Device Financing Risk Management platforms manage the process of identifying, assessing, and mitigating the risks associated with financing devices such as smartphones and laptops to customers. This can include analyzing the creditworthiness of potential borrowers, implementing security measures to protect against fraud, managing default and delinquency, and monitoring the performance of financed devices to identify any potential issues. The goal of device financing risk management platforms is to minimize the likelihood of default or loss while also providing financing options to customers who may not be able to afford a device outright.
Products or Solutions in the Device Financing Risk Management space should have the following features within the platform or via integrating with third-party solutions:
Ability to evaluate the creditworthiness of potential borrowers using data such as credit scores, income, and employment history.
Tools to detect and prevent fraudulent activities such as sim-swap detection, identity verification, device fingerprinting, behavioral analysis, and advanced analytics.
Features to help lenders manage and recover from defaults and delinquencies by automating payment reminder nudges, restricting access to certain applications in a phased manner, and locking the device completely.
Automated systems that can handle multiple tasks such as fraud detection and automated payment reminders to reduce the workload of employees, increase efficiency and accuracy, and minimize errors.
The ability to integrate with other solutions such as credit bureaus, identity verification, payment processing, data analytics, automation, compliance, and CRM.
Detailed reports and analytics allow lenders to track the performance of their portfolios, check payment history, delinquency, and default data, and make data-driven decisions.
The ability for consumers of financed devices to access key information through a web portal or mobile application makes it easy to manage and monitor payments history, and upcoming payments schedule from anywhere.
Compliance with regulatory and industry standards such as the General Data Protection Regulation (GDPR), ISO/IEC 27001:2013, and SOC-2 Type-2.
Make Secure is a Risk Management and digital debt collections platform, that enables lenders to reduce risk on ‘new to credit’ customers by binding the loan to their smartphones. Make Secure drives business by positively impacting on-time payments, higher collection efficiencies, and reduced NPLs.
Make Secure has different engagement formats which are used to directly communicate with borrowers and remind them of their due dates for payment.
The purpose of these engagement modules is to remind the customers about their pending payments and to motivate them to willingly pay on time.
If a customer is not willing to pay and is continuously defaulting, then Make Secure lets financiers restrict their access and remotely lock the device, this pushes the customer to go ahead and make the payment on time which results in reduced default rates.
Get your store listed and drive more profits for your device financing business
© Copyright "MAKE SECURE PRIME". All Rights Reserved.
