Fintech platform CRED has launched Svalbard (pronounced sval-baad), a suite of experiences that make credit work for members. Through this, members will be able to actively manage and intentionally improve their credit scores and manage multiple cards. This new system will help members understand credit scores and help them in informed decision-making. It also has an advanced predictive analytics tool powered by machine learning, it analyses personal credit patterns to forecast how specific financial decisions from taking loans to missing payments will impact individual credit scores.
It also has Compass which is a sophisticated goal-setting system. It creates personalised road maps to achieve target credit scores, analyzing credit patterns to identify high-impact actions and providing time-based predictions for achievement. Aurora transforms credit scores from static numbers into living financial narratives through an innovative custom typeface and Halo a dynamic ring of light that celebrates progress and provides gentle guidance during setbacks. It will help in bringing out a clear report card of credit health, including payment history, credit usage, and account longevity, with intuitive colour-coding and actionable insights that demystify credit scoring. “With Svalbard, we are transforming credit into a force for financial progress. In a country where most people find debt stressful, we are recognizing and rewarding responsible behaviour, turning credit from a source of anxiety into a growth accelerant,” remarked Kunal Shah, founder, CRED.
As part of this suite, CRED's new credit card management will have a unified dashboard that consolidates scattered statements into a single, clear view of total dues across cards, with intelligent mapping of future EMI obligations to prevent surprise commitments. It will also have a real-time monitoring system that tracks credit utilization and creates a holistic view of spending patterns across all cards, processing over 10 million unbilled transactions daily with 92 per cent categorization accuracy.
It also has anomaly detection that prevents costly mistakes by scanning every transaction, statement, and term change for hidden charges and unusual patterns. It will also have live versions of over 400 cards that transform static plastic into interactive financial tools, providing real-time contextual information and instant alerts for enhanced control. The system will also have a gesture-based interface that makes managing multiple cards easy.
As per CRED while 97 per cent of credit card holders have EMIs or loans and 63 per cent hold mutual funds, only 1.5 per cent of India's Rs 33 lakh crore mutual fund AUM is pledged for secured credit.
The new suite would provide fully digital credit lines against mutual fund investments at rates starting from 8.99 per cent, accessible with a few taps and funds credited instantly. It will also have automatic bundling to optimize for the lowest risk of liquidation with advanced models that assess mutual fund volatility patterns. As per the CRED with access to credit on better terms, 54 per cent of creditworthy Indians would invest more, and 38 per cent would start businesses. These contributors are held back by fear of not knowing what they should do, the complexity of management, and anxiety around mistakes. The idea of credit is a source of stress for 79 per cent.
