Virtusa Developed Smart Asset Financing for a Regional Bank

  • The Challenge

    • The Bank had to reject customer segments who did not have enough credit history
    • When it came to asset financing there wasn’t enough information on the performance of the assert

    The bank asked for an MVP that envisioned a lending market place using Blockchain, Algo-lending & IoT

  • The Solution

    Internet of Things (IoT) enables information on the health and performance of the asset, thereby it allows banks to extend loans to individuals who might not be eligible otherwise.

    Idea Summary:

    • Data from the asset to be captured by IoT and the health of the asset to be assessed
    • This allowed the bank to reward ‘good users’ and penalize ‘bad users’
    • A contract to be written on a blockchain and hence the rules would be executed automatically
  • The Results

    • The bank increased the size of its customer base by providing loans to new segments with no previous credit history

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