RevFin, a digital consumer lending platform underwriting financially excluded and underserved segments, has entered into a strategic partnership with Aeris Communications, India, an Internet of Things (IoT) technology partner for enterprises.
As part of this association, over the next 4 years, RevFin will be investing $ 15 million on upcoming electronic vehicles embedded with IoT solutions powered by the Aeris Asset Assurance Platform.
Aeris is a full-stack IoT technology enabler for automotive OEMs. Its connected technology for vehicles provides a comprehensive solution for an enhanced customer relationship, safety and security, and infotainment. Aeris has created an IoT ecosystem to empower organizations in optimizing human intervention and attain real-time remote monitoring of machines, equipment, and other assets along with predictive and preventive maintenance of various products and assets within enterprises.
For electric vehicles, embedded IoT devices can augment four key areas. The first is improvement in driver performance by measuring driver behavior like speed, acceleration, driving range, and other such parameters. Drivers can be provided real-time tips and comparisons with other drivers to improve their performance, hence, increasing their overall earnings. The second area is vehicle safety and security.
Through real-time tracking, remote immobilization and geo-fencing vehicles can be kept safe from theft. This helps reduction in insurance premiums as well. The third area of improvement is around vehicle standards. By looking at vehicle performance data, like range per charge, change in range per charge over a period of time, vehicle utilization, differences in performance based on geography, age, and, weather conditions, vehicle and battery OEMs can make effective changes to their products.
Finally, one of the biggest benefits of Aeris connected technology is early warning triggers for loan repayments. A vehicle that is under-utilized or road unworthy is likely to lead to a default in loan repayments. A vehicle with limited range or long charge time would also mean lower income for the drivers, reducing their capacity to repay loans.