At AllCloud, We Refuse To Move Ahead Alone

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Did you know that as of 2018, approximately 190 million adults were underbanked in India? With such enormous populace being deprived of formal banking facilities, it seems that financial lending has a long race to run. If you see, it’s a never-ending cycle. A person in need of a loan does not have access to a bank, which lowers his purchasing and borrowing power, and results in him never being able to circulate the money in the market through his business or by availing a personal loan, which results into inflation; ultimately putting the banks under stress. Unless and until these people are not included in the system, lending will always be limited and secluded for the privileged.

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There is only one intervention that can break this cycle - Superior lending technology.

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Through technology we can enable such people to access the credit made available by the NBFCs and micro-lending finance companies. In fact, one of the inseparable values of AllCloud since its inception has been inclusivity and accessibility. It forms a founding stone of all our thoughts, designs, solutions, and services. The helm of our Innovation team, Ankith Khadloya, has ingrained in our brains that our solutions need to pass just one simple test; a question- “Is it simplifying any aspect of the existing complex lending industry in any way?”

If the answer to this is assertive, we leave no stone unturned to make sure that  Microfinance companies and NBFCs who want to join the digital bandwagon, as well as the borrowers in dire need of loans, both exploit the benefits of our innovations. As a company, AllCloud has always been at the forefront to transform rudimentary processes into modern tech-abled solutions that can carry the weight of a billion aspirations, all at once.

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Since we are on the inside, the malpractices of the industry are not hidden from us. That in itself ignites the fire in us to make technology accessible to people so that they can make informed decisions. In an academic blog by Rohit Sen, a graduate of the London School of Economics, he narrates an incident where his maid from India was paying up to 80% annualised returns on a personal loan that she had taken from a local moneylender. Lending industry in India is so tightly clutched that people have to succumb to such exploitation to avail credit. If we do not include them, and make formal lending accessible to them, it’d be pretentious progress; glossy on the outside, but empty inside.  

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By empowering the financial companies with digital lending solutions, we want to accomplish our agenda of making the system transparent, and ethical. Companies can use our solutions to not just bring on-board new customers by the minute, but with one-tap loan approvals, they can shun the stigma around this industry. Through automation, we desire that the only reason for issuing or disapproving a loan should be a person’s financial history/credibility, and not his race, religion, or status. In such a positive environment, people will be motivated to take informed decisions, and not fall prey to anybody’s vices.

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As Ankith, our Co-Founder says, and we follow, “The true mark of progress of All Cloud is in the progress of those who were ignored by the system, but adopted by technology”.