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Business EconomyPosted at: Aug 28 2020 10:17PM


Growth of Fintech by 100 pc in last 1 year

Kolkata, Aug 28 (UNI) Data and analytics are two cornerstones of digital lending and are
helping lending institutions to make quick and efficient decisions on lending, said K M
Nanaiah, Managing Director, Equifax Credit Information Services Pvt Ltd and Country
Leader, Equifax India and MEA.
He was speaking at a seminar on Digital Lending organised by Indian Chamber of
Commerce.
Fintech has grown by 100% from 2019 to 2020, he said.
"Artificial Intelligence and Machine Learning are important as systems can start to
learn, based on transaction and modify the rules that are required to take decisions."
And Credit Information Bureaus are helping in Financial Inclusion by collecting and
analysing transactional data and helping in the growth of Micro Credit, Retail Credit,
Agro Credit and Credit to MSMEs as a whole , was the conclusion of Bankers and
Credit Experts.
V P Nandakumar, Managing Director & CEO, Manappuram Finance Ltd., said
data analytics of transactions, by tracking and monitoring transactions, has helped
lending easier and also helped in maintaining asset quality.
He also stressed that data analytics has helped informal sector getting from formal
sources.
He emphasised, "Data has big value, data analytics (model) play big role and
execution of model by targeting right audience is key."
The company has successfully diversified into Micro Credit, Vehicle Finance and
Housing Finance and is among the top 10 NBFCs of India.
Akhil Handa, Head Fintech, Partnerships & Mobile Banking and Digital Lending
Department, Bank of Baroda, also stressed that lynchpin of entire digital lending
journey will be analytics.
In Digital Lending 1.0 (2015-20), PSB 59, TReDS, all led to 20% of credit
disbursement being technology driven.
In Digital Lending 2.0 (2020-25) he believed, ecosystems will get connected to the
financial systems.
Digital lending, he further added will go beyond tier I & II cities. Infrastructure enablers,
such as digital land registry, account aggregators, and Open Credit Enablement
Network (OCEN) will come into place.
He believed that by 2025 55-75% of loan that get booked will be digital in nature.
Only 18 million out of 75 million MSMEs are digitised now, while majority would get
digitised in the next 5 years and Covid would be a major change driver.
CMA Balwinder Singh, President, Institute of Cost Accountants of India, in his
opening remarks stated that digital lending is here to stay, but to ensure its success
what is needed are stronger guard rails from both a legal and compliance perspective.
S Rengarajan, Member, ICC National Expert Committee on BFSI, in his welcome
address emphasised the innovative financing mechanisms from new age digital lenders
will be critical for the growth of the economy in the post Covid era.
UNI SJC BM
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