Page 25 - Banking Finance December 2022

ARTICLE

FINTECH

EVOLUTION

AFFECTING THE

RETAIL LOAN

SEGMENT

Foundation: Retail lending products are tailor made products designed
to suit the different needs of consumers. End utilisation is
Indian economic conditions and environment for adoption
primarily consumption. India is such a country with growing
to new technologies has opened path for development of
new technologies. Fintech's are continuing to evolve with young population, and growing consumerism. Fintech's
different customer centric products, & attracting younger keeping this in view, developing small products to meet the
generation of the country and showing its affect on the requirements of the en mass population making everything
lending of public sector banks, especially retail lending paper less or digital the entire process of traditional credit
segment. Retail lending is relatively easy in processing due appraisal and sanction processes.
to product nature.
Evolution of 4G (Faster internet services) and android
technologies made usage of mobile phone convenient. A
About the author report published by statista research department, 2021,
witnessing the fact that in India, smart phone reach is over
N V Gupta 760 million with an average data consumption of 14.63GB
Chief Manager,
per month. (https://www.statista.com/statistics/467163/
Union Bank of India staff training center,
forecast-of-smartphone-users-in-india/). It opens wide
Visakhapatnam
opportunity for digitalisation of financial services.
K Sankara Rao
Senior Manager, In this paper it is attempted to discuss the role of Fintech's
Union Bank of India staff training center, either as disruptors or as enablers in the Indian scenario
Visakhapatnam
especially in tapping opportunities under Retail lending
segment.

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