Profile Feature: Credy Champion Ranvir!

ranvir

Journey before Credy

College life was great. Along with the usual fun, I met many awesome people who helped me to become the person I am today. At the end of the second year, I found some like-minded people, with whom I learnt a lot of new things. Along the way, I got selected for Google Summer of Code – 2017 for AboutCode organization in my third year and that gave me a great learning opportunity.

How did Credy happen?

Joining a startup with a product in mind was always the dream. I was applying for a lot of startup jobs on Angellist (getting your first job is always difficult) and one day my friend called and told me about the internship opportunity at Credy. I researched about Credy and really liked the work they were doing and quickly applied there.

Interview experience in Credy

There were two rounds of interview and one small programming assignment, which I completed within a day. I won’t say that I nailed it during the interview rounds but it was good enough. I could not answer some of the questions confidently, as both interviewers asked few data structure questions which caused a lot of problems for me 🙂 However, I got selected for a 6 months internship program.

Learning curve at Credy

The learning curve at Credy is very steep. I was introduced to a big and well-managed code base for the first time. It took me a while to understand the working of the code but once I got the hold of it I started appreciating things more. With the help of everyone in the team, I was able to complete things quickly. I learned the importance of breaking down the system into smaller chunks and pushing things on a regular basis.

Journey/Experience in Credy

I got good experience and learning during the internship. I faced a lot of problems during the internship but every problem was solved by iterating approach to the problem statement. A slight change in the course of thoughts can bring the solution to everything. After completing 6 months of internship I was offered to become a full-time member of Credy.

Most interesting project till now

The most interesting project (and most irritating also 😛 ) was implementing social login for new users into the Credy system. It took an entire day for me and my colleagues Krisha and Gauthama to figure out what was wrong and how that can be fixed. After so many iterations we were able to do that, but this project taught me a lot of important lessons which will definitely be useful in future.

One thing that you like about Credy

It is “Credy Insights”, where every Friday we all gather around over food and drinks and one of team member gives a talk and presentation about the new things/feature on which he/she has worked in past couple of weeks and gives a better idea about its usability.

One of the perks of my job is: Walking into the office in casuals 🙂

Mantra of life: Just keep doing it, One day it will happen.

 

 

 

 

Profile Feature: Credy Champion Chahat!

Chahat

Journey before Credy:

This is my first job. While I was in college, I started studying about Android in the second year, and I enjoyed it so much that, after that I was unstoppable. 🙂 I took various courses in Android like Google Certification course and received Associate Android Developer Certification by Google. It was a bit difficult because I was given just 2 days to complete an entire project, but it was really useful and gained a lot of knowledge after completing it. Like many others, I was not much interested in college lectures and was working towards making a career in Android Development. Placements in college were difficult for me because we were not having many companies which were offering Android Developer position. And then came Credy & rest is history.

How Credy?

Credy was one of the companies which came for placement in our college and was providing 6 months internship, which was a mandatory part of my B Tech in IIIT Vadodara. I was quite happy after listening about Credy and liked the work they do. And finally, there was someone who was offering a position of Android Developer.

Interview experience & Thoughts before joining Credy

I was quite nervous before giving the interview but with the friendly nature of interviewers, I was completely relieved.

There were 2 rounds of interviews. I liked the friendly and supportive nature of the interviewers. They helped me while I was answering the questions and gave me the confidence to speak freely. I was asked algorithmic questions and questions on Android ranging from the basics to very advanced.

I was sure to join Credy after my interview process because these guys were not only interviewing me but were also telling me where I was wrong, how should I work on it, etc. This gave me an idea about people I would be working with and thought that I will get to learn many things while working with them.

HR was also very supportive, and she was the one who answered all of my questions before joining and cleared my doubts.

1st Day in Credy

It was 1st Jan, starting of the new year with my career and it was quite good. I was introduced to everyone and then was given some initial work to understand the work atmosphere at Credy. I spent the whole day setting up my Credy Android App environment and reading the code. Gauthama was quite helpful in resolving my doubts.

Learning curve in Credy

Learning at Credy increases day by day. Every day you get to learn something new. The most helpful thing is mentors here reviews the code and give their inputs. Abhash Anand is the one who reviews my entire code and suggests changes which would be really helpful for the development process.

