BRANCHING FOR BOOM
The rural and semi-urban residents of Madurai in Tamil Nadu now have the opportunity to avail of micro loans against property. This is because L&T Finance (LTF) has set up its first retail branch in the town.
The branch was inaugurated by LTF’s MD & CEO Sudipta Roy and Chief Marketing Officer Kavita Jagtiani on 12 August.
Opening of the branch marks a key milestone in LTF’s growth and expansion strategy and is a testament to the company’s vision to meet the evolving financial needs of rural and semi-urban households. LTF will leverage technology to accelerate its services and enhance customer convenience.
In the future, even more of LTF’s financial products will be available to the people of Madurai and the surrounding areas through this branch.
CURBING CREDIT RISK
L&T Finance (LTF) has deployed beta version of Project Cyclops, a revolutionary in-house developed proprietary credit engine, which uses artificial intelligence (AI) and machine learning (ML) to alert about potential customers who have a higher credit risk.
Project Cyclops ingests bureau, account aggregator and alternate trust signals at scale using ML-based ensemble scorecards built after an extensive analysis and overlay of historical credit performance data on all the axes.
It uses advanced algorithms and AI-powered analytics to analyse vast amounts of data from various sources, including behavioural patterns, financial data, demographics and socio-economic variables. All this is used to predict the creditworthiness of a loan-seeker.
Cyclops has been deployed across 25 LTF locations through a network of 200 selected dealers offering LTF’s two-wheeler loans, with much success, leading to prompt loan recoveries and a low default rate.
