Mumbai, 21st March, 2023: Shriram Housing Finance, a leading affordable housing finance company, has been awarded the Best Data Analytics Initiative of the Year award at the 2nd Annual NBFC and FinTech Excellence Awards-2023, organized by Quantic. The ceremony was held at Hotel Holiday Inn in Mumbai, India, on xx March, 2023.
The award recognizes Shriram Housing Finance's exceptional ability to leverage data analytics to enhance its lending processes and provide better services for its customers. The company's innovative initiative, the Bounce Estimator Tool (BET) – A Prediction Model – Risk Tool, was highly appreciated by the judges.
BET is a proprietary tool developed by Shriram Housing Finance that uses advanced data analytics and machine learning algorithms to predict the probability of loan defaults. The tool analyzes various parameters such as borrower's credit score, income, employment status, and past repayment behavior, to generate a risk score for each loan application. Based on the risk score, the company can make informed decisions about loan approvals, interest rates, and repayment terms.
Speaking on the occasion, Mr. Ravi Subramanian, MD & CEO, Shriram Housing Finance said, "We are delighted to receive this award for our data analytics initiative. At Shriram Housing Finance, we always strive to provide the best-in-class services to our customers, and data analytics plays a critical role in achieving this goal. BET is an excellent example of our ability to leverage technology for improving our lending processes and reducing risks. We would continue to invest in technology to enhance our digital and analytical capabilities."
The 2nd Annual NBFC and FinTech Excellence Awards-2023, organized by Quantic, is a prestigious event that recognizes the outstanding achievements of companies in the non-banking financial sector and the fintech industry. The event brings together industry experts, leaders, and influencers to celebrate excellence and share insights on emerging trends and opportunities.
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