A Comprehensive Guide on Device Financing Risk Management PlatformRead More
What is a Device Financing Risk Management Platform (DFRM)?
Device Financing Risk Management platforms manage the process of identifying, assessing, and mitigating the risk 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 the 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 to purchase a device outright.
Key Features of Device Financing Risk Management Platforms
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:
Credit risk assessment
The ability to evaluate the creditworthiness of potential borrowers, using data such as credit scores, income, and employment history.
Fraud detection and prevention
Tools to detect and prevent fraudulent activity, such as sim-swap detection, identity verification, device fingerprinting, behavioral analysis and advance analytics.
Default and delinquency management
Features to help lenders manage and recover from defaults and delinquencies, such as automated payment reminders via nudges, ability to restrict access to certain applications in a phased manner and complete locking of the device.
Automated systems that can handle multiple tasks, such as, fraud detection and automated payment reminders, reducing the workload of the employees, increase efficiency and accuracy, and reduce errors.
The ability to integrate with other solutions, such as credit bureaus, identity verification, payment processing, data analytics, automation, compliance, and customer relationship management.
Reporting and analytics
Detailed reports and analytics that allow lenders to track the performance of their portfolio, check payment history, delinquency, default data and make data-driven decisions.
Mobile and web access
The ability for consumers of financed devices to access the key information through a web portal or mobile application, making it easy to manage and monitor the payments history, upcoming payments schedule from anywhere.
Compliance with regulatory requirements and industry standards, such as the General Data Protection Regulation (GDPR), ISO/IEC 27001:2013 and SOC-2 Type-2 Compliant.
NuovoPay: The Ultimate Solution in Device Financing and Risk Management Space
NuovoPay is a platform for Device Financing Risk Management, it provides financial institutions with a comprehensive solution to manage the risk associated with providing financing for devices such as smartphones and laptops.
The platform uses advanced technologies such default and delinquency management, automation, and integrates with third-party solutions for credit risk assessment, risk-based pricing and fraud detection, to help financial institutions make more informed decisions about who to lend to, and at what terms. This allows financial institutions to provide financing options to consumers while minimizing financial losses.