HomeBusinessInterview: KreditBee CTO Karthikeyan Krishnaswamy On Responsible Lending, the Future of Instant Loans & Borrower Protection

Interview: KreditBee CTO Karthikeyan Krishnaswamy On Responsible Lending, the Future of Instant Loans & Borrower Protection

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In an interview with TechGraph, Karthikeyan Krishnaswamy, Co-founder & CTO of KreditBee delves into the company’s commitment to responsible lending practices and its robust measures to safeguard borrowers from unjust loan practices.

Read the complete interview:

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TechGraph: Can you tell us about KreditBee’s strategy for competing in the increasingly crowded instant loan market? How do you plan to differentiate your personal loan offerings from your competitors?

Karthikeyan K: At KreditBee we differentiate ourselves by focusing on specific customer segments that are currently underserved or have unique needs. By deeply understanding the requirements of these segments, we tailor our personal loan offerings to effectively address their needs.

One of our key competitive advantages is our streamlined loan application and approval process. We aim to provide a seamless digital experience, minimizing documentation requirements and ensuring quick approval times. Our goal is to facilitate faster funds disbursement, meeting the expectations of customers seeking instant loans.

By offering a user-friendly and efficient digital platform, we strive to provide a hassle-free experience, making the borrowing process as smooth as possible for our customers. We understand the value of time and aim to make the loan application and approval journey convenient and straightforward.

TechGraph: With the growing demand for instant personal loans, what steps is KreditBee taking to ensure responsible lending practices and protect borrowers from debt traps?

Karthikeyan K: At KreditBee, we are committed to responsible lending practices. We adhere to all applicable laws, regulations, and industry best practices to ensure borrowers’ interests are safeguarded and unfair lending practices are prevented.

A crucial aspect of responsible lending is conducting a thorough credit assessment. We carefully evaluate a borrower’s creditworthiness by considering various factors such as income, employment stability, existing debts, and repayment history. This assessment allows us to determine suitable loan amounts and terms that align with the borrower’s ability to repay.

Transparency in loan terms and conditions is also a key focus for us. We strive to provide clear and comprehensive information about interest rates, fees, and repayment schedules. By ensuring transparency, we empower borrowers to make informed decisions and fully understand the financial obligations associated with the loan.

Similarly, education and financial literacy are important to us. We believe in equipping borrowers with the necessary knowledge and tools to make responsible financial decisions. Through resources, guidance, and support, we help borrowers with budgeting and financial planning.

Our aim is to empower borrowers to avoid falling into debt traps and build a strong foundation for their financial well-being. By upholding these responsible lending practices, we aim to provide a trustworthy and supportive borrowing experience for our customers.

TechGraph: How does KreditBee use technology to streamline the loan application process and provide a seamless experience for its customers?

Karthikeyan K: At KreditBee, we leverage technology to streamline the loan application process and provide our customers with a seamless borrowing experience. We have invested in advanced digital tools and platforms to make the entire process efficient and user-friendly.

Firstly, we have developed a user-friendly mobile app that enables customers to apply for loans conveniently from the comfort of their homes. Through our app, customers can easily access the loan application form and complete it in a few simple steps.

Additionally, we utilize advanced algorithms and machine learning techniques for credit assessment and underwriting. This allows us to assess borrower creditworthiness quickly and accurately, enabling faster loan approvals. By leveraging technology, we reduce manual processes and significantly shorten the time customers receive loan decisions.

By combining technology, automation, and data analytics, we aim to provide a seamless borrowing experience for our customers. We continually strive to enhance our digital platforms and optimize our processes to ensure a smooth and efficient loan application journey.

TechGraph: How do you see the instant loan market evolving in the next few years, and what role do you see KreditBee playing in shaping the industry?

Karthikeyan K: I believe that the instant loan market is heading towards further digitization and advanced technology integration. This means that lenders will increasingly leverage artificial intelligence, machine learning, and data analytics for credit assessment, underwriting, and loan disbursal processes. Online platforms and mobile apps will play a more prominent role in facilitating instant loan applications and approvals, providing a convenient and efficient borrowing experience for customers.

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Collaboration between fintech companies and traditional financial institutions, such as banks and NBFCs, is also expected to increase. These partnerships and alliances can combine the agility and innovation of fintech players with the regulatory experience and customer reach of traditional institutions resulting in improved access to instant loans for a wider customer base.

As the instant loan market expands, it is expected that regulatory scrutiny and consumer protection measures will intensify. Regulatory authorities may introduce stricter guidelines to ensure responsible lending practices, transparency, and fair treatment of borrowers. This will create a more secure and regulated environment for individuals seeking instant loans.

TechGraph: In light of recent regulatory changes in the instant loan market, how is KreditBee adapting its business practices to comply with these regulations and protect its customers’ interests?

Karthikeyan K: At KreditBee, we are committed to adapting business practices that comply with all regulations and protect our customer’s interests. Regulatory compliance is a top priority for us and we ensure that our operations, processes, and policies align with updated requirements. If necessary, we make the necessary changes to our internal systems, documentation, and operational procedures to maintain compliance.

