Digitising the trade cycle including RFP, Quotations, Ordering, Shipment, and Invoicing for accurate trade analytics is a necessity today. To know more about new innovations and advancements in the digital world, Srajan Agarwal of Elets News Network (ENN) talked with Nitin Sharma, Chief Product and Technology Officer & Managing Director (UpScale) at CredAble.
1. How is CredAble upscaling the lending process for emerging corporates with the new advancement in the digital world?
The basis of CredAble’s offering for emerging corporates is access to multiple lenders and lending solutions via a centralised application-disbursal mechanism. With our advanced technology stack, we’ve built an end-to-end platform that helps borrowers (the emerging corporates) with a-z of lending, right from loan application to disbursement.
As of today, CredAble is the only FinTech that has facilitated ease and efficiency via our technology platform to provide quick access to financing to emerging corporates. We’ve done this by connecting loan applications, underwriting, lender allocation, and payments and collection features into one single ecosystem.
Through one loan application, an emerging corporate can get access to 30+ lenders and a wide variety of lending solutions. Our platform also helps the borrower to understand which would be the right lender-lending product for their current need.
2. What are the effective and evolving methodologies to strengthen cyber security in the Fintech space?
When it comes to cybersecurity, strong security policies and implementation go hand-in-hand. Pro-active monitoring and alerting are the key factors of modern-age cyber security.
For FinTech companies, it is important to practice real-time monitoring as they have to constantly process data related to identity and payments. They should, without fail, adopt practices from well-known security certifications (ISO security standards is the internationally acknowledged one). FinTechs should definitely keep themselves updated with the latest security trends and look at implementing several security controls around access control, patch management, intrusion detection, etc.
3. With the advancement of fintech in recent years, how will trade automation, trade performance analytics, AI, and Machine Learning impact trading professionals?
As it is with other functions, the advancement of FinTech, in general, has been and will continue to be extremely beneficial for trade. What is interesting is that for businesses, trade and credit go hand-in-hand.
For example, to fulfill a trade opportunity, a business requires capital that is usually borrowed from a lender. Therefore, lending in a trade cycle is pretty much an important factor.
This is exactly where availability and processing of relevant data across different stages of trade enable a business to do it in a more efficient manner. Digitising the trade cycle including RFP, Quotations, Ordering, Shipment, and Invoicing for accurate trade analytics is a necessity today. In addition, the digitised information can also facilitate financing options like Just-in-Time Financing for businesses to move through the trade cycle efficiently.
4. What measures are taken by CredAble to support the MSME sector with the new innovations in the digital fintech world?
CredAble’s holistic approach which combines trade, credit, and payments, provides an end-to-end digital stack to MSMEs. Via our UpScale application, we help MSMEs across the country with an easily adaptable solution for growth.
We do this by helping small and medium-sized businesses with efficient trade discovery, an end-to-end payment solution that includes automated reconciliation, and dynamic credit products that can help them scale at different stages of their business cycle.
Because the trade discovery to fulfillment, including payments and reconciliation, is executed via one single platform, we’re able to offer small businesses customised lending solutions, including the right lender match.
By joining hands with multiple leading enterprises in India and leveraging data from the balance sheet of MSMEs, we’re at the forefront of a unified and completely digital ecosystem that offers the most affordable solutions for small businesses to scale up.