Journey/Experience in Credy

I Joined Credy as an intern and it was a very good experience as I got to work on a Production Level software. There are different challenges that you face while your software is in production. But facing these challenges and overcoming those, is the time when you really become a Software Engineer. After completing 6 months of internship I got an offer for permanent employment with Credy.

Myntra of life/work:  Whatever you do, do with all your heart

Favourite part of my work is: Gradle build running

Work I dream of one day doing: Becoming CEO of the company

 

Team Outing!

Over the past several months, our team had been working hard without break. Finally, we decided to take a day off and go for a team outing.

Being the coordinator for this event, I was entrusted with the task of identifying a cool place for the outing – a place where we can lazily chug beers, play some sports, and also relax by the pool. I searched few good places, enquired and took feedback from my fellow colleagues and finally chose the Guhantara Resort, which is built a bit differently, in caves. It was around 40 km from our office.

We gathered at the office in morning and boarded the minibus from there. Few of us wanted to enjoy the thrill of bike riding, so we drove to the venue on our Royal Enfields. But the busy traffic of Bangalore will never disappoint you 😛

IMG_20180901_175828Most of our Bangalore team in one frame

We reached the resort at around 9 AM. As everyone was hungry we rushed to the dining area and had a tummy-full breakfast. There was an inordinately high turnout of visitors when we visited, it almost felt like a wedding buffet!

Guhantara offered cricket and football for the enthu guys, a dance floor for the party animals, continuous supply of beers for the beer bellies, and all sorts of other activities.

For a while, we all played cricket, football, archery, and even did horse riding. Few of us roamed around and explored caves – the caves are maze-like and if there are no other visitors around, it would have been a Bhulbhulaiya, you could get lost easily 😛 Post 3-4 hours of outdoor games, as most of us were tired, we chilled near the swimming pool chugging beers and enjoying waterfall view. As beer went in, stories started coming out, which brought crazy smiles on faces around.

IMG_20180901_123508Ops guys are Rockstars!

Then hungry faces started looking for lunch and we had lip-smacking food.

As soon as we finished lunch, we all could hear loud music of DJ, and we could not stop ourselves from going into rain dance. Everyone was dancing insanely and enjoying the music beats. John, from our customer support team, was the man of the hour – people picked him and jostled him in the air.

After the rain dance, our ever-energetic Operations team dove head-on into the pool! We spent the evening relaxing in the water, doing chit-chat and clicking pictures.

IMG-20180911-WA0007

It’s pool time!

IMG_20180901_145238Being forced to sit up for a photo. People just want to lie on the lawn after lunch! 😛

Overall, the place was bit crowded but as the whole team was together, we enjoyed a lot. Everything there had its own charm whether it was the ambience, the food or the drinks.

On our way back in the evening, the bikers among us were greeted with gentle rain. It was a thrill to ride back on the Electronic City flyover, and finally, there was no traffic and just an endless empty road with the wind hitting our faces!

It was a very special and fun-filled day – we as a family came together to celebrate our hard work.

—-

Mili Bavariya

Credy

Digital Lending – Fintech & Bank Synergy Means Customer is the Winner

Lending without powerful tech is going to be like running a business without a website.

Indian lending market is growing fast and is expected to further pick pace. Consumption fueled by rapid economic development is a key driver of this growth. The consumer credit market is expected to double in the next 5 years. Think about it – one whole new India will be added in just the next 5 years! The enablers to service this market well and to fill the unserviced gaps are technology & mobile internet. Technology has the potential to disrupt the way credit is structured, delivered and consumed in India.

We give an exposure here of how we have leveraged technology to deliver a great experience to the customer. Ultimately, the biggest differentiator for a company is the differentiation that their customers experience and enjoy.

In this article, we focus on one of the most important pillars of lending automation – the fund transfer infrastructure.

Digital Lending Infrastructure

Before we go into the details, here are some issues that are faced by most lenders / fintechs today:

  1. Friction and delay in disbursal of funds due to manual involvement, banking holidays, operational errors etc.
  2. Friction and delay in auto-debit management
  3. Difficulties in real-time reconciliation of repayments from multiple channels
  4. Paperwork and risks involved in handling cheques, loan agreements etc.

