RightProfile™

What makes your solution innovative?

Unique Value Propositions of RightProfile™: 

1. Inventive customer profiling and loan underwriting tool: RightProfile™ gives decision intelligence to lenders through data acquisition and evaluation based on their income, geographic location, family structure, and loan feasibility strength.
2. RightProfile™ leverages alternative data to support the informal sector: The platform leverages domain experience and data to bring together industry-specific templates and credit assessment algorithms, segmented by income type and nature of business. 
3. Leverages Machine Learning (ML) and Artificial Intelligence (AI): To further simplify the loan application, providing lenders with an exhaustive report outlining loan recommendations and risk profiles instead of a singular credit score which is often based on a subjective assessment of risk. The platform leverages AI, ML, statistics, specialized programming, and advanced analytics to uncover actionable insights and provide intelligence to lenders based on multiple parameters. Examples:-
   1. Predictive Income modeling
   2. Predictive Default modeling
   3. Image recognition
   4. Geolocation Capture and Location Intelligence
4. Fuelled by domain expertise: Tailored specifically for the credit invisible, RightProfile™ addresses nuances with a unique data capture methodology. It automates the borrowing process while digitizing data in a uniform manner.
5. RightProfile™ is customizable and can align with specific lender policies: The tool can be customized to meet lending institutions’ specific requirements and absolutely align with lender policies without having to undergo major changes at the organizational level.

What are your impact goals for the next year and the next five years, and how will you achieve them?

Vision

In the next five years, RightProfile endeavors to expand access to the credit-invisible, new to credit, informal sector customers in the markets of:

1. Asia
2. Sub-Saharan Africa
3. Latin America

By 2030, UN-Habitat estimates that 3 billion people, about 40 percent of the world’s population, will need access to adequate housing. This translates into a demand for 96,000 new affordable and accessible housing units every day. Additionally, an estimated 100 million people worldwide are homeless and one in four people live in harmful conditions that to their health, safety and prosperity.

These are the individuals we want to RightProfile, expand access to and help move them into their own homes. 

RightProfile is aligned with 6 Sustainable Development Goals:

• No Poverty
• Gender Equality
• Decent Work and Economic Growth
• Industry, Innovation, and Infrastructure
• Reduced Inequalities
• Sustainable Cities and Communities

Which of the UN Sustainable Development Goals does your solution address?

• 1. No Poverty
• 5. Gender Equality
• 8. Decent Work and Economic Growth
• 9. Industry, Innovation, and Infrastructure
• 10. Reduced Inequalities
• 11. Sustainable Cities and Communities

How are you measuring your progress toward your impact goals?

RightProfile™ Progress Indicators
1. Rationale
2. Impact with RightProfile™
3. Figures Indicating access expanded

1. Rationale

The total number of RightProfile™ generated.

• Prior to RightProfile™

A large portion of the informal underserved applicants were systemically excluded due to poor of understanding of customer business and a lack of documentation

• Impact with RightProfile™

Significant percentage increase in financial inclusion of the underserved helping lenders expand access to this unique customer segment.

2. Rationale

Intelligent Underwriting and Decisioning progress
Equipping lender loan officers with the right questions to access the credit-invisible and underserved

Prior to RightProfile™

Completely Absent.

Data collection ad hoc and manually driven by the loan officer

Impact with RightProfile™

RightProfile™ User Interface provides pre-templated curated questions for the underbanked customer with specific Trade questions as well.

3. Rationale

Intelligent standard loan decisioning

The decision is completely driven by the loan officer and is a function of his/her training.

Prior to RightProfile™
Absence of standardization and/or a scientific approach.

Impact with RightProfile™

RightProfile provides a loan decisioning output as well as a customer profile number from 1 to 10 which indicates where the customer stands on a loan repayment risk scale.

4. Rationale
Turnaround time reduce substantially. Eg – Decisioning time 25 days to 3 days)
Reduce multiple handovers and fatigue. Standardized customer assessment outputs - Lender

Prior to RightProfile™

Absent. Currently Captured in various modes. This caused inefficiency and errors.

