Interview: Ayush Jindal, Co-Founder and CEO of Scoreme Solutions Pvt Ltd

Ayush Jindal

Exclusive interview with Ayush Jindal, Co-founder & CEO of Scoreme Solutions

Ayush Jindal is the Co-Founder and CEO of Scoreme Solutions Pvt Ltd, a leading technology company specializing in credit scoring and risk assessment solutions.

With a strong background in finance and technology, Ayush has played a pivotal role in shaping the company’s vision and driving its growth.

As a visionary leader, Ayush Jindal remains committed to advancing the capabilities of Scoreme Solutions and shaping the future of credit scoring.

His relentless pursuit of excellence, customer-centric approach, and innovative mindset continue to drive Scoreme Solutions’ mission of democratizing access to credit through technology.

Can you provide an overview of ScoreMe Solutions Pvt. Ltd. and its core business offerings in the Fintech space?

Ayush Jindal: We specialize in credit analytics and digital lending services. ScoreMe is parented by a category-1 merchant bank Resurgent India Ltd.

Our extensive network includes over 200 financial institutions, including banks, NBFCs, and credit rating agencies.

We provide credit analytics solutions for underwriting processes, KYC offerings for seamless borrower onboarding, and digital lending platforms tailored for MSMEs, retail customers, and agricultural lending. Our APIs are accessible through the web and have on-premise deployment options.

What sets ScoreMe apart from other analytics software companies in the market?

Ayush Jindal: We have developed advanced APIs for straight-through processing of credit analysis and E2E digital lending platforms.

Our platforms are deployed through a cloud-based approach, ensuring efficient and scalable operations.

To enhance accessibility, we offer mobile-friendly applications and support API-based delivery and in-house middleware deployment. This flexible delivery mechanism caters to diverse user needs.

Our capabilities cover data aggregation across a wide range of unstructured data formats. ScoreMe supports over 2,000 data formats from more than 180 financial institutions, including PDFs and OCRs.

Through strategic partnerships, we have access to more than 25 public data sources, such as UIDAI, PAN, Ministry of Corporate Affairs, GSTN, application service providers, and FSSAI.

This data ecosystem enables us to serve the needs of over 2,000 financial institutions and offer a wide spectrum of credit options to MSMEs and retail borrowers, contributing to financial inclusion.

We also provide customizable output reports tailored to our client’s requirements, leveraging our 40+ fintech APIs.

Our commitment to excellence is mirrored in our numerous recognitions and awards, including the “National Award for Excellence in BFSI” and the “Technoviti Award” by Banking Frontiers. Additionally, we are registered with DIPP, solidifying our credibility in the industry.

Could you explain how your products leverage Big Data and complex mathematical algorithms to assist lenders and financial institutions in their decision-making process?

Ayush Jindal: Our products provide lenders and financial institutions with valuable tools for accurate credit assessment, risk management, and efficient decision-making processes.

For instance, ScoreMe’s Integrated Credit Appraisal Report digitizes and customizes the credit assessment process by combining information from Bank Statements, GSTR, and Financial Statements.

Additionally, our Credit Scorecard provides a risk-based credit score derived from various inputs such as BSA, GSTR, MCA, and ITR. SAMPAN stands for Simplified Analysis of MSMEs using PAN.

It exploits PAN-based analysis to assess financial, management, legal, and business risks for automatic renewal and top-up of CC limits.  

How do ScoreMe’s products help mitigate and manage risks for financial institutions? Can you provide some examples?

Ayush Jindal: Risk mitigation is a function of thorough data aggregation, robust analysis, and strategic decision-making.

Our SamPan solution typifies this thinking; it aggregates over 1,000 data points from more than 50 sources.

This comprehensive dataset empowers banks and NBFCs to create seamless digital journeys for both existing and new customers.

SamPan utilizes data from public domain sources, user-declared information, and data from the banks’ and NBFCs’ back-end systems.

One unique feature of this product is its on-premise deployment, which ensures maximum security for the application, safeguarding sensitive data and minimizing risks.

Could you elaborate on the Bank Statement Analysis Tool and its adaptability across different sets of borrowers? What benefits does it provide in analyzing cash flows?

