Offline-2-Online: Device risk analytics for offline business is now possible

India is one of the top countries by percentage of population owning a smartphone. Indeed, the numbers are quite staggering: about 45% of the population is using smartphones in everyday life.

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030. This will be driven by deeper inroads being made in the unsecured small-ticket size segment and the secured collateral- based high-ticket size market, according to the latest white paper Fintech-led Digital Lending: Coming of Age by Experian India.

Also, According to Home Credit India survey, 62% of borrowers either prefer offline as a loan channel or have no preference in this regard. Many companies from BFSI sector in India (Banking Finance Services and Insurances) provide their services offline due to various reasons: a lot of people are still comfortable on doing this in a physical mode. Besides, offline lending is sometimes the only alternative to obtain financial services in rural belts.

Estimation of offline clients is related to a number of difficulties – lack of data, “thin” customer credit profile etc. It may be a challenge to underwrite and to understand risk for such customers.

Manish Thakwani, Head Of Business Development – India & South Asia, JuicyScore, global leader in risk management and antifraud, is going to share his knowledge about new technologies, which make it possible to conduct a risk assessment through the device – a new offline to online transition tool, which helps to assess the risk of an offline applicant and build applicant’s digital profile without significantly affecting the conversion rate. Manish will answer some basic questions related to this as well.

Manish Thakwani says “Our new solution – JS App – was designed as New Device Risk Analytics technologies – with this application we can provide any offline business with customer device scoring, including customer assessment supplement via conventional offline sources. The product will also be useful for companies that do not have their own IT infrastructure, as well as for businesses creating an MVP
and would like to save money on launching it.”

What industries JS App – Device Risk Analytics is designed for and in what cases it is applicable?

Solution may be effectively used in any business with offline offices, branches or stores and where potential customer underwriting or risk assessment are required. The product will help greatly to those offline businesses, which have the problems related to risk assessment of the customers with the so-called “thin” credit history, for example, young people, retired people, residents of remote settlements.

Apart from offline loans and insurance certificate obtaining, JS App will be useful also in points of sale of any offline store. Though some customers initially do not plan to obtaining a financial product, nearly 60% of consumers may decide to make purchase of a POS (Point of sale) loan, credit card or any BNPL product is available.

Is there any information about non-personal data true value? What are the real numbers?

Of course, service providers sometimes collect customer’s data, carry out additional (usually paid) verification and underwriting, using device risk assessment only as a part of verification process. However, we believe that device data and a strong digital profile can play more important role and give much more value in a decision making process. Moreover, non-personal data will never lead to the problems connected to data breaches – such data is simply of no use to any fraudster, but can improve the decision making model significantly – **digital profile data can strengthen the decision-making model by 5-15% Gini points and impact the approval rate, giving the relative growth starting from 10%.

UX for JS App – Device Risk Analytics user

In order to start, the borrower should download our application either from Apple Store or Google Play – it is available for iOS and Android (soon will be available on Huawei AppGallery).

When the application is downloaded a client is able to become familiar with security and data processing policy, grant access to camera (only when using an app) in order to scan a QR code and granting access to geolocation. At the same time a client can see the logo of the financial company were he is applying for a financial service, since the JS App – Device Risk Analytics is a white label (some sort of partnership when a company can provide a service to its customers on behalf of its brand using its partner company’s product).

Device risk assessment is seamless for the client (the process takes no more than 30 seconds), practically does not affect the conversion and at the same time significantly improves the quality of the decision made on the side of the financial institution. Moreover, while most of similar solutions use personal data, our JS App – Device Risk Analytics solution does not request access to personal data, passport or other
identity documents.

Using brand new technology offline business get a ready-made module for generating a QR-code and viewing the results – the QR-code will be tied to a specific financial institution and a specific client application.

Another opportunity for an offline business is the ability to set up communication with customers more accurately by analyzing those who have previously visited the site, linking the entire set of devices to each client profile. Also there is no need to create your own infrastructure for device evaluation and fingerprinting – JuicyScore provides a turnkey solution with support and regular (monthly) product updates.