NOVEMBER 20209· 100% human touch free cus-tomer onboarding and lend-ing practices ­ highly scalable, OPEX per customer of sub $5 and building a very unit eco-nomic positive business.2. What are the change in borrowing patterns and shift in priorities, in regards to credit lending?Consumption and specially con-sumer financial demand has seem some large shift; we see three major shifts:· Move to essential purchas-es rather than luxury; we see people opting for basic smart phone rather than most high end purchases· Financial worry and uncertain-ty leading to cash hoarding; last 5 months people held back full payments, paid minimum on cards, held back larger saving to create cash cushions but this is resulting in negative cash flows and customers· Demand for longer tenure from customersAs EarlySalary is full-stack lend-ers and offers credit for every need of salaried customer we are seeing demand for 3 segments: · Salary advance from 3 to 6 months· Personal Loans from 12months to 2months· Skill updating on EMI and EMI product purchase on Flipkart and Amazon3. Market outlook of the lend-ing sector, during and post COVID-19 situation.Post COVID-19, financial lenders and banks will take time to kick start lending in a full-fledged way and many of the traditional players are still recovering by moratorium impact, and dip in collections capa-bilities. This is giving an opportu-nity to new age FinTech players to cater and attend the need of con-sumers, as the digital practices have helped to recover faster. According to me, consumption of lending will bounce back with Diwali around the corner and there is immense poten-tial in Indian economy to get credit and consumption back to track. As we expect to recover from the eco-nomic set back by March, 2021 we should also look on the profit and loss across lenders and growth in terms of both supply and demand to get back on pace.4. What extra mile lending companies are going to pro-vide customers with better solution?True contactless or zero touch fa-cilities, fully automated lending solutions and multiple product op-tions for all customer needs, these solutions are becoming the next wave andalso emerging out in the ecosystem. Digital lenders are fo-cusing on these solutions to help their customers and offer full-stack digital personal loans ranging from 3 months to 36months, end to end digital onboarding including vid-eo KYC, digital repayment pro-cess on Mobile App enabled with digital cards, and financing with consumer loans for product pur-chase, skill upgradation & educa-tion and EMI finance for medical or emergency expenses.5. What do you think about the future aspiration of lend-ing platforms to reach out to their target customers and help in overall growth of economy?As the category ofdigital lenders have gone beyond just serving the tech-savvy metro customers, Fin-Tech consumer lenders have also reached to the length and breadth of the country. They are now reach-ing out to the underserved con-sumers across strata of people and helping them to build consumption and fuel aspiration across the space. Even the top FinTech companies would have lend to 50Lac plus con-sumers with-in a short span of 3-4 years of starting, which means the industry is almost doubling the cus-tomer base each year and growing to serve more consumers. Also, the other segments we are catering to ranges from blue and grey col-lar customers who were unable to borrow, young IT professionals who needed skill upgradation for a bet-ter future, individuals who wants to settle into a new town and wants to start his/her career, and able to serve across the board from short term credit needs to catering larger financial needs going from 3 months to 3 years of loans. We as a FinTech company want to become the sin-gle point of lending platform for any individual's financial needs. Akshay Mehrotra
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