1. Handwritten notes
2. Word/ Excel documents

Impact with RightProfile™
RightProfile™ report is a digital standardized output generated for each and every customer which provides a decisioning insight along with multiple other intelligent outputs.

5. Rationale
Increase efficiency & Productivity for the underwriter & Quantification of the Portfolio.

Prior to RightProfile™
Absent. Complete absence of standardized customer profiling

Impact with RightProfile™

Granular customer profiling leads to exhaustive portfolio assessment.

6. Rationale

Live Portfolio Dashboards and Insights

Prior to RightProfile™
Absent. Given that data points are collected manually and are not digitized, there is no feed for intelligent analytics.

Impact with RightProfile™
RightProfile™ dashboards are available in real-time to interested stakeholders and can be customized and can be drilled down to any granularity required.

What is your theory of change?

Generic & long-term challenges addressed by RightProfile

Impact Indicators of RightProfile™

• Objective

Empowers lenders to lend to the unbanked, low-income and credit-invisible individuals in an informal cash economy, by expanding their access to financial services.

• Challenges

Address the issues caused by legacy conventional underwriting processes and mitigates financial exclusion of the underbanked/underserved segment. By giving a significant sector of society access to potential sources of end-user finance, RightProfile is assisting in the creation of a source of unlocked affordable housing demand.

• Mission

1. Expand Financial Access for the underserved customer.

Automate and add intelligence to the borrowing process through RightProfile™ and consistently highlight the significant, immediate productivity gain in automating manual, person-driven legacy underwriting approaches.

2. Short-Term Process Challenges Addressed

RightProfile's proprietary User Interface enables lenders to capture critical, scalable, forward-looking, quantifiable data points specific to the underserved customer segment.

These data points are then converted by our AI machine-learning models into usable lending insights. 

Customer data is unorganized and therefore lenders are currently unable to identify unique customer characteristics and behavior patterns. 

RightProfile addresses the following challenges below in the short-term resulting in increased efficiencies, productivity and lesser cost of customer acquisition at the same time while expanding access and creating robust portfolios:

• The Current manual underwriting process involves capturing customer data points in Excel spreadsheets and as open remarks in Loan Origination Systems.
• Data and financial entry are therefore time-consuming and lack uniformity
• Data entered into the Excel spreadsheet is re-entered directly into Altum Credo’s core systems, doubling effort and creating duplicate records of the same data
• From a storage, lineage, retrieval, and portfolio insight perspective, this method has serious flaws. 
• Back and forth with the borrower for required data points/information as required by seniors.

Describe the core technology that powers your solution.

RightProfile™ UX

An Angularjs app that represents the UI for the PD and credit person. This app is being used to input the required data used for profiling

RightProfile™ core/services

This component represents the Rest API microservices for profiling generating reports and notification

RightProfile™ Scheduler

This component represents a scheduling engine that starts the job of profiling and report generation activities.

RightProfile™ Profiler

This component represents the Profiling engine. This takes the application and runs the rules around it to determine deviations and generated the score.

RightProfile™ Report

This component represents the reporting engine. The tool generates the pdf using Phantomjs.

RightProfile™: Income Estimator Model

Since many applicants do not have the necessary documents to verify income. It is crucial to ensure that that income is not overstated by the applicant to get higher loan eligibility. Hence we created an income estimator model.

Income estimator AI model that effectively captures and analyzes customers' data corresponding to several features in the loan application. Then predicts the income of the applicant using those data points.

Data fields used to train ML model: 32 columns (Around 44,000 data points across 14 states/regions in India). Takes Industry, financial and business-level input data. 

RightProfile™: Default Estimator Model

Objective: To develop a dynamic affordable home loan management system that adjusts the interest rates, credit limits, or recovery actions for borrowers based on their credit history and loan performance, with the objective of maximizing the total revenue collected by the financial institution while minimizing the risk of default and financial inclusion.