Ayush Jindal: Our Bank Statement Analysis solution is designed to handle bank-specific narrations, layouts, and logic for a wide range of banks, including Public Sector Banks, Private Sector Banks, major International Banks, and leading Cooperative Banks.

With coverage across 300+ banks, it generates comprehensive and customizable reports capturing all modes of payments and transaction purposes on a monthly basis.

These reports provide valuable insights into cash flow, cheque returns, loan and interest repayments, limit utilization, penalty charges, and monthly ECS obligations.

It includes the analysis of cash flow, providing a summarized overview of inflows, outflows, net balances, and opening/closing balances for each month.

Additionally, it captures cheque returns, highlighting the reasons behind these transactions and casting light on customers’ default status.

The Bank Statement Report incorporates limit utilization information, providing insights into the daily percentage of limit usage and occurrences of overutilization.

This enables projections for necessary limit adjustments. It also includes ECS/NACH obligations, offering a comprehensive overview of monthly EMIs and transactions.

Furthermore, the report covers loan receipts, exceptional transactions, in-house transactions, and a range of banking details such as average balances, debits and credits, and vendor-supplier payments.

What are some of the innovative products and solutions that ScoreMe has introduced to the market? How have these offerings impacted the credit appraisal process for both corporates and individuals?

Ayush Jindal: ScoreMe has introduced a range of innovative products and solutions that have had a significant impact on the credit appraisal process for both corporates and individuals.

One such offering is our End-to-End Digital Lending Platforms. These platforms enable seamless borrower onboarding, credit eligibility assessment, and in-principle loan approval in less than 30 minutes for MSMEs and retail customers.

By digitizing and automating these processes, we have greatly accelerated the loan application and approval process, providing a faster and more convenient experience for borrowers.

Loan Auto Renewals solution is another leading-edge product. Traditionally, the loan renewal process would take almost a month to complete.

However, with this product, we have streamlined and automated the process to be executed overnight. This not only saves a significant amount of time but also ensures that borrowers can seamlessly renew their loans without delays or complications.

Can you discuss the key statement parameters that ScoreMe focuses on for credit appraisal? How do these parameters contribute to more agile, consistent, and precise decision-making processes in the industry?

Ayush Jindal: ScoreMe focuses on key parameters for credit appraisal, which include the Bank Statement Analyzer, MCA Report, GSTR Analyzer, ITR Analysis, Data Aggregation Platform, and Integrated Credit Appraisal Report.

These features help FIs make quick and accurate credit decisions. The Bank Statement Analyzer gives us all the vivid details about credit and debit transactions, cash flow, loans, interest, and even stuff like cheque returns and online returns.

With the MCA Report, we can instantly check out a company’s financial status, digging into balance sheets, profit and loss statements, and more.

The GSTR Analyzer helps us analyze sales, purchases, and even sniffs out any defected or returned products.

The ITR Analysis dives into income and financial parameters from tax returns, so we’ve got all the numbers covered.

Our Data Aggregation Platform gathers KYC info and does a background check for a company. And finally, our Integrated Credit Appraisal Report streamlines the whole credit appraisal process, making it super easy for our clients.

What challenges do you foresee in the Fintech industry in the coming years, and how is ScoreMe prepared to tackle those challenges?

Ayush Jindal: As co-lending becomes more popular, collaboration and risk-sharing among multiple lenders can get tricky.

At ScoreMe, we have developed robust technology platforms and APIs that facilitate seamless integration and cooperation between lenders. This enables efficient co-lending processes and ensures a smooth experience for all parties involved.

Likewise, the account aggregator model brings new dynamics to data sharing between financial institutions and aggregators.

We recognize the importance of secure and seamless data exchange while adhering to regulatory guidelines.

To address this, ScoreMe has implemented stringent data privacy and security measures. These measures safeguard customer data and foster efficient data sharing within the framework of regulatory compliance.

We dive deep into non-traditional data, extracting valuable insights for profiling borrowers. ScoreMe knows that traditional data isn’t the only player in town.

We’re all about embracing alternative data sources, like social media footprints and other no-traditional stuff.

We also build robust risk models that consider a wide range of data. This allows us to accurately assess creditworthiness, minimize NPAs, and provide deserving MSMEs and retail customers with greater access to loans.

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