Underwriting for borrowers can be a subjective, long-drawn, and unreliable process. Organizations often don't tap into all available data and spend extensive time and resources to assess a borrower. The process can therefore be both high on risk and low on reliability.
The underwriting process, while essential for assessing borrowers, can sometimes be time-consuming and reliant on subjective elements. Thus, there is room for improvement in leveraging all available data efficiently. Organizations may find opportunities to streamline the process, making it more agile and resource effective. To aid Originator Partners in their underwriting process, we have developed a proprietary cloud-based API-enabled solution, Nu Score, that enables real-time, data-backed risk assessment. A single metric (Nu Score) provides a comprehensive view of borrower parameters, facilitating informed lending decisions and thereby aiding financial inclusion.
Nu Score is a proprietary machine-learning-based analytical solution that is custom-built for every lending institution. Each customized model utilizes and learns from data specific to that particular lending institution and overlays it with sector-specific insights. This is coupled with our experience in focused sectors across India and over different economic and credit cycles, including macro and regional events. Nu Score aids lending institutions in their underwriting and risk assessment to optimize risk, enhance productivity, reduce turnaround time, and scale their businesses. Nu Score can be easily integrated through APIs and generates a borrower-level assessment along with a detailed analytics report.
In the six-month period ending September 30, 2023, the number of assessments conducted through Nu Score was 6,497.
