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COVID-19 Impact on the Lending Industry: Repurposing the Agenda in Response 

Banking on technology to rebuild lending business models post COVID-19

As the impact of COVID-19 on the lending industry unfolds, banks and financial institutions (FIs) are likely to see a spike in credit costs and non-performing assets ratio, given rampant job losses, pay cuts, and a steep liquidity crunch. Technology can play a significant role in helping lenders adapt to the new normal by:

  • Reimagining the product portfolio to create new highly targeted products aligned to micro segments of customers.
  • Building a digital spine leveraging microservices architecture, automation, and cloud computing to automate processes and introduce contactless transaction options, virtual cards and Card-Not-Present {CNP} transactions. 
  • Boosting digital financial inclusion by adopting an ecosystem approach to partner with telcos, local businesses, and others, to enable last mile connectivity.
  • Mitigating cybersecurity risks through AI-driven KYC platforms, customer authentication, financial grade APIs, firewalls, smart networks, and other solutions.



Ravindra Asundi

Chief Technology and Architecture Lead, TCS NBFC Platform Unit

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