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P2P lending platform LenDenClub automates its Lender Borrower Process

LenDenClub, a P2P Lending platform has automated their operational process, into new features such as end–to-end automation of lender-borrower, Secondly transaction cycle which is right from registration, document verification, credit analysis, transaction matching to report generation etc. An algorithmic based program, build based on artificial intelligence, will be used for reviewing borrower’s credit worthiness. For the company, the upgradation of P2P platform shall accomplish a major milestone and prepare them for payment and digital signature automation to bring 100% automation in lending process through right technology for borrower identification, data collection, digital signature usage, payment automation etc.

With this company has initiated first lag of its long term goal in creating a platform that can assess last mile borrowers, a features that currently unavailable even in majority banks & NBFCs. The highlight of the program is algorithmic model which is coded to identify borrower’s financial trend and allocate credit score based on the trend. The rating will automate allocating interest cost vis-à-vis risk factor. Commenting on the development Mr. Bhavin Patel, CEO of LenDenClub said, “With this new platform, we have fulfilled key regulation set by RBI in its P2P lending consultation paper. In addition, zero manual intervention shall not only expedite entire process, but shall also facilitate in mitigating defaults through unbiased and accurate credit risk analysis”

On the technological aspect, Mr. Dipesh Karki, CTO of LenDenClub, elaborated, “The new automated features shall curtail entire lender-borrower transaction cycle from 1- 2 days to 12 hrs.’ making the process complete on the same day of the application possible. In addition, the platform shall guarantee confidentiality of customer data, will be easier to maintain report submission process on financial positions of each members, loan arrangement each quarter and Complains redressal mechanism. We do have plans to use technology like block chain in our transactions. This platform is made by keeping such future aspects in mind.”

The company had successfully raised seed funding recently, a part of which was used to develop more efficient and robust P2P lending platform. The company expects registration traffic to grow in the near term as an immediate outcome of automation cumulating into revenue conversion due to faster deal closer.

For more information please contact:
Meena Chand
Minepro Communication Pvt Ltd