New digital tools have unlocked the possibility of expanding credit access in India. Now, it’s up to financial institutions and innovators to realize its full potential.
The lack of formal credit access continues to be a scourge of the India growth story. Only 10% of individuals and 14% of the country’s MSMEs have access to formal credit. Domestic credit stood at 55% of GDP in 2020, significantly below the world average and levels seen in economies like China, South Korea and Vietnam. With the country poised to become the third-largest economy by FY ’28, crossing the $5 trillion benchmark, the focus is on innovative solutions that can leverage India’s digital infrastructure to expand credit access. Understanding how this vision measures up to the reality of digital transformation in credit and pathbreaking innovations in digital lending is at the core of Lentra Digital Lending Summit 2023, in association with CNBC-TV18, scheduled for December 13, 2023, 9 am onwards.
Summit highlights
The introduction of new digital lending tools has the potential to revolutionise the financial landscape in India. It’s vital for all stakeholders to understand the true capabilities of intuitive, tech-enabled lending before charting a transformative course for expanded credit access. The theme of the Lentra Digital Lending Summit 2023, 'Empowering Economic Growth for All, Bridging the Credit Gap’, encapsulates different aspects of the digital lending transformation, ranging from credit assessment and customer acquisition to risk management and hyper-personalisation. It is designed to facilitate wide-ranging conversations with an illustrious collection of business leaders, policymakers and a global sporting icon scheduled to attend the event!
The Summit’s Keynote speaker – Jayant Kumar Dash, ED, RBI, will present a holistic overview of policy initiatives undertaken by the regulator to enhance credit access and empower financial institutions. The initial context session will feature Mr. D Venkatesh in conversation with Sreyssha George Managing Director and Partner, BCG, to explore what the central theme of ‘Growth for All’ truly means. Together, they will enumerate the scale of the emerging opportunities for banks and NBFCs, to serve the financial needs of a growing consumer base. They will underscore the need to accelerate digital transformations across legacy finance organizations to take advantage of these emerging opportunities, in collaboration with key players like Lentra.
Eminent banking and technology leaders, including Shalini Warrier, Executive Director, Federal Bank, Ashwini Kumar Tewari, Managing Director, SBI, and Ramesh Lakshminarayanan, CIO & Group Head, HDFC Bank, will participate in a dialogue, highlighting the intersection of innovation and technology for transforming credit access. Additional sessions will feature leaders like Santanu Basu, Head SME, ABFL, Karthik Srinivasan, Chief Business Officer, HDBFS, Chitrabhanu KG, Country Head - Retail Assets & Cards - Federal Bank and Pankaj Poddar, Chief Risk Officer, SBFC, to share how digital capabilities are allowing them to push the boundaries of credit inclusion in vast, complex and underserved segments of India.
As a special treat to the audience, a Fireside Chat with Former South African cricketer Jonty Rhodes will deep dive into ‘the mindset for achieving excellence’. The session will draw unique lessons from global sporting excellence that can be applied to achieve lasting business excellence.
Parallel conversation tracks: A holistic view of digital lending
The day-long Lentra Digital Lending Summit 2023 will offer a comprehensive range of future-ready solutions guiding the evolution of credit access in India across various products, sectors, and consumer groups. Multiple breakout sessions will provide deep insights into Sectoral Lending Trends, Digital Frontiers of MSME lending, Lending 2.0 for the Indian Woman and Customer-First Innovation for Crafting the Digital Lending Experience, among others.
Felicitating lending trailblazers
The Summit will also recognise, honour and celebrate trailblazing lenders who are creating significant impact through their pioneering credit products in eleven categories, including digital banking products, home loans, business loans, vehicle loans and education loans, to name a few.
With a full schedule of captivating discussions, insightful interactions and a rousing felicitation ceremony on the agenda, Lentra Digital Lending Summit 2023 is set to be more than just a congregation of industry leaders. It represents a unique opportunity to mobilise India’s capital and make a concerted effort to change how credit is sought and delivered. For India’s roaring economic engine, it could be a much-needed injection of energy and purpose, adding momentum to a new cycle of growth and development.
Get an inside view of the evolution of digital lending in India.
Note: This is a partnered post.
First Published: Nov 29, 2023 6:08 PM IST
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CNBC-TV18 journalists were not involved in the creation of the article.
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