Industry Perspective on RBI’s Report On Digital Lending
“At a time when banks, NBFCs, and fintechs (LSPs) are using a wide stack of technologies to support and develop their online business, the importance of privacy and data protection naturally increases. In order to compete successfully with traditional financial institutions, it is crucial to take into account all changes in regulations, particularly regarding the requirements for processing personal data."
Mikhail Marchenko, Co-Founder, JuicyScore has given his perspective on RBI’s Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps. He added, “At a time when banks, NBFCs, and fintechs (LSPs) are using a wide stack of technologies to support and develop their online business, the importance of privacy and data protection naturally increases. In order to compete successfully with traditional financial institutions, it is crucial to take into account all changes in regulations, particularly regarding the requirements for processing personal data.”
“We, at JuicyScore, believe that RBI has taken a great step to regulate a sector which in spite of having great potential has seen its share of problems in the last couple of years. With this report, we believe that there will be significant changes to digital lending from the current regime,” Mikhail Further explained, “As next steps, we highly recommend online Indian businesses to use solutions that run fraud and credit checks, detect harsh fraud markers, various risk factors, as well as applicant behavior markets by means of device authentication technologies. Improved risk technologies allow assigning better product parameters and settings for a customer, wider audience evaluation tools which are not available via traditional offline channels can boost approval rate and to increase the credit limit.”
JuicyScore, a global leader in anti-fraud and risk management solutions that is headquartered out of Moscow and Singapore and has also scaled up its operations to the Indian sub-continent.