A truly digital lender should have powerful technology systems that can transfer funds in real-time, reconcile repayments from multiple channels, have fully automated auto debit management and do away with outdated instruments like cheques (RBI has recommended doing away with cheques long time back) and wet signatures. Here is what infrastructure of a digital lender may look like:

Indian Digital Lending

Credy Approach – Customer Focused Automation

Our approach at Credy has been to build automation that directly benefits the end customer. We are happy to have a strong technology-driven banker in Yes Bank. Banking products of Yes Bank are innovative, robust and work well at scale.

Here are some places where we have used technology to improve customer experience:

  • No cheques – Cheques are avoidable and inherently risky instruments, susceptible to fraud that can cause huge loss to the customer. Cases of cheque fraud in lending are not uncommon.
  • Real-time fund transfer – You would be surprised at how many of the large NBFCs and banks still use NEFT for disbursing funds, even if they are below the IMPS limit. Our in-house loan management system moves funds in real-time backed by strong authentication.
  • Multi-channel repayments – Customers should have flexibility in choosing the mode of repayments. All major payment modes like auto-debit, payment gateway, wallets, UPI etc should be allowed.
  • Real-time reconciliation – It is a bad experience when the customer has to follow-up to get a receipt for their payment. We have real-time reconciliation of repayments via different payment channels. Yes Bank provides virtual accounts where even IMPS transfers can be reconciled in real time without having to manually attribute the transaction to a customer.
  • Auto debit management – Majority of the customers have funds on EMI dates. For this large chunk of customers, paying the EMI should be as simple as, well, doing nothing! Our auto-debit (NACH) system is fully automated – from signing mandates via eNACH to placing auto debits when needed to reconciling the repayments onto our loan engine in real-time.

These are just some of the examples of how a powerful technology infrastructure can deliver superior customer experience at scale as well as bring down risk, costs and turnaround times.

Role of Banks, Regulators & Government

Banks continue to play a critical role in enhancing the technological backbone of our financial system. Players like Yes Bank, RBL etc. actively work with Fintech startups in a synergetic manner. This helps Fintechs develop innovative solutions on top of APIs provided by the banks. All this ultimately helps the end customer.

It is also encouraging to see support from RBI, government, related bodies like UIDAI, NPCI etc in powering our financial system with the necessary technological infrastructure to serve another India that is going to be added in next 5 years.

Banks vs NBFCs vs Fintechs – How to Choose your Personal Loan

If you are an urban, tech-savvy person, chances are good that you have come across many loan options – Banks, Non-Banking Finance Companies, NBFCs (e.g Bajaj Finance) or Fintech Startups (e.g. Credy). While each of them has a unique place in the financial ecosystem, it can be hard to determine which option to go for when you have a need for money. In this article, we will explain to you the main differences between these finance options and how to choose one that fits your requirements.

Let’s start with a brief overview of the options available:

  1. Loan via a Bank – Banks are the oldest and largest kind of formal lenders. Banks “raise” (i.e. get money from investors or depositors) money at a relatively low cost (remember your bank saving rate of 3.5%) and have the benefit of a large user base. However, they are grappled with internal bureaucracy, slow technology adoptions and rigid rules which do not adapt to changing times (e.g. many banks won’t give a loan to employees of startups, even though they earn well!)
  2. Loan via NBFCs (Non-Banking Finance Companies) – NBFCs are the next biggest class of formal lenders. NBFCs generally specialize in financing certain asset classes (e.g. Bajaj Finance has a strong hold on consumer durable financing). They are more flexible than banks but still have a lot of manual processing steps and slow adoption of technology.
  3. Fintech Startups – Fintech (Financial Technology) startups are tech-powered companies which aim to innovate in terms of product, technology and customer service methods. They usually have quick disbursal of loans and offer better user experience along with some promotional offers (e.g. Credy offers fast personal loans with instant loan approval and up to Rs 5000 for referring your friends!)

 

The Comparison

Now that you know what these companies essentially are, here is a comparison of their major features.

