BNPL, an alternative credit form that allows consumers to spread the cost of a purchase over a certain number of installments, has become an increasingly popular way to use credit - especially among younger people. BNPL is expected to gain traction especially given the income uncertainty due to the pandemic, according to the official press release.

As millions of individuals continue to struggle financially because of the pandemic, Startups are focusing on affordability to ensure that their customers can afford to repay their deferred purchases. They are able to achieve this by using Indicina’s Open Banking Powered Machine Learning Tool - Decide, providing a breakdown of a customer’s expenditure, a comprehensive view of their financial situation as well as predicted and historical spending analysis.

Decide allows you to enhance your current credit decision process with the power of AI while maintaining complete control. Decide can also help you configure your existing credit policy across several criteria (e.g., income analysis, spend pattern, sweep and cash flow analysis, and many more).

Decide minimizes manual efforts thus reducing operational costs. Reduces the TAT for the processing of loan applications thus minimizing drop-offs. Once an applicant meets your credit policy, that’s when the AI kicks in.

Our AI model predicts the probability of default for each applicant. This calculation uses Indicina’s modeling prowess, incorporating variables trained over a million banking statements. That’s more than 10 million data points leveraged to assess the financial health of each borrower.

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