The core reasons why Novel Patterns was able to replace existing industry leaders in this space of Bank Statement Analysis is because of superior service quality, lesser rejection rates with documents, wider coverage in terms of banks and financial institutions, very robust Fraud detection of and aggressive pricing.
Making even an Rs.1000 loan profitable is the mission statement the company and the founders started off with. During the Pandemic onset, Novel Patterns also realized the need for platforms that could help people avoid physical travel and perform onboarding and client servicing processes remotely. Hence, they set in motion the development of their video-based platform MyConCall which can be used for Video KYC, Personal Discussions, vendor empanelment and document sharing. This helped bank personnel to cover the last mile without any physical travel with all artifacts including video interaction recording, KYC documents capture, business validation rules, questionnaire responses and location stored in electronic streams and available from an audit perspective as well. The platform also helped in the overall initiative of complete digital and paperless processing of loans across all verticals.