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One of my close friends asked me if FundsTiger is disrupting banking – as a leading FinTech player in India, yes we are. Many of my friends too, are doing fabulous work in FinTech and rewriting the rules that drive finance world over. Finance is an industry in a flux, and for India we shall create something beautiful for Indian citizens.
People ask in the same vein – that are we turning banks upside down, are we an adversary to them in India? No, we are not. Categorically, we are neither Inverse of a bank, nor Reverse of a bank. We love banks! Banks have done a fabulous job in India over the years – and we want to partner with them in this new FinTech era for common good.
In fact, we are and will remain a BANK’s BEST BUDDY !
In the ongoing quest of present day governments to democratize finance – a cherished Mission of FundsTiger too, I think that the time is opportune for banking to be transformed into a service that is available on demand for all the population of the country. Lending as a Service should be available to all the credit worthy borrowers – consumers and businesses – at the tap of a button. Transparency and self disclosures would make it possible ( That is a topic for another day! ) .
Also, the current state of banks – heavy NPA Burden, demoralized overburdened staff trying to balance front end and back end operations, and very little precious time to seek good business borrower, do due diligence to ascertain the stability, ability and willingness of that loan borrower is a huge gap. This is exactly where FundsTiger steps in. We are here to help bankers and consumers in this time of need.
Moreover, banks are heavily regulated entities and have to invest significant time and effort. Pareto 80:20 Principle dictates that in many such regulated places, perhaps 80% of employee time goes in dealing with the processes and complex procedural nuances the job demands, rather than on creating good customer experience or customer value. Contrast this to us at FundsTiger, or at any other intense startup today – 100% of all of our time and energy goes in focusing on enhancing customer value, and giving a great customer experience through customer focus! Jeff Bezos of Amazon preaches that start with the customer and work backwards. ( Here are more of Bezos jewel leadership principles at www.amazon.jobs/principles)
Leveraging technology, proprietary algorithms and India specific credit expertise – FundsTiger helps customers and banking partners to accelerate customer outreach, due diligence, credit appraisal and scoring, and facilitating quick decisions regarding credit – immense help in building a neater, cleaner loan book, and saving time, money and effort for everybody in this chain. Our banking partners enjoy wider lead funnel, better throughput rate, and higher processing bandwidth.
What the need of the hour is the technology capability and passionate will to give credit scores and rating to all the SME Borrowers in India – to MILLIONS and more in quick time- making businesses and customers aware and financially educated – so that they are in control of their financial destiny. That is where existing rating agencies have struggled due to overload, data paucity and the various ways SME operate in India.
FundsTiger’s fresh outlook can help millions of business borrowers get a credit score to educate them about their financial standing – how to improve it and get better, generating more choices for them around their fund raising plans. It would be a precursor to bank’s credit process and appraisal. We don’t intend to substitute bank’s credit appraisal parameters, we just want to pass more comprehensive and curated borrower applications at enormous scale, never seen before in India.
I clearly see a time soon – when these free automated business credit score rating, available for all SME Borrowers, will help accelerate businesses in their growth path, and give confidence to lenders to get their principal and interest back – making a happy, confident India.
We, at FundsTiger, work everyday towards that future.
Chief Tiger at FundsTiger.com