6 years back.
In 2013, they started their mobile advertising company which gave them a handful of experience and contacts. Managing Ad monetization for Microsoft’s windows 10 mobile platform gave them traction in the industry. There on, they started working with a bunch of other OEMs. Their experience in the telecommunication organisations helped them in understanding the whole ecosystem and analyse what is lacking in the infrastructure.
What are the USPs of your IoT platform?
Datacultr’s Data Stream Platform enables enterprises to go to market 6X faster than existing cloud based solutions which allows Datacultr to stand distinct in the market.Based on flexible micro services architecture, Datacultr easily adapts to almost any need and application. It scales from the requirements of a tiny start-up to a massive corporation and supports advanced deployment models for multi-cloud deployments, and is both hardware and cloud agnostic. Datacultr enables enterprises both in the emerging & developed world, to take mission critical IOT solutions and POCs, to market quickly and securely, without requirement of any custom coding.
What triggered you to launch a solution for FinTech?
2Bn+ people world over remain excluded from formal credit because of various reasons, primary being No credit scores & No collateral for security.
This happens because majority of this population is not in the organised workforce, living on meager earning and a miniscule that pay taxes. In such a scenario, a very small population has access to formal credit. Generally most of these economies also have a very weak contract enforcement record, institutional lenders therefore always find it challenging to collect EMIs in case of a default, and such loans therefore have high NPLs.
The Datacultr platform opens up a very interesting opportunity to convert a smartphone into a virtual collateral. With a huge population that need cheap loans for their varied requirements, but with no ‘security’ to give away, a humble smartphone becomes a true asset.
How’s Datacultr solving the problem of risk in financial inclusion? How does your solution work?
Odyssey makes an unsecured loan significantly less risky for lenders through its data driven approach to customer engagement &device management, allowing the lender to effectively control the lent out device during the tenure of the loan. Odyssey integrates end-to-end with the lent out device on one side and the Lender’s Loan Management System on the other, as well as with device buyback, Insurance &device servicing companies, putting together the entire ecosystem, making it a successful program for both the user & the lender.
Key features of Odyssey are-
- Device Management– For the term of loan, Odyssey manages the users experience on the device. In the case of delay in loan repayment, it allows the lender to persuade the borrower to pay his dues and blocking the device in case of default.
- Customer Education– Financial literacy is low amongst a large part of India. The solution helps ‘first to credit’ users to understand the mechanism of credit scores, timely payments of EMIs, access to cheap credit, etc. This is done through innovative messaging delivered via rich& interactive formats- Video & Voice, to communicate and internalize the message.
- Predictive Fraud Detection– Using machine learning, Odyssey predicts potential frauds by comprehending the usage patterns of the device and suggest immediate actions.
- Business Process Integration-Datacultr’s Odyssey is fully programmable, with in-built business rules, Data-Driven templates that define various stages of the User journey and complies with all relevant government regulations. It automates the whole process by seamlessly integrating with Loan Management System of lenders via APIs.
What are the challenges you faced/still facing in the development/deployment of the solution?
Considering we are dealing with ‘first to credit’ users, the biggest challenge is to provide a seamless experience to the end user. Not to intimidate the user, but at the same time make it less risky for the lender, remains our utmost priority.
Who are your target customers for ODYSSEY?
Our key customers are Banks, Consumer lending companies &FinTech companies
Where all have you successfully deployed this solution?
The odyssey platform was launched in Bangladesh in Feb, 2019in partnership witha strategic partner