BANKING 2.0|India and the Internet

Well for customers who are India bound, and are shopping for loans face an acute shortage of options. Most online banks claim to be award winning in terms of design. Unfortunately, most of them act as lead generators and nothing more. I have worked with one of them myself. Even third party loan comparers end up NOT making a commitment on the final loan and amount, because of 

1) lack of credit assurance in India due to established credit ratings for individuals.

CIBIL is considered too young (< 5 years) and is the only credit rating agency.

2) lack of exposure to latest tools available globally online. 

As the saying goes, Why risk being innovative , if you are already having respectable market share, and are meeting your annual banking bonus in India’s financial services sector – booming (till 2007) and now rapidly growing (despite the central bank’s rate raises).

Indian customers remain the most under leveraged in the world, have very low delienquency rates, have low systematic support for usury,predatory lending and bankruptcy. This would make the market ripe for innovative NBFC’s. While 2007 saw two such NBFC s ( and Barclays ) make the foray with varying degrees of sucess., 2008 sees as an “INNOVATIVE” loan enabler.

From a techie perspective the website is nicely designed,easy on the eye and on the mouse, and moves seamlessly in three steps from loan to enquiry. A good experience, and so if shopping for a loan do visit this also once. Negatives if any are –

  1. lack of more mainstream partners,
  2. more products (site mentions only personal loans  hence limited potential for cross sell and upsell) ,
  3. brand recognition and
  4. search engine marketing (but that is expected to go away once the site ramps up).See SEO and SEO2 ScreenShots below.
An additional thought is some kind of guraantee scheme – as in lowest rates offered, as consumer finance is a vanilla commodity for a discerning online customer (varying only in tenure, rate and amount).

The strategic vision was outline by the CEO’s interview here.

  1. Enter Demographic Information and Basic Credit History – User Interface is very sleek, and very helpful without being too complex or flashy looking. The list of variables /fields choosen is extremely savvy (11 Demographic) and Some Basic Credit (For a CIBIL Match later).
  2. Note the live chat facility in yellow on left- which may be a first for an Indian online provider.
  3. Wait a sec
  4. Choose between two providers with different TRANSPARENT reducing rates ,EMIs, and amount to be lent.
  5. Modify sliders for Tenure and Principal Outstanding – to optimize your EMI yourself.
  6. Only after this step (application for loan)  does it ask you to login or register.This is unlike most other lead aggregators, as the leads thus collected by the site should ideally be of better quality

Snapshots to help you get a loan faster through . 


The tech team has done a great job here, probably even better than   and .

Author: Ajay Ohri

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