New innovations and lending products from fintechs/ banks: • There is lots of innovation happening and lots of experimentation with regards to expanding the definition of the market (i.e., BNPL, invoice financing, SME lending), more digital advancement, advancing the financial infrastructure to ensure better access to data systems, etc. Predictions: • The next few months are critical, and only the strongest (those with the best risk models and solid solution offerings) will survive. We’ll see evolution of business models altogether. Will be a strong shift thanks to digital lending guidelines (i.e., in the BNPL segment the industry is undergoing a complete model shift); the way they engage both with consumers and their own banking partners on the back end will continue to evolve and we’ll see new models of engagement emerge. • Account aggregation is coming of age now and adoption is increasing in India, affecting how customers are sharing their detailed information and the level of innovation in the products from both banks and fintechs, which depends on the data available from consumer accounts.
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