Retail loans in India have experienced a remarkable growth in recent years, with a CAGR of 24.8% from March 2021 to March 2023. This has attracted the attention of tech giants like Google, who are now venturing into the retail loans segment. To keep up with this growth, lenders are leveraging cutting-edge software solutions powered by AI, ML, Data Analytics, Predictive Analytics, and Natural Language Processing (NLP). These capabilities enable lenders to create segments based on borrowers’ demographic profiles, repayment patterns, and response rates over various channels, allowing them to tailor their strategies for greater efficiency. Predictive analytics also provides lenders with the foresight to take a proactive approach to loan collections, reaching out to at-risk borrowers in advance.
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