Responsible lending practices are deeply ingrained in our approach. We conduct thorough credit assessments to evaluate borrowers’ repayment capacity. By carefully considering various factors, such as income, employment stability, and existing debts, we ensure suitable loan amounts and terms. Our aim is to prevent borrowers from taking on excessive debt that they may struggle to repay.

Data protection and security are of utmost importance to us. We continuously enhance our data protection and security measures to safeguard our customers’ personal and financial information. We implement robust cybersecurity measures and ensure compliance with relevant data protection regulations to maintain our customers’ privacy and security.

By adapting our business practices in these ways, we strive to comply with regulations, protect our customer’s interests, and provide a trustworthy and secure borrowing experience at KreditBee.

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COP28 UAE: SANY Promotes Green Manufacturing Transformation, Takes Concrete Action to Tackle Climate Challenges

CHANGSHA, China, Nov. 23, 2023 /PRNewswire/ -- SANY Group, ("SANY"), a globally leading enterprise of the high-end equipment manufacturing industry, is accentuating advancing sustainable development and the green manufacturing transformation of the heavy machinery industry, ahead of the COP28 UAE, that is set to take place from November 30 to December 12 in Dubai. The theme of the 13-day program this year is "Actionism," calling for people to rise to meet the climate change challenges.

The COP28 will center on four major paradigm shifts – namely accelerating the transition from fossil fuels, agreeing on climate finance shifts, emphasizing the role of people and nature in climate action, and ensuring the summit is an inclusive event that women, indigenous people, local communities, youth, countries and more can all be a part of.

SANY is responding actively and positively to the summit's agenda with concrete actions to promote the transformation of green manufacturing, bringing sustainable solutions to the industries of mining, construction, wind power, and more.

Taking green actions to build a sustainable future

SANY is vigorously expanding the use of green energy (renewables such as solar and wind) in production processes to reduce the reliance on traditional energy sources, lower carbon emissions, and support climate change actions. It has adopted multiple initiatives, especially in accelerating the R&D and application of wind energy, hydrogen, and electrification solutions, and achieved significant results.

SANY's subsidiary SANY Renewable Energy has been investing in and constructing wind farms to boost the proportion of wind power in the energy structure, through intelligent upgrades in manufacturing and creating intelligent workshops. By doing this, SANY Renewable Energy has reduced the overall unit energy consumption and carbon emissions by 15 percent compared to pre-upgrade.

In 2022, SANY has added more than 3,000 energy metering connections. SANY built China's first intelligent mixing station park and invested 3.22 million yuan in photovoltaic construction that will produce 900,000 kWh of power annually. The park will cut 887 tons of carbon emission, 242 tons of dust emissions, 26.7 tons of sulfide, and 13.4 tons of nitric oxide to achieve synergetic development of intelligent manufacturing and environmental conservation.

A total of 11 subsidiaries of SANY have installed photovoltaic power generation equipment, with clean energy usage amounting to 16.013 million kWh.

SANY is actively engaged in the R&D of hydrogen fuel cell technology to improve battery efficiency, reduce cost, and boost the production and storage capabilities, while expanding the applications of hydrogen energy.

Innovation-driven climate action tackles industry bottlenecks

Through establishing a green supply chain, SANY adopts renewable materials and environmentally friendly technologies to reduce resource waste and improve the sustainability of the supply chain.

SANY continues to improve the long-term mechanism for pollution prevention and control, strengthen the control of waste emissions including water, gas, and other hazardous substances, and be cautious of business and operation actions that could damage the ecological environment. In 2022, the group's wastewater and gas emissions met the standard rate of 100 percent, with a 100 percent compliance rate for hazardous waste disposal.

The group is also pushing for using environment-friendly materials to minimize pollution, so that the carbon reduction throughout the product life cycle also includes materials. In 2022, its VOCs emission density was 0.0011 tons per million revenue, a 39.71 percent reduction from the base year.

Meanwhile, the continuous upgrade of production techniques and processes, promotion of energy conservation technologies, and advancement of low-carbon technology development are not only playing key roles in improving production efficiency, but also reducing carbon footprint and aims to reach the "dual-carbon" goals.

Calling for the public's participation

SANY has been carrying out training programs and campaigns centered on environmental protection for employees, while further raising community engagement in terms of green, low-carbon, community-friendly, and educational innovation agendas. In 2022, the company employees completed 687.4 hours of volunteer work, and SANY invested 9.75 million yuan in the year to support 15 public welfare projects.

SANY Construction Industry is leading the green technology application in urban infrastructure construction to accelerate the sustainable development of cities and building intelligent cities, green transportation systems, and energy-conserving architectures to reduce energy consumption, improving urban environment quality and people's livelihoods.

In terms of biodiversity and sustainable development, SANY emphasizes the conservation of soil, ocean, crops, and animals to create a better future, and advocates a circular economy to decrease the waste of resources.

In the context of increasingly severe issues of global climate change, SANY, as a leader in the green industry, is committed to promoting sustainable development and actively joining global efforts to address climate change through comprehensive initiatives such as green supply chains, green energy, and carbon emission reduction.

For more information about SANY Group, please visit www.sanyglobal.com or follow us on Facebook or YouTube.

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