AI Machine Learning to Support Digital Lending Support Landscape in Post Covid Era

Context: Pandemic induced crisis has acted as a catalyst for digital India vision and has created opportunities for innovation, learnings and behavioural shifts in the realm of digital lending and cashless payment.

Digital Lending 

• Digital disbursement of buy-now-pay-later solutions.
• Digitization of short-term credit processes such as eKYC and V-CIP (video-based customer identification process) with a minimal burden on interest.
• Digital microcredit as a means to cope with financial exclusion, salary delays, medical emergencies, and pay utility bills.
• Timely digital disbursements through automated loan offerings and contactless lending services.
• Enabler for innovation and risk mitigation through a focus on data science and analytics.

Digital microfinance lenders must be equipped to address the credit requirement while offering affordable and convenient repayment solutions to ease the impact of the crisis.