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ConfirmU's Journey in India: Key Milestones and Success Stories Imagine a farmer in rural India who has a strong repayment history but needs a formal credit score. He approaches a local bank for a small loan to buy better equipment, but traditional credit assessment methods need to recognize his potential, and his loan is denied. Now, consider a different scenario: a new, innovative credit scoring system identifies his true creditworthiness, allowing him to secure the loan. This is the revolution that ConfirmU is bringing to the Indian financial landscape. ConfirmU began its journey in India in December 2020, partnering with Experian, Sonata Finance, and the Grameen Foundation. The collaboration focused on 30,000 women in Uttar Pradesh and Madhya Pradesh, marking the start of ConfirmU’s mission to enhance financial inclusion in India. Key Milestones in India 1. Partnership with Bridge2Capital In April 2021, ConfirmU teamed up with Bridge2Capital, further embedding itself in the Indian financial ecosystem. 2. Pilot with a leading private bank In September 2021, a pilot with a leading partner bank underscored ConfirmU’s growing influence within India’s banking sector. 3. Collaboration with Urban Money ConfirmU’s collaboration with Urban Money in July 2023 further solidified its presence in the financial services sector. Challenges in the Indian Market 1. Risk Aversion Among Lenders The Indian lending market is often characterized by a cautious & extremely conservative approach, making introducing and adopting new credit assessment models challenging and a long awaited cumbersome process. 2. Market Education Educating the market on the value of innovative solutions like ConfirmU’s is difficult, with many lenders comparing them to traditional credit benchmarks like CIBIL. 3. Lack of Commitment There is often a lack of commitment and communication from lenders to fully test and implement new models, slowing the adoption of innovative solutions. ConfirmU’s Proven Expertise Lending Target Groups: Consumers and Small Businesses. Predictive Models: Assess intent and willingness to pay. Outcomes: Improved predictions for default and approval, leading to better loan offer acceptance rates. Success Story: Reducing Rejections in South India A significant case study from South India highlights ConfirmU’s impact. A leading NBFC-Fintech faced high rejection rates due to strict business filters. ConfirmU’s model re-evaluated previously rejected applications, bypassing most exclusion rules except for compliance checks: Eligible Among Previous Rejects: 56.5%. Confirmed Using ConfirmU's Model: 32.12%. Percentage of Customers Paying Once Confirmed: 82.4%. Overall Increase in Scorable Base: 88.6%. Ready to Enhance Your Credit Assessment? Partner with ConfirmU today and discover how our models can help you unlock new opportunities in the Indian market. Contact Us to learn more.