“The only sustainable way to reach 5 trillion is for the 600 billion poorest Indians to be part of the process,” said Dr D Subbarao, former finance secretary and governor of the RBI.

In order to democratize credit, Lentra unveiled its lending cloud at the Digital Lending Transformation Global Summit 2022

Mumbai, India, August 1, 2022 /PRNewswire/ — Speaking at the first edition of Lentra 2022 Global Lending Digital Transformation Summit in Bombayformer Finance Secretary and Governor of RBI, Dr. Duvvuri Subbarao, highlighted the crucial role of technology-related policy initiatives in building a strong financial ecosystem to effectively meet the credit needs of our growing economy .

“The next finance revolution will be driven by technology-driven policies, such as the JAM trinity (Jan Dhan YojanaAadhaar and mobile number), digital infrastructure as a public good, interoperability across sectors, focus on consumer protection and most importantly closing the gender gap,” said Dr D Subbarao.

However, as access to credit remains a challenge, technology will help broaden the reach “The only sustainable way to reach 5 trillion and beyond is for the 600 billion poorest Indians to be part of the process. Microfinance loans that help low-income households smooth their income stream are expensive to process due to small ticket size and higher transaction cost Technology will reduce costs down to the mile, personalize the credit and reach the customer at lower cost,” he added.

Highlighting the new era of digital lenders and emphasizing the importance of digital innovation to foster inclusive growth for the financial sector, Praveena RaiCOO, National Payments Corporation of India (NPCI), said: “We have moved from a situation where a large part of the population did not have access to credit. Today, people’s confidence in the financial system is growing. And a lot of that is driven by technology and a well-structured set of assisted services. It’s also the magic of business correspondence, the bank removing agents from customer service, the development of bank branches, it all comes together.”

Hosted by Lentra, one of the fastest growing digital lending cloud platforms, the event aimed to bridge the gap between credit supply and demand in the country. The transformation summit also highlighted the need for inclusive growth and collaborative strategies between banks, new-age tech companies, government and regulators.

To better meet the credit needs of india growing economy and empowering traditional banking players to access new lending models, Lentra unveiled its Lending Cloud. With over 250 API integrations on the platform for loan verification, processing, credit underwriting, adjudication, disbursement and loan servicing, Lentra will help partner banks achieve straight through processing (STP) higher. It will also help make loans available to customers within minutes.

Speaking of the unveiling of Lentra Lending Cloud, Ankur Handaco-founder and product manager, Lentra said: “Customers today are looking for instant loans at the push of a button. This is forcing banks and financial institutions to dramatically reduce customer acquisition and onboarding time, and delight customers with instant credit experience and point-of-sale decisions Lentra’s intelligence, the domain-native platform is built from the ground up, designed and developed to give financial institutions the lending ecosystem of tomorrow, today.”

The cloud platform handled a peak of 1038 API calls/second, processing more than 6 apps per second during the October holiday season-November 2021. Lentra, which partners with over 50 banks and NBFC, disbursed a cumulative sum of INR 6,500 million in loans out of 1 million applications during Diwali last year.

The congregation witnessed the participation of a variety of industry stalwarts, including Parag RaoCountry Head – Payments, Consumer Finance, Digital Banking and Technology, HDFC Bank; Ashish PandeyExecutive Director, Bank of Maharashtra; Rajeev AhujaExecutive Director, RBL Bank; Mehernosh TataCEO, Edelweiss Retail Finance; Rakesh SinghMD and CEO, Aditya Birla Finance; Gaurav GuptaMD and CEO, Capital Adani & MD, Adani Housing; Aseem Dhru, MD and CEO, SBFC Finance; and Sachin ChaudharyCOO, Indiabulls Housing Finance among others.

The conference also included talks on credit risk, web 3.0 lending, open APIs, loan delivery networks, and a host of other conversations on personal loans, home loans and car loans and at two wheels.

About Lentra

Founded in 2019, by Dr Venkatesh and Ankur Handa, Lentra is a cloud-native digital lending platform designed and developed to give financial institutions the lending ecosystem of tomorrow, today. With comprehensive, fully digital and secure products and solutions, Lentra is the future of smart, transparent and secure digital lending. The cloud lending platform serves more than 50 financial institutions and has processed over 13 billion transactions on its platform. For more information visit Lentra

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SOURCE Lentra