International Journal For Multidisciplinary Research

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Innovative Credit Scoring Methods in India by the Fintech Companies to Increase Financial Inclusivity for Digital Lending

Author(s) Vardan Bajaj
Country India
Abstract Abstract
Fintech is part of the digital revolution of India which aims towards increasing the Indian economy and financial inclusivity of the population. Fintech has done significant contributions in digital lending and will continue to do in future, one of the contributions is in the unique model created for credit scoring of minorities who do not have a credit history or not eligible to attain credit score through the traditional method. The strategic changes in the new credit scoring method on the basis of machine learning and artificial intelligence can provide more accurate results and provide reports for the isolated population who did not have access to credit earlier.

- Methodology:
The article has been written with in depth research on the Indian Fintech market and the current state of Indian digital lending. Begin with introduction of fintech evolution in India and what does it mean. Post which it provides in depth understanding about the state of digital lending and why is there a need of amendment in the credit scoring method which is used for digital lending. The influence of fintech in credit scoring has been explored via existing published research papers and statistics from World Bank. In the end, there has been suggestions in form of inputs from the author for how India can reach financial inclusivity.
- Purpose:
The purpose of the article is to curate information about how the Indian economy should use fintech for its advantage. The research paper aims towards outlining potential limitations too if the non-traditional credit scoring methods are used as a major factor in digital lending. Overall, the paper seeks to understand what was the major reason behind the lack of inclusivity in digital lending in India and how can it be overcome.
- Findings:
The research paper helps to understand that Fintech has done significant contributions in digital lending and will continue to do in future, one of the contributions is in the unique model created for credit scoring of minorities who do not have a credit history or not eligible to attain credit score through the traditional method. The strategic changes in the new credit scoring method on the basis of machine learning and artificial intelligence are able to provide more accurate results and provide reports for the isolated population who did not have access to credit earlier.

- Value:
The research paper has cited all the sources which has used for the research on the topic in MLA9. It is a 100% AI free paper and has been written entirely by the author without the intervention of any third party in it.
Keywords creditscore, credit, fintech, finance, Indian economy
Field Sociology > Banking / Finance
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-04-05
Cite This Innovative Credit Scoring Methods in India by the Fintech Companies to Increase Financial Inclusivity for Digital Lending - Vardan Bajaj - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.15930
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.15930
Short DOI https://doi.org/gtp8nj
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