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Creating Reliable Lending Infrastructure for Personal and Business Finance

In the Day 2 of the Fintech Conclave, this panel discussion was joined by the leaders from McKinsey, mPokket, Clix Capital, U Gro Capital and Kinara Capital

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In an event, Festival of Fintech, Creating Reliable Lending Infrastructure for Personal & Business Finance with BW Business World, several fintech players talked about lending and customer behaviour.

Mr. Gaurav Jalan, Founder & CEO, mPokket, on answering to Ms. Rashmi Mohanty, Interim CEO & Group CFO, Clix Capital, the Moderator of the event, highlights the importance of underwritings. He openly talks about how Covid allowed us to sit back and look at things better. He says, "After covid, we think deep about under writings. Secondly, it was collections". Furthermore, he talks about customer engagement. "The number of people which needed help, increased dramatically. This data really helps in lending to an individual. The ratio will only be improving with time. It's going to be policy decision. We actually ended up hiring a lot of people during covid. Covid was a difficult period but we came out stronger".

Ms. Hardika Shah, Founder & CEO,Kinara Capital, says " Pandemic came at a velocity we didn't expect.It effected the micro enterprises company alot. But it accelerated our way of reaching the last mile". She also claims that her company is moving towards formalization in terms of customers. "It also helps us to do the evaluation (data base).  We are trying to do a blended model, with the available data and add on data as well", she adds.

Mr. Shachindra Nath, Executive Chairman & Managing Director, U Gro Capital believes that, There is now two different world. Covid and Post Covid. He highlights the struggles of these two different worlds. "We have this set of people who come from the big data machine learning the penalty and other side you have the underwriting people who come from banks and financial institutions.The biggest challenge is to build bridge between them and getting them together". He also believes that digital has helped individuals and corporates in some extent to solve the pandemic issue.

Mr. Shwaitang Singh, Partner, McKinsey , highlights the importance of consumer behaviour. He says," Understanding the customer behaviour has really increased the money fold. The first thing to acknowledge is that a lot of consumers has come online. So, the big challenge is what the finance company can do to make people's live easier during the times of pandemic". " A lot of them would like finance to be embedded, he adds.


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