Feature Banks Large NBFCs Fintech Startups
Time to Get Money Typically 5-7 days Typically 4-6 days Typically 1-3 days
Convenience Low Medium High
Reliability of Customer Service Low Medium High
Interest Rates 10-15% 14-20% 20-27%
Flexibility in Rules Low Low Medium
Paperwork Involved High Medium Low
Specialized Products Rarely Frequently Frequently

Process Comparison

Process Step Banks NBFCs Fintech Startups
Document verification Generally manual Generally manual Generally automated
Agreement signing Generally manual Generally manual Generally automated
KYC Generally based on self attestation, signing of photo copies Generally based on self attestation, signing of photo copies or eKYC for digitally advanced NBFCs Typically eKYC or scan image upload based
Other paperwork (e.g. cheques) Generally high Generally high Generally low

So How Do I Choose?

As you can see, Banks are best in terms of interest rates that they offer, and Fintech Startups are best in terms of user convenience and speedy service and Large NBFCs in terms of specialized financial products.

If your requirement is of say Rs 30,000 for 3 months, the total interest cost would be as follows:

Loan Provider Total Interest (Rs)
Banks 627
Large NBFCs 854
Fintech Startups 1,132

The hyperlinks take you to details of the loan terms – EMI, interest, principal etc.

As you can see, the difference in total interest between Banks and Fintech Startups would come to around Rs 500. If your requirement is urgent, this difference is something you may be willing to pay for speedy service.

Recommendation: If you want a fast personal loan for less than Rs 2 Lakh, it is better to go for Fintech Startups than Banks or Large NBFCs.

Recommendation: If the amount you require is more than Rs 2 Lakh, you can consider Banks or Large NBFCs.

Another factor to consider is your profile.

Recommendation: If you have any delays in past loans or credit cards, it is better to go for Fintech Startups than Banks or Large NBFCs since Fintech Startups are willing to more comprehensively look at your profile than just your credit score. Other lenders may waste your time in reviewing your application and then tell you it is rejected because of previous delays which may be more than 5 years old. As a healthy financial practice, you can generate your free CIBIL report here and your free Experian report here.

Recommendation: If you work in a startup / small company or have changed jobs or moved cities recently, banks or Large NBFCs may decline your loan application. For such a profile it is better to apply to Fintech Startups.

Recommendation: If you want a fast personal loan, the obvious choice is Fintech Startups.

NBFCs specialize in specific products – like Bajaj Finance for consumer durables or Muthoot Finance for gold financing.

Recommendation: If your requirement is for a specialized asset, you can go for the relevant NBFC.

To summarize, consider the loan amount, your profile, urgency and usage of your loan to determine the right loan option for you.

_____________________________________________

Credy is an online loan startup which provides fast loans that are customized to your needs.

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Profile Feature : Data Warrior Kshitij!

It’s funny and surprising how life is made up of little moments which go on to make the bigger picture, the story of our life. So let’s talk about my story.

Kshitij pic

Journey before Credy

Right after completing my graduation in 2016, I landed at Goldman Sachs as an Analyst in the market risk modelling team. Being my first foray into the corporate world, everyday was full of new experiences. The thing I liked the most was, despite the fact that the whole environment at Goldman Sachs was performance driven and fast-paced, a culture of sharing information and growing together was promoted. I learned a great deal about statistical modelling from my brilliant and hardworking seniors in the team. In fact, that is how I came to know Abhash (CTO, Credy) who told me about the opportunity at Credy.

Thoughts before joining Credy

To be completely honest, joining Credy was not an easy decision. On one hand, there was the lure of a stable corporate environment and on the other, an unknown environment that demanded me to move out of my comfort zone. Ultimately, the idea of working for an early-stage start-up trumped everything else. I felt every action of mine will be playing a vital role towards the long term success or failure of the business and that motivated me to join Credy.

Learning curve in Credy

Learning opportunities are a constant in life and Credy is no different. Despite the breakneck speed at which the work takes place here, people here are always willing to help if you ask. Personally, I love understanding the nitty-gritties of all parts of the business operation either through constant interactions with the founders or projects spanning the different aspects of the business. So far, I have worked on automating the loan underwriting process, generating portfolio metrics for the executive team and building collection scorecards for the operations team. It feels like putting a different hat at work everyday and hence, the excitement levels never die down.

