As credit underwriting is the bedrock of lending decisions, its modernisation is crucial for financial institutions (FIs), especially in India, where the diverse market demands efficiency, digital collaboration and financial inclusion.
Digital underwriting is not just about faster decision-making through automation; the process ensures greater financial inclusion, offers high straight-through-processing (STP) rates and maintains risk control. Traditionally, credit underwriting has depended on documented financials and credit bureau scores. This approach fails to cover a large part of the market that is new-to-credit. It is estimated that more than 400 million adults in India are credit un-served and another 160 million are credit underserved. Traditional underwriting often automatically rejects or approves a limited number of applications, pushing many into the review bucket, restricting STP rates and increasing inefficiency.
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Changes in policy terms must be conveyed
Mustafa Pithawala had taken a home loan of â¹20,11,101 from Tata Capital Housing Finance on October 19, 2015. To secure its repayment, he was covered under ICICI Lombard Group Secure Mind Policy, valid from October 23, 2015, to October 22, 2020. This policy also covered personal accident and major medical illnesses and procedures such as coronary artery bypass graft surgery (CABG).
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Nifty falls to near 5-month low
Earnings disappointment and foreign outflows continue to weigh on markets
BITING THE BULLET
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