RightProfile™: Computer Vision Model and Geotagging

RightProfile has inbuilt features to capture the geolocation and address of a given location. This is important to authenticate the business or employer premise of the borrower applicant and accurately assess the business potential. 

Our computer vision model essentially helps to detect revenue-generating equipment and items in any given image. To evaluate the business potential and revenue-generating ability of the business. 

Which of the following categories best describes your solution?

A new technology

How do you know that this technology works?

Covered by RightProfile™:Case Study

The following is a case study illustrating the On-Boarding Process and underwriting of an Informal Home Loan Customer in India.

*Informal refers to the underbanked/unbanked

Personal Discussion Stages

1. Potential customer met at the place of Business / Employer.
2. Lender resource initiates questions, questions are administered ad hoc, and responses are captured and handwritten in a notebook.
3. The Lender sales resource then proceeds to the office at the end of the day / next day and inputs this data into an Excel file.

Observations

• Data was collected in an unstructured manner. They do not adhere to a standard format.
• Data points captured manually on paper during Personal Discussion are not completely reflected in the Excel output. Refer to the Data Capture Comparison table for more details.
• Critical data fields are not asked for. Data in a non-digitized format is almost impossible to use for predictive analysis.

In our visit to Nairobi in the month of April 2023. Our observation was that the process was similar to the legacy process being followed in India.

RightProfile™ Vs Legacy Manual Process

What separates RightProfile™ proprietary User Interface from other Loan Origination Systems is that our proprietary User Interface asks for critical standardized customer data points that Lender Excel documents (CAMs) were unable to capture.

The following are the parameters considered: -

• Input Data Parameter
• Lender Systems
• RightProfile™

1. Current Residence (in yrs)

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

2. Distance from Workplace

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

3. EMI Payment mode

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

4. Employment Type (Temp/Permanent)

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

5. Digital Adoption

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

6. Use of Internet for Business / Record Keeping

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

 The following are the parameters considered: -

• Input Data Parameter
• Lender Systems
• RightProfile™

1. Tailored questions for business profiles

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

2. Daily Working Hours /Working days in a Week

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

3. Business seasonality (Peak Business Months)

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

4. Business Premise Structure

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

5. Household Expenses breakdown

Not Covered by Lender Systems: X

Covered by RightProfile™: Yes

Table II & III. Several important data points were missing in the Excel document

Please select the technologies currently used in your solution:

• Artificial Intelligence / Machine Learning
• Big Data
• Imaging and Sensor Technology
• Software and Mobile Applications

If your solution has a website or an app, provide the links here:

Website: (http://www.syntellect.co.in/). YouTube: https://www.youtube.com/watch?v=ckCU9zAbVJE

In which countries do you currently operate?

• India
• Kenya

In which countries will you be operating within the next year?

• Kenya
• Mexico

What type of organization is your solution team?

For-profit, including B-Corp or similar models

How many people work on your solution team?

Full time - 13, Part time - 3

How long have you been working on your solution?

5 years

What is your approach to incorporating diversity, equity, and inclusivity into your work?

RightProfile™’s Commitment to Diversity and Inclusion spirit is reflected in our workspace.

The genesis of RightProfile™ was the acute lack of understanding of entrepreneurs in the industry especially the ones with smaller enterprises within the financial institutions, the entire loan-seeking process for them was unpleasant. They were almost all shunted and isolated from financial credit. This led to the creation of Syntellect. The company’s mission is to reimagine and redefine credit assessment for financial inclusion for those who are new to banking, credit, and dark data informal sector customers using its flagship product RightProfile™. The tool assists lender loan officers through every decision and minimizes the scope of human error and misjudgment. The proprietary algorithm performs advanced intelligent credit analysis based on the customer segment.

Founder and CEO – a female entrepreneur with grit and determination

Established mortgage strategist, business enabler, and executor with over 20 years of experience in enabling the business to succeed.

