Tiger Challenge (Bangladesh-based Applicants)
Loan Booster - a multipoint credit risk analytics
Tagline
A digital platform to build creditworthiness for future loan seekers
Pitch us on your solution
As of 2017, we have a total number of 62 registered banks in Bangladesh. The loan processing for a potential customer is still done manually and sometimes takes a couple of months to decide by a financial institution. The customer is harassed and sometimes they have to bribe officials to process their loans.
We will provide a financial score between 300-900 points instantly for a potential credit seeker to qualify him/her for a future loan. Our software application will set these points based on a credit risk analysis model.
There are hundreds and thousands of people and small and medium businesses are seeking loans from financial institutions to improve their livings and businesses. Our solution will dramatically change the financial sector’s loan processing ability. They would be able to provide a loan decision within the minimal risk. This ability will change the overall social and economic picture of Bangladesh.
What is the problem you are solving?
According to the World Bank’s report, Bangladesh’s current GDP growth is at 7.9% in 2019. This growth can also be increased if our banks can increase their credit supports to the mass and small and medium business houses.
The affected population could be over 40% of the total population.
A general person still faces difficulty to apply for a loan because they know it will take months to get decision. The financial institutions also don’t have a centralized database or any system to make their decisions quicker.
When a financial institution receives an application package they don’t have all required financial and social or criminal history of an application. They have to depend on their human resources to identify the probable risk factors before issuing a loan. An application might have a high debt-to-income ratio, bad financial records or even have a criminal history. So the risk factors keep increases for financial institutions and many times turns into a bad loan supply for their customers.
Our solution will help financial institutions to improve their ability to process any loan applications much faster than before. Our point-based scoring will instantly give them a decision point to process any loans.
Who are you serving?
Our enterprise application will be available for any financial institutions. We will build a network among financial institutions to bridge the gap. We will make them understand the potential benefits of our application to process their future loan applications. Our enterprise module will create an API to supply the required information to process their applications.
Our user application module will be available for the general people to build their history of financial and social data. They will be able to monitor their financial scores at no-charges to maintain their creditworthiness for a future loan application. This will help to build a social and economic bridge among mass people and financial institutions to help to develop the nation.
What is your solution?
Our “Loan Builder” application will help to create a nationwide database for existing and future loan applicants based on these three points 1) collecting existing financial history 2) verifying their employment or business records and 3) collecting their legal and criminal backgrounds. We will verify the applicant’s data with our database.
A user would be able to input their personal data using our mobile application. Our AI-driven application will then analysis the potential credit risks and will provide a score to each applicant. The score point would vary from 300 to 900. The score point 300 is being poor to score 900 being the best. We would use our custom algorithm to score any applicants.
Our enterprise API would be available for any financial institutions to receive an applicant’s credit score. They will also receive a full history of financial, social and criminal records of an applicant. They will be able to make a quick decision based on these data. The loan processing would be faster and the customer waiting time for a credit application would be much lesser.
We will build our core backend application using Python with Restful API and we will use React Native for cross-platform mobile application development. We will use MySQL database.
Select only the most relevant.
Where our solution team is headquartered or located:
Khulna, BangladeshIn which sector would you categorize your solution?
Describe what makes your solution innovative.
There are international credit risk analysis companies available in abroad which help millions of loan applications to process their loans within a minute. We don’t have any software products or services available in Bangladesh for our mass people.
Our solution would an innovative and game changer in this domain. We would be able to make a national database for loan applicants who are desperately seeking cash to improve their livings. This application will potentially improve their lifestyle to facilitate their financial needs. There are hundreds and thousands of small and medium business owners who would be benefited to get quicker access for extra capitals.
Why do you expect your solution to address the problem?
We don’t have a similar product in the market that can centrally analysis credit risk factors of an applicant. The financial institution does not have a centralized repository to collect and verify applicant records to make a quick decision.
