AskCred is India’s first AI based credit helpline which helps usersto navigate the financial maze of debt, budgeting, credit cards, debttraps, credit scores and a lot more. In this interview, Aarti Khanna, CEO of AskCred, talks about her entrepreneurial journey and motivated her to start AskCred.
Why did you start AskCred?
In India, we still lack any such comprehensive tool that can helpaddress customer queries under the financial space like information on different types of Debt available in the market, Understanding of theCredit Report, How to wisely use a Credit cards, Budgeting etc.Financial products and services are large and varied in nature and may get complex for many to understand.
Askcred was envisioned keeping this need in mind as we felt there is a great need to increase credit and financial literacy in the country, and make it easily available at the click of a button.
Our vision is to help solve India’s credit literacy problem. Solving this problem at scale will help us to monetize the opportunity and also do good for society.
AskCred.com is India’s first AI based credit helpline which helps users to navigate the financial maze of debt, budgeting, credit cards, debt traps, credit scores and a lot more.
The effort has been to provide users with a seamless, unbiased, low cost, trustworthy experience while helping them to get accurate and customized guidance on diverse topics in the complex jargon filled world of personal financial services.
How is India doing on credit and financial literacy?
76% of Indian adults do not understand basic and key financial concepts. There is lack of understanding amongst us about the basics of credit, managing finance, interest rates, investments, insurance etc.
This is also evident as many Indians have low savings, often take higher cost debt, no financial plans for retirement, minimal insurance coverage. These are all due to lack of financial literacy.
Credit literacy in India is even more trivial with people barely understanding the importance of good credit behaviour, lack of awareness that eventually leads them to debt traps, higher interest costs and ultimately misery due to credit default.
Traditional financial education is costly. AskCred attempts to improve credit and financial literacy by leveraging technology.
How can AskCred help people?
AskCred is a simple yet powerful platform that can help customers in many ways. Broadly we have 4 product offerings.
1) Users can get answers to most of their queries by simply asking
‘Cred’- AI based credit helpline. that guides customers with their generic queries. This is a free credit genie tool that complements our vision in expanding financial and credit literacy in India.
2) Customers can also reach out to our ‘Experts’ over a call for customized one-on-one solutions. This is a low cost paid service where the expert will assist the customer with many such queries as below:
* Review Your finances and solve your debt problems
* Explanation and detailed analysis of your credit report. Tips on how to improve your credit score
* Learn how to manage your money correctly and learn how to manage and stick to a budget
* Help and support on how to obtain quotations and repay banks
* Product recommendations with respect to your credit profile to get loan and card offers
* Dispute resolution support to help correct mistakes in your credit report and get these fixed
3) AskCred also has a powerful and Free credit health check-up where by customers can get an estimate of their credit scores simply by answering a few questions. This is a powerful tool that indicates the customer of his overall credit profile and offers customized solutions.
4) We also have a value-rich subscription plan which customers can subscribe to and avail of many benefits like Identity theft insurance to protect themselves from the ever increasing identify theft specially now that the world has gone digital and online, Monthly credit reports to track credit profile progress, customized dashboard that simplifies the customers bureau report and provides solutions and ease of access to the credit expert for any assistance.
Does AskCred’s service cost money?
While most of the services like the AI based credit helpline and the Credit Health Check-up are free for customers as of now, the customized services like one-on-one ‘Talk to an Expert’ and the ‘Subscription plan’ which are charged.
What do you do apart from work?
With whatever little time I get on my hand I try and utilize the same networking with people, enhancing my skills by learning new things, interest in learning and practicing esoteric energy science and spending time with my family.
What’s the best piece of advice that you have for budding entrepreneurs?
Live your vision, its never too late. Always plan in detail as much as you can before executing. Don’t be afraid to do the hard things as they only make you stronger and wiser and always be consistent and loyal with whatever you do.