One of the Questions to the panel at the FinTech Festival India: What’s the most important digital infrastructure from a digital lending perspective?
Ans from Adhil Shetty: Video KYC. Usually, a loan officer will be doing a max of 70 Physical KYCs in one particular location, but now, with the help of Video KYC, it is possible to do 700 KYCs in various locations (10X growth).
Ans from Anil K Pinapala: Its UPI. In digital lending, the most challenging part is Collections. UPI stack helps us to collect the payments seamlessly from the borrowers. The interesting thing about UPI is, (as a digital lender) the notifications can be sent through a different mobile app like Paytm, or Phonepe where customers click and do the transactions instantly.
According to you, what’s the most important digital infrastructure for digital lending?