A Closer Look At The Tech Behind Instant Personal Loans for India

Compiled By: Anil Sinha
About Anil: He is the Head of Engineering at Fibe, with over 15 years of experience, Anil is passionate about technology and has strong Leadership skills driven by core human values. He has worked on various techno-functional leadership roles with hands-on code and delivered complex products in the space of distributed data processing, especially related to trade processing and risk analytics.

In the time of a pandemic that’s changing the way we live our lives, technology is bolstering ahead to cope up with the repercussions of the new normal. From cloud computing powering some of the biggest consumer tools and services to enabling working from home, it is constantly evolving to meet the needs of a world that has been forced to stay home. A financial crunch can be frequent in times of uncertainty and doubt, and the COVID-19 pandemic is no exception. This is where organizations like ours come into play and at the service of those who need fast and effective financial solutions. 

By offering instant personal loans with a minimum of basic requirements, we at Earlyalary are fortunate to be at the forefront of a fintech revolution. Financial Technology is a relatively new sector that combines technology and financial systems. With our technology adapted to be compatible with the ever-growing requirements of the fintech world, we have been able to develop an agile and more scalable system that is focussed on automation. This ensures smoothness of day to day operations. 

Automation testing and system monitoring

Investing in platforms that enhance and speed up processes is a crucial aspect of developing the tech behind instant personal loans. At Fibe, we have realized and acknowledged this from the very beginning. As a result, we have extensively invested in automation testing and system monitoring. This has helped us become more agile, respond to requests quickly, and effectively monitor all activities.

Utilizing data lakes

The concept of data lakes is gaining in importance, and rightly so. Data lakes help in managing large volumes of data – crucial to credit risk management – effectively and are honestly crucial to our success. By creating a data lake that is responsible for all types of our customer data, our overall system sees a marked enhancement in its strength and robustness. A data lake ensures the instant availability and high quality and reliability of the information so crucial to conducting our business and meeting our goals. At Fibe, our data lake has helped in making our analytics models far more capable and powerful, while strengthening overall processes.

Partner Management Platforms

A dedicated partner management platform is an excellent way to make partner integration smoother and easier. It brings many advantages as it automates operational tasks and recons. It also helps with auto failure detection and in some cases even auto-fixes. The EarlySalary team is fortunate to be involved in a variety of business partnerships with leading businesses, such as with aggregators from the marketing sector, and with lenders for co-lending. Our platforms are structured around a plug and play model that ensures that these integrations are seamless.

While the evolution of technology and its adoption and implementations are often at exponential rates, it’s reasonable to assume these metrics would see an even faster rate change in the light of the coronavirus pandemic. This would not be limited to just the fintech sector but will spread across all industries. Expect an increase in demand for cloud services and data analytics services, as well as for new avenues such as cybercrime security. Covid-19 has brought with it a wide range of changes that will have an impact on the way people think, work, and even spend. 

I believe that this data is crucial in need to identify the needs of the people, in order to serve them better. Customer centricity is of fundamental importance and priority, and we continue to work on areas that focus on improving customer experience through technology. We strive to increase the number of instant approvals for our loans, by reviewing our scorecard to provide better services to genuine customers. The tech behind instant personal loans continues to improve on a daily basis, as we race to ensure near-perfect optimization of processes and serve their customers better than ever before.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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