Journey/Experience in Credy?

One of the important constituents of a memorable journey are the people you undertake that journey with. At Credy, I am surrounded by a fantastic group of people don’t come across as your normal co-workers. They are more like friends working together towards a greater goal together. The culture here is quite open and transparent and I feel that my opinions and suggestions are valued in every discussion regardless of the business aspect it pertains to. How we learn to adapt in the constantly changing work environment here has also reflected a similar change in my personal life as well.

One of the perks of my job is: coming to work in casuals. Credy’s office is near to Koramangala and that allows me to slip into any party after work in the night 🙂

My favorite part of my work is: that everything I do here has a visible impact almost instantaneously. The knowledge of the fact that everyday we are helping in realizing numerous dreams come true gives me immense satisfaction.

My commute to work entails:  varies from having breakfast in the cab, taking a power nap to watching highlights of the Real Madrid / Federer match last night (Barcelona match also if they lost :P)

My Mantra in life: “Fall, Learn, Repeat”. I start out with a simpler solution to a problem, think on my feet if it doesn’t work and then try out different solutions till I get a satisfactory result.

Profile Feature : Credy maverick Ashwin!

My Story

A ping and notification bounce from Slack. A heated discussions in the backend channel about efficiently resolving production errors. Static typing? More integrations test? Ideas being tossed around. All in a day’s work at Credy. So here is my story.

Journey Before Credy

My previous gig Enguru – an English learning application which helped users learn the language through carefully designed adaptive games, had been the steepest learning curve in my career so far.

Despite being a niche market, with several other competitors, the app had taken off pretty well with over 2 million users. With over 20K daily active users, we had our hands full with implementing new features, while handling the scaling issues and other woes that came along with it.

Challenges never ceased to sprout at Enguru, all the way from internal dashboards for Corporate Analytics, EnguruTalk – an online tutoring platform, right down to Chatbots that interacted with users; keeping me always on my feet.

Thoughts of changing

After a while, when things started to settle down at Enguru, and every day seemed to be another Déja Vú (refer Urban Dictionary), I decided that it was time to seek out another adventure, and a different scene.

00100dPORTRAIT_00100_BURST20180304132659749_COVER

How did Credy happen?

I had applied to two dozen other Fintech and SaaS startups over few days on Angellist. After weeks of gruelling interviews (several good, some bad and few really horrific ones), I came across Credy – an online lending startup that was still less than a year old then, Y Combinator-backed, and working on automating almost the entire banking process. Sweet!… I knocked.

After several rounds of really long interviews, spread over a couple of weeks, I strolled into the office, on a hot August afternoon, in khaki shorts and a worn-out t-shirt, and signed my contract. I was officially, a part of the team.

Me as a part of Credy

“Welcome to Credy! We are happy to have you as a part of our team”, said Pratish.

First day on the job, I dove right into understanding the levers and gears of Credy, or more specifically – the backend service. Though it reflected a custom banking service, I was fascinated by the automation that was built/ being built into it, all the way from processing a loan application, to transferring money between virtual bank accounts mapped to individual customers.

Challenges at Credy

Over six months aboard the ship, we surge forward through harsh waters, with no sign of slowing down. We quarrel, criticise, build and improve. Given a free reign to work on side projects within the company, I treated myself to a slice of everything – from tinkering with the frontend web-app, designing posters for sales, all the way to securing the infrastructure for the servers.

The main projects were never a drag either, with all sorts of new challenges that came along.

I found myself building tools to help our men on the field, algorithms to manage auto debits from user accounts, managing documents uploaded by users, helping out with integrating with lending partners, and many more.

Since GOT is a pretty big deal at CredyWhen you play the game of clones, you merge or you reset – hard.

What’s a usual day at work at Credy?

Every morning, I open up the Google Sheet with the list of tasks assigned to everyone (Yes, Sheets seem to beat every other Project management tool out here!), only to be greeted by a long pipeline of tasks, stretching towards the end of May.

Things to improve, new technologies to try out, more code to refactor, more users to handle, servers to scale, security to patch up and plenty of data to crunch. And I know, “Today is gonna be a good day!”