Experian, one of India’s leading credit bureaus and Gupshup, the leading conversational engagement platform, have partnered to offer credit scores to consumers on WhatsApp. The chatbot-based WhatsApp journey makes it convenient for consumers to access credit reports, track irregularities and detect fraud. With this initiative, the number of consumers checking their credit scores at Experian has grown almost two-fold since the service was launched.
Consumers can check their credit scores for free by sending a “Hi” to Experian India’s WhatsApp number +91-9920035444. This service is available 24×7 for consumers. Going forward, additional value-added services will also be made available that will prompt consumers in real-time if there is a change in their score.
With growing interest from banks, lending institutions and fintechs, these services will now get extended to financial institutions so that they can embed WhatsApp-based credit report access with consumer consent. The move will not only speed up loan disbursals but will also make it easier for lenders to create WhatsApp-based lending journeys. This service enables financial institutions to further gain trust and build deeper relationships with their customers by gaining insight on their credit profiles.
“Experian is the first credit bureau in India to offer this service, a testament to our commitment to driving financial inclusion in India. We partnered with Gupshup to enable our goal of empowering consumers to have easy access to credit. The initial response is extremely encouraging. We are now seeing growing interest from financial institutions to embed this service in their own WhatsApp channels as well,” says Neeraj Dhawan, Country Manager, Experian India.
“Conversational messaging is transforming financial services. Offering instant credit reports over WhatsApp enables BFSI and fintech companies to reduce the time taken for issuing loans while also improving the financial health of consumers. We are excited to partner with Experian in enabling them to become the first credit bureau in India to offer credit reports over WhatsApp”, said Beerud Sheth, CEO and Co-founder, Gupshup.
Credit scores are an important barometer for financial health and are key to ratifying the creditworthiness of individuals. This initiative, driven by tech innovation and customer centricity, will provide easy access to credit scores to consumers given WhatsApp’s popularity and ubiquity.
