ETtech | November 21, 2018, 14:40 IST
Equifax Analytics
has partnered with digital
payments processing firm PayU to
allow financial institutions get more insights into consumers’
transactional behaviour.
This association will enable financial institutions to get an
insight into transactional behaviour of consumers who are not part of
credit bureau rankings.
KM Nanaiah, Country Leader, Equifax India and MEA said that the
aim was to solve the issue of broader credit access for people. “This
would work on a consent model where applicants who are not present in
the credit bureau data can allow lenders to look at other digital
transactions and patterns,” he said.
It is estimated that about 75% of the population in India has
never taken a loan. Consumer loan accounts for almost one-fifth of new
loan accounts opened.
Through this collaboration, Equifax and PayU are trying to
bring in this segment into the credit fold. This would provide
financial institutions and lender more insights into consumer
behaviour by providing data that can be incorporated into the digital
lending process.
“Consumer credit market in India has a lot of scope for growth
and this partnership will serve the untapped potential. This
innovative product is aligned with our vision of supporting the credit
ecosystem including banks, NBFCs, and Fin-techs in order to provide
seamless credit access to millions of underserved customers.
Furthermore, this provides further validation of our understanding of
customer’s digital behavior and how same can be leveraged to drive
credit access to consumers.” said Jitendra Gupta, MD, PayU India.
Equifax is a global information solution provider of predictive
analytics. PayU is a fintech company that provides payment technology
to online merchants and is a part of Naspers.
https://tech.economictimes.indiatimes.com/news/corporate/equifax-partners-with-payu-for-credit-solutions/66733050