One other avenue where Indians get money from is chit funds. It might not look like a loan per se. However, the auction amount spent of redeeming the chit at an earlier stage might be very high (is similar to the interest) which doesn't bother the people. And like daily lenders, there are chits that do daily collections.
Although users are uncomfortable going to banks but they still seem to want the trust stamp coming from banks or any similar reputed institutes .. How do you think digital first lending apps can you language to bring in trust on their apps ?
One other avenue where Indians get money from is chit funds. It might not look like a loan per se. However, the auction amount spent of redeeming the chit at an earlier stage might be very high (is similar to the interest) which doesn't bother the people. And like daily lenders, there are chits that do daily collections.
Although users are uncomfortable going to banks but they still seem to want the trust stamp coming from banks or any similar reputed institutes .. How do you think digital first lending apps can you language to bring in trust on their apps ?
IMO. Better feet on street and accessible customer care.