NEW DELHI , Nov. 10, 2020 /PRNewswire/ -- MyMoneyMantra.com , India's largest financial services marketplace has been featured in a white paper by Georgetown University as a case study to highlight best practices for Global FinTech Industry.
The McDonough School of Business, Centre for Financial Markets and Policy, Georgetown University published a White Paper titled "FinTech & Financial Inclusion: How do FinTech firms assist clients in obtaining loans? " The study analyzes the functioning of 6 loan aggregators and marketplaces across the United States , India , China , Singapore , Malaysia and South Korea . It deep dives into their product lines, business revenue model, competitive advantage, marketing strategies, opportunities and challenges.
The Georgetown University White Paper recognises MyMoneyMantra's success with Phy-Gital (Digital & Physical) channels in India for end-to-end customer fulfilment as one of the key strategies to bridge the financial gap, accelerate financial inclusion and improve customer experience in developed and emerging nations. It highlights the competitive advantage MyMoneyMantra holds in the Indian marketplace with its physical muscle combined with digital prowess stating and says, "Firms like MyMoneyMantra have focused on improving customer's experience balancing human interaction with data analysis."
Mr Raj Khosla, Founder, Managing Director of MyMoneyMantra and a thought leader in Indian Retail Banking & Financial services said, "The global recognition of MyMoneyMantra's Phy-Gital approach for end-to-end fulfilment of customers' financial demands is a vindication of our core values for three decades- Trust, Resilience, Inclusion, and Customer First. MyMoneyMantra.com combines technology, AI & ML with traditional distribution strategies and fulfils the demand for loans across the length & breadth of the country. We identify customer needs, build relationships, and handhold the user to get the desired loan product."
Adding further he said, "We have originated $1 billion of credit across 60 cities with 100 financial partners in FY 2019-20. We are grateful to our 7 million happy customers and are steadfast in catering hassle-free and quality financial products to our customers."
MyMoneyMantra continues to aggressively invest in technology & analytics to build and upgrade its state-of-the-art digital platform which is powered by the MMM data warehouse hosted on AWS.
The White Paper closely examines the existing financial gap across the globe and highlights, as per the World Bank as many as 3.7 billion people are either unbanked or underbanked. It is of utmost importance to satisfy this global demand for financial inclusion i.e. effective delivery of affordable and utilitarian financial access.
The study further observes that loan marketplaces are creating innovative approaches to grant people and businesses new ways to access credit. They are accelerating financial inclusion by providing access to information, assistance, rate & cost comparison and contributing to people's financial education.
The White Paper recommends that firms in the FinTech segment should incorporate the following strategies to accelerate financial inclusion & efficiency in FinTech efforts:
Expand product offerings tailored to the customers' needs and capabilities and expand into previously untapped markets, both domestically and internationally. Utilize existing platforms, such as cell phones, to reach customers in rural areas. Cement partnerships with traditional banks and financial institutions and penetrate e-commerce and social media platforms by offering money transfers, payments, and financing solutions. R&D to find new ways to incorporate new technologies that enhance the user experience, accurate matching between financial products and users, risk and credit assessments, and product design. The "Phy-Gital" approach, where firms aim to meet the customer physically or digitally wherever convenient to him/her. The White Paper concludes: "FinTech firms have created products and services that helped millions of people gain access to credit and capital. These firms offer more competitive offerings and more transparent processes than traditional banking institutions. FinTech has the potential to close the finance gap and serve the unbanked and underbanked populations of the world."
Download White Paper: https://bit.ly/30a4k5T
About MyMoneyMantra:
MyMoneyMantra is India's largest Phy-Gital (Physical-Digital) marketplace for Personal Loans , Home Loans , and Credit Cards .
MyMoneyMantra helps customers compare products across 100+ Financial Institutions and demystifies the world of personal finance. The Company's mission is to serve the need of every Indian by delivering the right suite of financial products in the most efficient manner.
Over the last 5 years, MyMoneyMantra has originated $4 Billion of credit and helped millions of Indians navigate the world of personal finance.
MyMoneyMantra commenced operations in 1989 and is headquartered in New Delhi, India .
Media Contact :
Dinesh Khandelwal
dinesh.khandelwal@mymoneymantra.com
+91-9901322661
MyMoneyMantra
Logo: https://mma.prnewswire.com/media/1330902/MyMoneyMantra_Logo.jpg
---------------------------------------------------------------------------
Visit this link to stop these emails: http://zpr.io/HSP9G