Our solution will gradually impact the mass people when they start using our application. This will help to reduce the harassment and complexity to get a financial loan from any banks. The financial institutions also would be able to improve their customer services. They would be able to help more people and business houses with their financial need. This will definitely improve the GDP of the nation. This will also help to increase the lifestyle of mass people and help them elevate from their poverty level.
Select the key characteristics of the population in Bangladesh your solution serves.
In which countries will you be operating within the next year?
How many people are you currently serving with your solution? How many will you be serving in one year? How about in five years?
Our project is in a concept stage and we have been working on its prototype for the last 2 months.
We have a plan to deliver this application with a year. We have a goal to enroll approximately a hundred thousand subscribers within the first year.
We have a target to enroll a million subscribers in the next five years.
What are your goals within the next year and within the next five years?
Our future goal is to release the software as a beta version with in the next 6-8 months. We want to release our official version within a year. We will then start marketing our products to the mass people and financial institutions. We will keep working on improving our application in following years.
Within the next 5 years, we have a plan to add a few more values added service into our application.
What are the barriers that currently exist for you to accomplish your goals for the next year and for the next five years?
We have only 3 engineers working on the prototype right now. We don't see ourselves to complete the core application within next year due to lack of technical and financial resources. Even after releasing a beta version we would require a marketing team to introduce our products in the market. We will surely face technical and financial barriers to meet our deadlines in the next one year.
We would need at least 20-30 employees to meet our technical, marketing and administrative requirement to enroll a hundred thousand customers in the following year.
To enroll approximately a million customers in next 5 years we need to increase our employee up to 50-60 people to cover all technical, marketing and administrative need.
How are you planning to overcome these barriers?
We will require more investments either from personal sources or taking seed money or bank loans. We already started investing to open a new and big office in Khulna City. We are planning to accommodate at least 20-30 employees there by the end of this year. We will also seek private and bank loans to meet our financial requirements to cover our costs for the next 5 years.
We have a very strong technical team. We have a technical architect who completed his MSc from a reputed university in the USA. He will drive the entire technical team. We have a business analyst who completed his MBA from a reputed university in Bangladesh. If we get adequate investment then we would be able to achieve our goals in the next 5 years to serve more than a million people.
Select an option below:
For-ProfitHow many people work on your solution team?
Lead Project Manager: Fazlul Karim
Technical Architect: S M Mansurul Haque
Software Developer: Chamon Haque and Parvez Mannan Bhiyan
For how many years have you been working on your solution?
2 months
Why are you and your team best-placed to deliver this solution?
We have a very strong technical team. We have a technical architect who completed his MSc. from a reputed university in the USA. He will drive the entire technical team. He has more than 15 years of technical background in fortune 100 companies in the USA. We have a business analyst who completed his MBA from a reputed university in Bangladesh. All our software developers completed their bachelors in computer science from reputed universities in Bangladesh and abroad and has more than 5 years of experiences in software development.
With what organizations are you currently partnering, if any? How are you working with them?
We are currently operated under a private organization named as "Expert Consortium Ltd", registered in Khulna City, Khulna, Bangladesh.
We have a remote office in Dhaka too for administrative purpose.
What is your business model?
Our business model will cover both B2C and B2B.
What is your path to financial sustainability?
Initially, we are funding from our personal sources. We will seek private and government donations and also apply for commercial bank loans.
Why are you applying to the Tiger Challenge?
Tiger IT is a prominent IT company in Bangladesh. The Tiger IT foundation can help us financially and technical level as well. This foundation could become a great mentor to achieve our goals. We would also get a free publicity about our product to win this challenge.
What types of connections and partnerships would be most catalytic for your solution?
With what organizations would you like to partner, and how would you like to partner with them?
In future we would like to partner with a value added technology organization to offer new services. We would also like to partner with a marketing and distributor company to maximize our product and service coverage.
Solution Team
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FK
Mr. Fazlul Karim Advisor & Project lead, Expert Consortium Ltd
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Our Solution
Loan Booster - a multipoint credit risk analytics