ODYSSEY: Datacultr to drive financial inclusion with its IoT solution

Datacultr, an IoT enablement platform announces the launch of its risk management solution – ODYSSEY targeted at the Financing sector in the emerging world. With ODYSSEY, Banks, Consumer finance lending & Fintech companies can provide credit to underserved people, significantly reducing their risk and NPLs.

Billions of people across the globe lack access to cheap credit, required either for working capital or various life events like births, weddings & deaths or to protect against natural and man-made disasters. Financial inclusion of these people is critical. Lending small amounts to buy a smartphone is one of the innovative ways that consumer lending & fintech companies have identified, to bring such people in the fold of organized credit. Such loans help them build a user’s profile and their credit score, allowing larger amounts to be disbursed basis favourable scores. But such loans come with their fair share of challenges, for instance, the challenge with financing smartphones is that the lender doesn’t have any real control over the asset. ODYSSEY allows them to make this device into viable collateral, by providing NBFCs with an access point to such lent out devices.