The service is the collateral, with Neel Juriasingani (Datacultr)
How to Lend Money to Strangers
Brendan le Grange
4.9 • 43 Ratings
🗓️ 15 September 2022
⏱️ 32 minutes
🧾️ Download transcript
Summary
"It was, at that time, a very crazy idea", Neel Juriasingani tells me. "A lot of people still look at us as those crazy guys. But coming from that tech mindset, we were forced to think about how tech could be built to solve these challenges".
Over the last decade or so, lenders have invested a lot of time and money to turn the smartphone into an optimised account acquisition tool - you want to be where your customer is, after all. But the fact that their smartphones are where your customers are at, means we could be using them for far more than data transfer. And maybe we just needed someone from the Telco industry to open our eyes to that.
Neel and his team at Datacultr have optimised the smartphone as a contact tool, even when they're outside of network range, to create as many opportunities to engage with a customer as possible, and in a language that they understand. They're even able to turn phone service into virtual collateral if that's what's needed to secure a loan for the most underserved and underbanked populations.
More on Datacultr can be found at https://datacultr.com/ (or find their Fintech50 recognition at https://www.inclusivefintech50.com/2021-cohort)
If you'd like to learn more about their model, or if you'd like to maximise the risk-reduction potential of your customers' smartphones, Neel can be reached for discussions via neel@datacultr.com.
You can learn more about myself, Brendan le Grange, on my LinkedIn page (feel free to connect), my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24
If you have any feedback or questions, if you would like to participate in the show, or if you'd like to find full written transcripts with timestamps head on over to HowtoLendMoneytoStrangers.Show
Regards,
Brendan
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Hi, this is Alex on M from Shadadjali.com that podcast and we are currently sponsored by |
| 0:04.7 | NetWest Business Banking. Whatever stage your business is at, whether it's still an idea or |
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| 0:27.1 | invoices tax obligations the lot. Search NetWest backing business and get started with |
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| 0:37.4 | specific account eligibility apply. Some mental services may encourage charge, some services are |
| 0:42.5 | only available to NetWest customers. So understand the behaviour and how these first |
| 0:49.4 | and foremost reacts to different messaging. The formats, the messaging, time of day, day of |
| 0:55.0 | week, when should we remind you what is the best time to send your reminder? Is it one day prior |
| 0:59.5 | to the due date or is it three days before that and then device and develop a complete strategy |
| 1:06.4 | around customer engagement. So segment, the customer and build optimized life cycles for these |
| 1:13.2 | micro segments and all that is to ensure that these people understand their loans, make their |
| 1:19.5 | payments on time. There shouldn't be any instance where we have to limit the access to the device. |
| 1:27.2 | Hence how do we use AI and ML so that the link to these people don't miss their things? |
| 1:38.5 | In the weeks leading up to this episode, BMW was in the news for all the wrong reasons. |
| 1:44.4 | They had just announced their subscription service for heated seats and the public weren't taking |
| 1:51.3 | it well. But it did get me thinking, in a world where your car could go online and check whether |
| 1:57.3 | you were allowed to turn on your seat heaters, what would happen if a consumer defaulted on their |
| 2:02.9 | auto loan? Could the bank send a message telling the car to turn itself off and refuse to drive |
... |
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