India's Credit Landscape Shifts: Fintechs Outpace Banks in Loan Decisions, Redefining Borrower Experience

Overview

Fintech platforms are rapidly reshaping India's credit market by offering faster loan decisions and superior customer experiences compared to traditional banks. They are also serving segments banks often avoid, like gig workers and freelancers, using alternative data and digital processes. This shift risks reducing banks to backend capital providers, highlighting the need for banks to innovate their underwriting and technology to adapt to digital-first borrower expectations.