Digitization is set to revolutionize the lending space through various means of technology for credit assessment. Banks are already facing competition from online lending platforms that are creating marketplaces to pull borrowers and investors away from the need of a traditional bank. These lending platforms are driving revenue and growth through their website and app with data driven analysis. The technology wave in the lending sector has brought about major disruptions that seem to be just the beginning.
Rajat Gandhi, CEO and Founder, Faircent, Manish Khera, Founder and CEO, Arth Impact and Naveen Kukreja, CEO and Co-founder, Paisabazaar shared their opinion on the future of lending space in India during a session at the event.
All Lending To Move Digital In Next Five Years
Rajat Gandhi feels that all lending activities will move digital in next five years. “Offline branches will go away but that does not mean the death of banks. From lending perspective, it will be a one centralized unit servicing large number of units and customers across pan India. We are looking at that kind of scenario,” he said.
This story is from the May 17 edition of Entrepreneur magazine.
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This story is from the May 17 edition of Entrepreneur magazine.
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