Built an Impact Financial Technology Company that works closely with lenders to underwrite and accurately rationalize risk for customers who are new to banking and new to credit.

Expert in aligning lending processes across diverse and complex business environments including start-ups, high growth, and downturn.

Adept at cross-functional change management in lending organizations, Digital Underwriting transformation projects, Lending Acceptance Infrastructure: Product, policy creation, process re-engineering, operational risk, and compliance reviews.

Built credibility with executives and stakeholders by providing sound guidance and insights on executive change.

Generational representation right from Baby Boomers, Generation X, and Millennials to Generation Z

Product Manager

Founding team member at Syntellect, an expert in cross-functional management skills and ability to work in a start-up impact environment. Digital underwriting transformation projects, identifying gaps in lending processes, process re-engineering, secretarial compliance, budgeting, and cash flow management.

Technology Program Manager  

Established technology architect with over 25 years of experience a in a wide variety of roles, spanning technology strategy formulation & execution, sales & business development, product management, and software engineering.

Specialized in the creation of software products with an extensive number of implementations, in rapid translation of IT strategy, the execution of business strategy, intelligence, and data. Has been responsible for cross-functional teams and for delivering on complex large-scale technology-enabled transformations. Coaching agile teams to create robust software architecture and ensure delivery of high-quality software products.

Data Scientists and Business Analyst

Data Science at Syntellect brings organizations from a disorganized industry and analyzes and infers non-traditional data sources to widen financial inclusion and support those that are unbanked and new to credit in securing stability. Organizing location/financial/other unstructured data and building statistical tools to support alternative lending decisions. This ranges from predictive modeling to assess risk to creating pipelines to represent the results in a meaningful manner.

What is your business model?

Business Model:

Our flagship product RightProfileTM is offered as a non-exclusive, licensed product, allowing for low acquisition costs.

The product is initially deployed as a Pilot covering a smaller no. of offerings and locations of the client. This helps to train the Machine Learning models on the client’s data sets and customize our recommendations accordingly. The feedback from the Pilot is then integrated into the Full Rollout across all of the client’s locations.

The pricing for this product involves two major costs:

• One-time Capex Cost: This is an upfront cost charged for customization, integration, and deployment of the product, according to the clients’ different offerings, geographies, and lending policies.
• Monthly Recurring Cost: Upon deployment, a per-report license fee (subject to a monthly minimum) is charged from the client to cover the various technology and maintenance costs involved in the day-to-day operation of the product. This cost is applicable for both Pilot and Full Rollout. 

Do you primarily provide products or services directly to individuals, to other organizations, or to the government?

What is your plan for becoming financially sustainable?

Financial Sustainability

In the short term, we are looking for Series A fundraising to the tune of USD 3 Mn to USD 5 Mn. This funding will be purely for capacity building and for the improvement and enhancement of the product.

Also, we have a huge Total Addressable Market. Given the market viability for this product and given its location and use of agnostic capabilities, we are confident of establishing a wide customer base across different geographies. Given that our product comes with monthly recurring license fees, we feel that this will help us fund our operational expenses and help us achieve financial sustainability in the long run. 

Share some examples of how your plan to achieve financial sustainability has been successful so far.

Our markets are Asia, Sub-Saharan Africa and Latin America, we are majorly targeting developing and underdeveloped markets across Africa and Latin America. We feel that our product will have widespread applicability across these geographies. We have different pricing structures for the home market and international market. The table below outlines our pricing structure:

Parameter

1. Capex Cost for Pilot

India: USD 4,871

International Market: USD 73,064

2. Capex Cost for Full Rollout

India: USD 79,152

International Market: USD 1,82,660

3. Min Monthly Charges (Both Pilot and Full Rollout)

India: USD 487

International Market: USD 2,435

4. Per Report Charges (Both Pilot and Full Rollout)

India: USD 1 to USD 3

International Market: USD 1 to USD 3