Over the last five years, the evolution of agile and innovative fintechs have added significant value to the lending ecosystem through deep partnerships integrations with banks, NBFCs and credit bureaus. One of the biggest hurdles that Paisabazaar.com saw in expanding the umbrella of formal credit was the lack of awareness around credit score.
Conversations with our customers made it evident that penetration of formal credit by institutional lenders can go up only through a digitally powered credit score product that acts as a strong enabler in increasing access to credit.
As India’s fastest-growing fintech, Paisabazaar.com endeavoured to meet this need gap by running India’s largest credit awareness initiative – A free credit score product with monthly updates. Over the last 2 years, we have introduced several innovations around this initiative to make India more credit aware and credit healthy.
The first edition of our consumer insights report “Making India Credit Fit”, constructed by analysing data of our customers, looks at the trends around the rising credit awareness in India and the resultant shift in consumer mindset and behaviour.