Personal Lending Space To Grow 4x In 10 Years
On the company’s relevance a decade from now: Absolutely relevant, since we are in the business of giving credit to people. We bring together decades of banking and lending expertise with cutting edge technology to serve the unserved population. So, it will be absolutely relevant 10 years from now.
On the future of the business: The segment we focus on consists of blue and grey collar workers which has been an unserved but fastest growing segment. These people are going to be one-third of India’s population and that is the opportunity we are looking at.
On the importance of AI and blockchain to the business: They are still in their nascent stage right now but we already are seeing positive results. The segment we focus on is traditionally called thinfile clients— those who do not have all the documents and data needed for a bank to sanction loans. This is where AI and blockchain can help us serve this segment.
On direct and indirect wealth creation: We are still in the early stages of the game. But, the personal lending space is a $278-billion industry and is slated to grow four times in the next decade or so and the biggest growth will come from the target segment we are focussing on.
On employment opportunities: New employment opportunities are being generated in the industry as people still need help in running their business. Although technology is automating some part of it, it is also generating more jobs. People need to reskill themselves as the new jobs being created may not be the same as the ones we have seen in the past. Hence, reskilling will create a lot of new jobs for people.
On the scope for niche businesses: We focus on unsecured lending and the lending space has a lot of different channels, so, there’s definitely the scope for specialisation here.
