MUMBAI, India, May 31, 2023 /PRNewswire/ -- Perfios, the leading data and decisioning solution provider in India, proudly announces its recent accolades at the prestigious SamvAAd, a Sahamati event, for its outstanding implementation of two innovative use cases of Account Aggregator (AA) in the lending domain.
Perfios was recognized for being a Technology service provider (TSP) for FIP/FIU modules to implement 'Cashflow based business loans with AA' for Axis Bank and 'Short-term digital loans with AA' for HDFC Bank, showcasing the company's commitment to revolutionizing financial institutions' lending processes.
This year's SamvAAd-2023, the first-ever annual conference for the Account Aggregator ecosystem, was successfully conducted by Sahamati, an Alliance for the Account Aggregator Ecosystem. Over 900 delegates came from a range of sectors, including banking, mutual funds, insurance, microfinance, and fintech, for the one-day event.
With its unwavering focus on providing cutting-edge solutions, Perfios has demonstrated its expertise and garnered appreciation from the industry for these two remarkable use cases. Today, Perfios is India's largest TSP for FIPs /FIUs with 70% of success rate across all AAs on its platform.
The first awarded use case, 'Cash flow based business loans with AA,' Perfios by analyzing the cash flow patterns, enabled Axis Bank to make data-driven lending decisions, resulting in more accurate risk assessment and enhanced customer experiences leveraging on Anumati, a regulated AA.
The implementation of this use case has brought significant efficiencies to Axis Bank's lending processes, ensuring quicker loan approvals and improved credit access for businesses.
The second award-winning use case, 'Short-term digital loans with AA,' was implemented in partnership with HDFC Bank, one of India's largest private sector banks. Perfios along with Anumati leveraged Account Aggregation capabilities to enable HDFC Bank to offer seamless and instant short-term digital loans to its customers.
By securely accessing and analyzing real-time financial data, Perfios empowered HDFC Bank to assess credit-worthiness rapidly and provide customized loan offers. This use case has not only streamlined the loan application process but has also expanded financial inclusion by making digital loans more accessible to a wider range of customers.
Mr. Vinay Sathyanarayana, VP - Products, Perfios, delivered an insightful keynote session on 'Building the data pipeline. To fuel finance' at SamvAAd 2023. The session shed light on the evolution of data, reasons to invest in the Account Aggregator framework, and much more.
Account Aggregation has emerged as a game-changing technology in the financial industry, allowing institutions to securely access and analyze customers' financial data from multiple sources. By harnessing this technology, Perfios has empowered banks to gain a holistic understanding of their customers' financial positions, resulting in more informed lending decisions, reduced risk exposure, and improved customer satisfaction.
Commenting on the awards, Mr. Vinay Sathyanarayana, VP - Products, Perfios, said, "We are thrilled to be recognized for our contributions in leveraging Account Aggregation technology to transform lending processes. These awards reinforce our commitment to innovation and excellence in the financial technology space. We extend our gratitude to Axis Bank and HDFC Bank for their partnership and trust in Perfios."
Perfios continues to push boundaries and collaborate with leading financial institutions to unlock the full potential of Account Aggregation technology. With its robust data and decisioning solutions, Perfios is revolutionizing lending processes, enabling faster loan approvals, and adding more use cases such as collections, monitoring, etc. driving financial inclusion in India.
Perfios is India's leading SaaS-based company that specializes in extracting, categorizing, and analyzing thousands of data types in real-time, helping financial institutions make real-time lending decisions by complying with privacy and compliance requirements.
Going beyond being just a data aggregation and analytics company, Perfios has skillfully aligned its decade's worth of experience and expertise to successfully develop multiple product lines powered by its in-house state-of-the-art AI/ML based data engines.
The company has extensive experience in data management and has leveraged this expertise to develop an InsurTech suite of solutions that cater to the Indian market.
For more information about Perfios and its innovative solutions, please write to us at firstname.lastname@example.org
Phone Number: +91 9819802177
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