• Tuesday, Oct 26, 2021
  • Last Update : 09:57 pm

UK fintech Agam helping banks facilitate AI-based digital loans in real time

  • Published at 09:07 am October 14th, 2021
AGAM
Agam platform uses machine learning to know about customers as they advance through the inbuilt education curriculum focused on developing financial literacy Courtesy

Founded and led by Shabnam Nida Wazed, the fintech firm has set out to revolutionize traditional lending systems in emerging markets and take financial inclusion to the next level

Agam, which translates to “advance” in Bangla, is a UK-based digital platform that provides a range of banking products, such as salary advances or payday lending, buy-now-pay-later solutions, SME and agricultural loans, and SMART Savings. 

This is made possible through their unique, proprietary and intelligent Individual Independence Index (III™) system. 

III™ is a one-of-a-kind AI-based system which combines alternative credit scoring. i.e., banking on the customer, not their assets, customer profiling, and individual capacity to derive a holistic picture of each customer. 

It goes beyond the traditional transaction-based records of a customer and adopts diverse data points to assess affordability of the consumer, meaning the intelligent system learns customer behaviour. 

Such a technology allows them to safely generate lending decisions in real time.

“Agam is bridging the gap between customers and financial institutions. Our intelligent III™ is enabling alternative credit scoring and end-to-end digital lending in real time,” said Shabnam Nida Wazed, the founder and CEO of Agam. 

Shabnam Nida Wazed, the founder and CEO of Agam  Photo: COURTESY

“It marks an important innovation, particularly in the post-pandemic world where traditional lending models are delaying access for customers. With AGAM, we believe we can reach out to the next billion and make banking easy for them,” she added.

Agam platform uses machine learning to know about customers as they advance through the inbuilt education curriculum focused on developing financial literacy. 

This is a dynamic, agile and gamified assessment-to-score system that helps customers become more educated and financially literate with higher III™ scores, which in turn allows them to qualify for bigger loans.

Rohit Sankhe, the Chief Technology Officer of Agam, said: “Our system works as a plug-and-play and optimizes transaction pace, and improves speed and efficiency for financial institutions, all to the credit of III™. Innovation is the driving force of our growth; we have already set India as our second market and hope to enter other emerging markets very soon.”

Agam has successfully received multiple endorsements from the United Kingdom Department of International Trade, Invest UK, and Innovate Britain as a highly viable, innovative, and unique platform. 

It is a part of the prestigious Global Entrepreneur Program of the UK government.

Agam is working in Bangladesh with Prime Bank and Swiss Contact to facilitate its first-ever digital loan in Bangladesh. 

Applications are currently available for a selected customer segment of RMG workers, and Agam plans to expand into other industries very soon.

The mobile application allows customers to register using their bank accounts and apply for loans ranging up to 30% of their salaries. 

It is enabling customers access to banking to apply for a loan and get a decision within just five minutes. They have a minimum eligibility score and this will increase over subsequent loan applications and consistent interactions with the app.

This article is being published in partnership with Agam 

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