73% of credit managers likely to change lending strategies for unsecured portfolios after pandemic – PwC: Equifax survey and report

(Eds: Disclaimer: The following press release is being sent to you under an agreement with Business Wire India. PTI assumes no editorial responsibility in this regard.) Mumbai, Maharashtra, India – Business Wire India • 36% of credit managers who want to adopt alternative data in addition to office data for better underwriting. • 50% of credit managers surveyed have accelerated the use of digital tools for customer acquisition. Equifax Inc. (NYSE: EFX), a data, analytics and technology company, and PwC India have collaborated to launch a one-of-a-kind report on the retail lending landscape in India. The first edition of the report highlighted the impact of COVID-19 and the resulting disruption on sourcing and delinquency trends by loan type, lender type, and geography. Launching the report, Shri Rajkiran Rai G, Managing Director and CEO of Union Bank of India, the leading public sector bank, said, “As practitioners, the financial services industry is eager to understand lending trends. macroeconomics to adapt its strategy and risk policies. Therefore. This has become even more important due to the impacts of COVID in 2020. PwC and Equifax have brought intelligent data and analysis as well as industry insight into this thought leadership report covering trends in the retail lending industry. To read the report, click: https://www.pwc.in/assets/pdfs/consulting/financial-services/mapping-the-indian-retail-lending-landscape.pdf or https: //www.equifax. co.in/business Sreedhar Vegesna, Partner and Head of Financial Services, PwC India, said: “India’s retail industry, with its technology-driven differentiation, is evolving at a dynamic pace. However, lenders face unprecedented procurement and collection challenges due to the COVID-19 pandemic. PwC has entered into a unique partnership with Equifax to present key industry insights and strategic contributions to lenders through its Personal Lending Industry Report. This is the first in a series of publications aimed at empowering industry players to take the most appropriate steps to build a strong loan portfolio and grow the business. At the launch of the report, Asim Parashar, Partner Financial Services, PwC said, “With the first edition of the India Personal Lending Landscape Report, PwC and Equifax are launching a unique series of publications that unveil the consumer lending trends across multiple lenses, including geographies, industries, and products. This report presents an opportunity for readers to revisit key lessons from the brief industry recovery seen as the first wave of COVID s is appeased and are leveraging it to meet the challenges of the industry. Currently, industry leaders have chosen the innovation of products, services and distribution channels made possible by the accelerated adoption of digital as a solution preferred business growth strategy.In future editions, PwC and Equifax will aim to explore key strategic changes as a result of the second va gue COVID and the industry landscape thereafter. KM Nanaiah, Managing Director of Equifax Credit Information Services Pvt.Ltd. And national head of Equifax India and MEA, said: “Over the years, Equifax, as the country’s leading credit bureau, has worked with the Indian financial services industry. to help maintain high levels of underwriting standards. Now, through its partnership with PwC, Equifax offers a report providing insight into India’s consumer lending industry trends – from disbursements to delinquencies, top growing states to major loan categories, and the impact of COVID Ce The report will act as a beacon, helping the financial services industry and policymakers navigate the peaks and troughs of the lending cycle, further promoting responsible lending in these times. The main highlights of the report are as follows: • The demand for large loans declined significantly after the pandemic, with large loans (> INR 75 lakes) showing the largest drop at 80% • The top five States (Maharashtra, Uttar Pradesh, Tamil Nadu, Andhra Pradesh and Karnataka) alone contributed almost 50% of overdue accounts over 90 dpd • 73% of credit managers in the PwC / Equifax survey said that they were considering changing the lending strategy for their unsecured loan portfolio • Proactive collection strategy followed by Enriching contactability of borrowers were the two main measures put forward by credit managers to manage emerging risks ABOUT PwC At PwC, our goal is to build trust in society and solve important problems.We are a network of companies in 155 countries with more than 284,000 employees. people who are committed to providing quality insurance, advisory and tax services. To learn more and tell us what matters to you, visit us at www.pwc.com. PwC refers to the PwC network and / or o one or more of its member firms, each a separate legal entity. Please see www.pwc.com/structure for details. ABOUT EQUIFAX INC. At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make critical decisions with more confidence. . Our unique combination of differentiated data, analytics and cloud technologies enables better understanding and decisions to get people moving. Based in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia-Pacific region. For more information, visit Equifax.com. For media inquiries, contact mediarelations@equifax.com. PWR PWR

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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