- Industry leaders deliberated on impact of digital lending on financial inclusion
- ‘Women in Fintech Awards’ awarded to three women entrepreneurs
The 3rd edition of the Digital Lenders’ Association of India (DLAI)’s annual conclave held today at Taj Mahal Palace, Mumbai saw participation by over 250 of the leading Indian and International Fintech firms. The theme of this year’s conclave was “Impact of digital lending on financial inclusion and industry growth through collaboration” keeping in line with the growth that the fintech industry has witnessed in the last five years.
Speaking at the keynote session on “How digital lending industry has metamorphosed in India, Mr. Sashank Rishyasringa, Founding Member, DLAI and Co-Founder, Capital Float said, “In the last 5 years, there has been an unprecedented amount of growth in infrastructure elements for digital lending in India. Since 2014 which was pre-Jio, Pre-demonetisation, we have seen a huge amount of development in the data side whether it was alternate data, alternate data players or identity- gst GST, aadhar Aadhar, digilocker Digilocker, Payments and Repayments, UPI linked accounts, connectivity amongst others. And the fact is that barring a few disruptions around KYC, delays around open data, India has been probably recognized globally as having one of the most advanced infrastructure for fintech industry.”
The primary purpose of the conclave every year has been to bring together the industry leaders and influencers to discuss and deliberate on issues that impact the growth of the digital credit sector in India. With representations from over 250 Indian and International fintech firms, it provides an opportunity to the participants to envision the potential of the digital space and position themselves to benefit from the massive opportunity.
Said Mr. Anurag Jain, Founding Member, DLAI & Founder KredX, “Fintech companies are revolutionizing and reimagining the way banking services are made available to consumers in India. The use of technology has made these services accessible to all segments of society with extensive reach at much lower costs in a timely and efficient manner. At the Conclave, we have initiated and encouraged dialogues to support sustainable approach towards inclusive financial services to the last mile.”
The second theme that took centre stage at the Conclave was ‘Collaboration between stakeholders’. Fintech firms, by the inherent nature of having an innovative mindset and customer centric approach, are now being viewed as growth partners by not just Financial Institution but also by larger Corporates. New tech-tools, platforms, capabilities and approaches offered by fintech firms are being used by legacy institutions to bolster their reach and open new customer markets. Speakers at the Conclave touched upon the benefits as well as barriers in the co-growth strategies.
Sunil Jose, Senior Vice President and Country Leader, Salesforce India said, “The sophistication of data-driven personalization has come a long way over the years, and customers have come to expect it. Lending firms are beginning to realise the new level of capabilities that technology can provide and are increasingly adopting solutions in order to stay relevant. Our Financial Services solution is built to serve the needs of our lenders and their borrowers allowing firms to streamline their digital lending capabilities and create smarter, more personalized customer experiences. We are delighted to be a part of the Digital Lending Conclave empowering businesses in the financial services industry with cutting-edge solutions that are driving customer success.”
This year, DLAI also introduced ‘Women In Fintech’ award to celebrate the achievements of their female counterparts with exceptional business ideas. The three winners shortlisted by a panel of judges were announced at the DLAI Conference.
In addition to the panel discussions and talks, the Conclave’s workshops on diverse topics such as RBI Sandbox, Business Ethics, Collections and changing rules of Artificial Intelligence were also well attended by the participants.
The primary objective of DLAI has been to bring together digital lenders – MSME & Consumer, marketplace platforms and industry members. The Conclave serves as a breeding ground for sharing best practices, conduct research on innovative business models and work with regulators, industry experts & other government bodies to set the broad contours on policy matters beneficial to the entire digital credit industry.About DLAI
It today comprises of 80+ members with $5-6 billion in annual disbursements represent around 85% of the transaction volume of digital credit industry in India.
The key objectives of DLAI are:
- To promote the responsible growth of the digital lending sector by creating awareness amongst key stakeholders including customers, corporates, partners & regulators
- To aim for financial inclusion at the lowest level and facilitate the reach of financial services to the last mile
- To foster innovation in financial technology around digital lending and promote new business models like marketplace platforms, online aggregators, etc. in India
- To represent, advise and consolidate the efforts of the Digital Lending Industry
- To strive for a model code of ethics to be followed by each member
- To share best practices amongst members and spearheading collaboration opportunities with international partners