Payment Failure or Lending Opportunity

More than 5 percent transactions are getting rejected for NEFT / RTGS / IMPS / UPI / Cheques / Payment Gateway, which are creating challenges for customers. These failures create a moment of opportunities for payment providers for extending personal loans to the customers.

Flow is simple:

– Customer requests for NEFT / RTGS / IMPS payment from Channels

– Incase the balance is not there, bank extends the customer an EMI based loan based credit analysis. Customer gets an option to accept loan online.

– Payment to third part is processed online, thereby removing friction. Bank is able to book a loan without costly marketing exercises.

– Loan EMIs are recovered from customer account as per normal process.

 

Digital Transformation – Simple Nimble Real…. BTW Frugal too….

Leave a Reply

%d bloggers like this: