- January 8, 2020
- Artificial Intelligence, Business, Technology
The financial lending process in Banks / NBFC can be a complex and challenging task, especially when it comes to detecting fraudulent transactions and identifying Non-Performing Assets (NPAs) caused by delinquency. These issues can cause significant financial losses and damage to banks and fintech companies. However, Account aggregators in DataMoo can simplify the process by analyzing financial data and identifying potential risks.
By providing basic information, such as the mobile number and bank statements, one can grant consent to the account aggregator to analyze the transaction history. This analysis can help resolve lending issues by providing an assessment of creditworthiness. Additionally, it can detect fraudulent transactions and identify Non-Performing Assets (NPAs) caused by delinquency.
Detecting Fraudulent Transactions:
The account aggregator can identify potential fraudulent activity by analyzing bank statements, upon granting consent from the user. The aggregator looks for discrepancies such as unusual amounts, multiple transactions from a single source, transactions from an unknown source, transactions on a public holiday, statements that do not tally, rounded values of tax, and adulterated statements. These discrepancies are flagged as potential fraudulent activity, providing an early warning system for the user to take appropriate action.
Identifying Non-Performing Assets (NPAs) caused by delinquency:
Non-Performing Assets (NPAs) are loans or advances that have stopped generating income for financial institutions due to default or delinquency. Identifying NPAs caused by delinquency can be challenging, especially when individuals have multiple loans and advances across various financial institutions. However, account aggregators in DataMoo can simplify the process by analyzing an individual’s transaction history across various financial institutions.
By analyzing an individual’s transaction history, account aggregators can identify loan repayments that have been delayed or defaulted, leading to potential NPAs caused by delinquency. This information can be used by financial institutions to take necessary actions to recover the loan amount and prevent further losses.
One of the most noteworthy features of account aggregators implemented by DataMoo is the use of the mobile number as an identity for accessing bank statements, creating opportunities for wealth management exposure. With statements held across various fund houses, the account aggregator generates 22 different analytics, including identifying discrepancies in transactions, detecting adulterated statements, and recognizing rounded values of tax, among others.
With the increasing adoption of account aggregators in India, it is only a matter of time before we see more financial institutions and service providers integrating them into their offerings, creating a more efficient and customer-centric financial ecosystem. If you haven’t already started using account aggregators, now is the time to explore the benefits and start simplifying your financial management. Connect with us for further details: reachus@datamoo.ai
