“Fintech and NBFCs Partnership can Bring Credit Revolution in the Country” PayPoint India MD Ketan Doshi
Mumbai, Maharashtra, India
Mr. Ketan Doshi, Managing Director of PayPoint India, while addressing a webinar organized by the ASSOCHAM, said that “Fintech companies can bring efficient onboarding of customers and offer seamless collection support at a negligible cost at the last mile touchpoints.”
Ketan Doshi – Managing Director PayPoint India
Speaking at the ASSOCHAM 8th National E-Summit on ‘Non-Banking Finance Companies & Infrastructure Financing’, Ketan Doshi said that “NBFCs are going to be the forefront of the credit outreach which is required in the country, and this can happen with the partnership model with fintech. It can bring credit revolution in the country.
Pandemic has facilitated banks and NBFCs to join hands with Fintechs. Lenders are now looking for fintech partnerships serving the last mile mainly for customer onboarding as customer acquisition and collection costs are pretty high. With the help of their decision-making tools and fintech’s payment tools, credit can be disbursed quickly, say in 5 mins. With this integration, the costs can also be bought down by around 65%.
For the economy to grow, credit should also be made available to the underserved. Most people cannot come to the mainstream because of the scarcity of capital. If we touch this last mile via the partnership model, we have considerable headroom to grow, and we will see greater financial inclusion on the credit side. Also, government initiatives like OCEN and Account aggregation will change the entire lending landscape in the coming year.”
Various industry stalwarts attended and addressed the panel discussion at the summit. The summit also deliberated upon pertinent topics such as Overall NBFCs & MFIs Sector Outlook, Deep-Drive into Infrastructure Financing, and Housing Financing.