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Digital fraud-hit banks turn to startups to cope with risks

Economic TimesEconomic Times · 6m
Digital fraud-hit banks turn to startups to cope with risks

Legacy financial institutions in India are turning to data analytics startups for support in strengthening their customer onboarding processes and managing risk. Mumbai-based startup Data Sutram has developed a product called 'DS Authenticator Trust Score' which assesses customer trustworthiness during account opening or credit assessment. The company analyzes data from various sources to assign a trust score. Data Sutram has raised $5.4 million in funding and is supporting institutions such as IndusInd Bank, IDFC First Bank, Union Bank of India, DMI Finance, and IIFL Finance. Other startups, like Bureau Inc, are introducing tools to detect potential money mules during customer onboarding, using device fingerprints and historical data.

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