This significantly reduces verification times, speeding up the lending process.
FinTech BizNews Service
Mumbai, 25 November, 2024: The central government is collaborating with fintech firms to develop an indigenous transaction monitoring and anti-money laundering (AML) system to address financial frauds. This system will tackle issues such as mule accounts and seek faster recovery of defrauded money. AdvaRisk, a fintech backed by ICICI Bank and NABARD, specializes in AI-driven collateral management for banks and financial institutions, providing real-time risk analysis and automation.
Vishal Sharma, Cofounder & CEO of AdvaRisk, responds to a number of questions, pertaining to customer base, current trends among segments and the USP:
Please tell us about your customer base? What kind of institutions are your
clients and what services do you provide them?
AdvaRisk supports a diverse array of financial institutions, including public, private, regional
rural, and cooperative banks, as well as non-banking financial companies (NBFCs). Our
offerings are utilized by institutions looking to streamline and digitize their collateral
management processes, ultimately enhancing the efficiency of their lending operations.
We provide our services through two core platforms: AdvaSMART and AdvaNPA.
AdvaSMART is a versatile and intelligent solution that digitizes the full lifecycle of real estate
collateral, from onboarding to verification. AdvaNPA leverages alternative data and forensic
analysis to support asset recovery, helping institutions minimize defaults and improve
recovery from non-performing assets.
According to your observations, what are the current trends you have noticed
among segments you serve?
The financial sector is undergoing a rapid transformation towards digitization, speed, and
data accuracy. There is a growing reliance on AI-driven tools to modernize land registries,
streamline the collateral management workflow, and ensure compliance with regulatory
standards. In particular, we see increased demand for solutions that can provide real-time
property insights for risk assessment, catering to the need for faster loan processing.
Regulatory expectations from the RBI, alongside the drive for faster turnaround times, are
leading banks to adopt technologies that enhance operational efficiency, reduce fraud risks,
and accelerate transaction timelines.
What is your USP? What makes you different from your competitors?
AdvaRisk’s unique value lies in its AI-enhanced platform, capable of self-digitizing the entire
collateral management cycle—from onboarding and verification to due diligence and
monitoring. Our standout feature is a comprehensive property database with over 350 million
records spanning urban, semi-urban, and rural regions across India.
By harnessing Generative AI, we consolidate diverse property data, ensuring accuracy
regardless of regional or language differences. Our association with leading institutions and
our empanelment by the Indian Banks’ Association further strengthens our credibility, while
our advanced analytics help banks mitigate credit risks and detect potential NPAs early.
How is AdvaRisk aiding banks in digitizing operations and preventing fraud?
AdvaRisk's platform automates crucial aspects of collateral portfolio management, enabling
banks to conduct real-time property analysis through cloud-based services. This significantly
reduces verification times, speeding up the lending process. Our use of AI and machine
learning allows for early detection of potential fraud and emerging NPA risks, supporting
proactive asset recovery strategies.
By digitizing government land records and standardizing property data, we bring greater
transparency and consistency to the collateral verification process. This enhances the
integrity of the lending journey, ensuring compliance with regulatory standards while
minimizing risks associated with fraudulent activities.
What are your plans for future growth? Any new project in the pipeline?
We are focused on expanding our reach into underserved markets, encompassing both rural
and urban collateral lending segments. Strengthening partnerships with public sector banks
and NBFCs is a priority, as we aim to broaden our domestic client base. Additionally, we are
exploring opportunities for international expansion in emerging markets facing similar
challenges in property data management.
We have a robust development pipeline, including enhancements to our AI capabilities and
scaling our platforms to support larger datasets, making property information even more
accessible and reliable.
