InSight is a mobile application that helps users, such as individuals or micro-businesses, to perform simple accounting and cash management. This platform aims to serve the 4.5 billion individuals that lack proper resources to achieve a good credit score or access to formal financial services.
With three different components working together - the mobile tool, algorithm and web dashboards - InSight is able to help many individuals perform their day-to-day financial needs. The algorithm also uses the cash flow data to give each person a personal credit score that is then shared with channel partners to help them qualify for other necessities such as business loans, housing, insurance, education and more.
While this tool has many benefits to end users, it also has many advantages for the partner institutions. The institutions can now have lower administrative costs, a qualified risk assessment tool and a real-time client dashboard.
InSite began as a simple cellphone application but it has now grown to different platforms such as Voice (IVR), SMS, Android and Web. InSight also supports up to eight different languages and generates credit scores for more than 80,000 users. The voice product is virtually free of charge, but the SMS and Android/web versions cost the amount required by the cellular network service.
Publicly available: yes
Countries where available: India, Kenya, South Africa
Price range (USD): Contact supplier for quote
Available online: yes