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CREDmitra Innovations Private Limited

CREDmitra Innovations Private Limited

Altering the lending industry like never before…

Technological disruption in the lending space has been waiting to happen for a while now. The players in the industry have been working on antiquated software and processes for far too long. It is now high time, Banks &  Financial Institutions find innovative ways to increase the ambit of financial inclusion across the country. To ensure over 1.5 Billion Indians have access to credit, use of technology to develop the right kind of tools is critical. This is where CREDmitra steps in.

CREDmitra has developed pathbreaking solutions to bring in efficiencies and scale to the credit industry. To get to know more about the Company and its innovative service portfolio, we sat down for an informal conversation with the Founders of CREDmitra- Samved Bhardwaj and Ashish Jacob.

Both of them articulated for us various aspects of the AI & Data powered SaaS platform they have set up while also sheding light on the nuances of their exemplary leadership styles.

A preface
CREDmitra specializes in developing tools that will help Lenders manage the loan through its life, very effectively. A loan has multiple stages right from customer onboarding, assessment, disbursal, monitoring until final repayment. CREDmitra offers tools to enhance efficiency across all stages. Having all modules built as one intergrated solution helps Lenders slice & dice usage based on their specific requirements.

The Company has leveraged cutting-edge technologies to develop algorithms to provide valuable insights into borrower behaviour, predicting the probability of default through risk modeling, ensuring their clients can enhance their productivity and bottom line. Their competitive priced solutions bundled as a Saas platform is easy to integrate and has been creating a huge impact amongst the players in the lending business.

Mission statement
CREDmitra’s mission is to develop super-intelligent, data-driven solutions to improve efficiency, reduce costs and provide tools to enable the Financial Institutions scale easily. Thus, enhancing the overall customer experience by reducing turnaround time and ensuring access to credit is made seamless. The competitive Pay-as-you-use pricing model with no upfront or annual charges followed by the company makes CREDmitra’s solutions extremely affordable & accessible to its clients.

“Financial Institutions can optimize effort and costs in every stage of the loan process and get ready to scale effortlessly with CREDmitra solutions. We aspire to be the ultimate tech enabler for providing access to credit to over 1.5 Billion Indians along with making Indian banks zero NPA,” asserts the duo of leaders. For the duo, being mission-centric has been instrumental in keeping themselves motivated .

In addition to the mission of enabling financial inclusion through the use of technology, the founding team also recognises their contribution to the larger picture of and they strive to remain focussed to ensure they last the entire journey. As the legendary football manager, Arsene Wenger, once said – “You can come second in life, you can’t always win, but you can never come second to your values,” added Ashish & Samved.

Aligning people toward a common goal
When the leadership is asked to reveal their respective strategies to bring people together to move in direction of the common objective, they provided us with a few pointers-

  • Hire people with merit. Invest in building a strong team.
  • Lead from the front and set the right example for people to follow. Encourage the team to build a sense of ownership towards the Company.
  • Empathize with people’s problems and help them in their difficult times. Create a culture that values relationships, be it internally or with clients & vendors.
  • Invest in employees to become leaders, take ownership & work independently, while being strong team players.

Inspiring cultural principles
The CREDmitra team strongly believes that what they are working towards is much greater than all of them put together. What they build here as a team will live on even after they are done and will continue to benefit the lending business and the financial industry in the long run. Hence, it is critical for them to be true to themselves and the tasks in hand. Needless to mention, integrity is an indispensable part of their culture. A compassionate approach towards all stakeholders – team mates, vendors, clients and forging strong relationships has been helping them scale and has been a key driver of their success.

Ashish & Samved are also strong believers of work-life balance. “ While we believe in giving our 100% to our work, we also strongly believe we should give sufficient time to your loved ones and passions. You won’t give the desired output if you are not happy in your life outside of work,” asserted the co-founders.

Perception of innovation
Innovation is critical to CREDmitra’s business model. Their team comprises highly innovative people across different roles who are always on the lookout for identifying problems at scale which can be solved by building technologies as part of our tech suite.

Their strategy has been to stay in touch with the on-ground reality of the business and follow a continuous feedback loop to keep up to date with the problems of our existing customers and employees of Banks & FIs. Their agile and modular approach has given them the flexibility to easily iterate solutions, giving their customers the flexibility to slice and dice their existing solutions and leverage it to their maximum benefit.

The CREDmitra team thrives on innovation and the Founders are very clear that the company owes its existence to innovation and hence is the only constant for them.

Tech-enablement
Technology is their forte and to be in sync with the latest upgrades in the market, the leadership team brainstorms for hours to ensure they are leveraging technological advancements to develop best-in-class solutions for the lending business. . In this, the core tech team keeps a good track of the new-fangled tech- advancements to add value in the form of effective tech-based solutions.

“The times are not too far when 100% paperless loans will be available at doorsteps, at kiosks, and through other channels not just for the tech-savvy, but for the entire population. We can bridge this class divide by empowering lenders through our solutions. By harnessing the power of technology, we are adamant about providing matchless solutions to our esteemed clientele across the globe,” reveals the duo. Technology is their forte and to be in sync with the latest upgrades in the market, the leadership team brainstorms for hours to ensure they are leveraging technological advancements to develop best-in-class solutions for the lending business.

In this, the core tech team keeps a good track of the new-fangled tech- advancements to add value in the form of effective techbased solutions. “The times are not too far when 100% paperless loans will be available at doorsteps, at kiosks and through other channels not just for the tech-savvy, but for the entire population. We can bridge this class divide by empowering lenders through our solutions. By harnessing the power of technology, we are adamant about providing matchless solutions to our esteemed clientele across the globe,” reveals the duo.

A democratic leadership: commendable enough!
Moving ahead with the discussion, the duo continued by asserting the democratic leadership that thrives in the company. But at the same time, they are also aware of where to draw a line to maintain the balance in the organization. Undeniably, the men at the helm have nurtured the company with resounding success and are looking forward to achieving many more milestones as they grow the business. Both the leaders strongly complement each other in their leadership styles and stand tall as inspirations to the team.

What do they take pride in?
More than any award or accolade, team CREDMitra is extremely delighted to see the company catering an effective service portfolio to the targeted market. Designing solutions to fix the customer pain points, they have grabbed eyeballs across the industry. Witnessing their client banks being rewarded with accolades for excellence has been a testimonial to the fact that they are addressing the right issues with their solutions.

CREDmitra is excited about its futuristic vision, where it foresees multiple solutions being launched in the near future.. Apart from developing specific solutions to enhance the lending process, the team is also continuously experimenting with Web3 and other similar technologies to assess the synergies with their solutions, to ensure they can enable their client partners to always stay on top of their game.

The corporate learning
In the words of the CEO of CREDmitra Innovations, Samved –

“You don’t need to be the person with the most knowledge about each and everything that you can come across.It is impossible to be a leader without knowing the what, how and who of delegation.

A leadership position requires you to be a good listener and a good observer. If you observe and listen carefully, you can delegate work to the right teams and empower them to take ownership of the tasks. You don’t need to be the most liked person because during work you will have to make difficult decisions. But it’s important to communicate very clearly and be approachable to your team members. Personally, I believe that a leader is nothing without his team. So, it is important to build the right core team around you and trust them to get the work done.”

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