Banks and Financial Institutions in India are competing with each other daily. When we observe the notifications on our phones, we see that different mobile banking apps or payment gateways will send a message regarding a new feature they introduce, an increase in our credit limit, any new scheme depending on special events, etc.
Now in the times when a particular team at a bank is actively working towards sending and curating push messages, it becomes very important for them to filter out the potential customers and check for their authenticity
Checking authenticity and all, what does it even mean? It means that banks also need the help of such platforms which allows them to examine credit worthiness of the customers, their overall bank transactions, and reliability, and provides a solution to financial institutions to quickly automate their loan cycle.
CreditStack is one such space that delivers the customer’s financial data to banks in such a way that further processing by them can become easy and smooth.
Introduction to CreditStack and its features
| Company’s Legal Name | CreditStack Financial Services Pvt. Ltd. |
| Founding Date | 5th April, 2023 |
| Founder’s Name | Pranav Kumar |
| Location | Vasai, Mumbai |
CreditStack is empowering financial institutions with advanced analysis solutions. The company offers a range of services, including loan origination, credit assessment, and collections management.
It leverages artificial intelligence and machine learning algorithms to help businesses make more informed decisions about lending and collections, leading to improved efficiency and better outcomes for both lenders and borrowers.
The company is focused on serving small and medium-sized businesses, helping them access the capital they need to grow and succeed. It analyses bank statements, credit bureaus, ITR and GST reports for banks to make informed decisions and take corrective measures.:
- With CreditStack’s credit analysis feature, the banks can see the credit bureau score and summary of the applicant to see insights about what led to a low credit score with information such as Name, Age, Gender, summary of total loan, active loan, and closed loan. CreditStack makes sure this feature also includes no. of accounts, highest sanction amount, total balance amount, etc. with the current obligations of an individual
- CreditStack verifies the bank account through multiple options like account number, IFSC, etc. Their bank score is calculated in an automated manner and the set parameter includes frequency of deposits, source of income, and average balance maintained. The company also helps in recognising the source of income of an individual with cash flow detection.
- It offers onboarding and compliance with KYC solutions using AADHAAR and PAN combination for secure identity verification. CreditStack’s onboarding process involves customizable document collection from the applicant and uploading it within the bank’s dashboard. In this way, customers will have the flexibility to create new document classifications to cater to their unique requirements.
Overview of Founder’s career growth
Pranav Kumar, a young business enthusiast, is the co-founder of CreditStack. He completed his Bachelors in Economics from Galgotias University, he was always interested in building a product and he transformed his skills into a niche profile of fintech product management.
Piyush Jha completed his Bachelor’s in Computer Engineering and worked as a software developer for some time. With his data knowledge and technical know-how, he founded CreditStack which is now booming at a great pace and making changes in the banking system of the country.
Utility of CreditStack
It provides a solution for banks to quickly automate their loan cycle when the banks are quickly adopting new generation technology to sustain in the market.
CreditStack helps in loan origination, complete underwriting and credit assessment, strict compliance, and data security systems with customer insight and analysis.
The company provides important information about customers’ E-KYC, loan processing documents, bureau reports, and credit scores and rejects fraudsters and defaulter applications. CreditStack works in favor of restructuring debt in a better way. It filters out worthy cases to save time, get details about the client’s financial obligations, and negotiate with creditors to modify the loan terms
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Visionary approach of CreditStack
The company’s mission is to empower financial institutions by providing them with the tools they need to make informed lending decisions.
With their advanced financial analysis solutions, loan agencies and non-banking financial companies can reduce risk and increase profitability, while direct selling agents associated with banks can provide better customer service and increase their sales.
CreditStack’s solutions are designed to be user-friendly and easy to integrate, so the clients can focus on what they do best, providing their customers with the best possible financial services.
Frequently Ask Questions (FAQs)
1. When was the foundation for CreditStack laid off?
It was founded on 5th April 2023.
2. Where is the base location for CreditStack?
The company is located in Vasai, Mumbai.
3. Who are the founders of CreditStack?
Pranav Kumar and Piyush Jha are the co-founders of this venture.
4. Which business model does CreditStack follow?
B2B business model followed by the company.
5. How does CreditStack generate revenue?
They make revenue by providing SaaS solutions to B2B clients and charging them on the basis of the case created.
