Revolutionizing Credit for the Underserved: Mahesh Shukla's Payme Vision | Fintech Ki Baat Ep.

Join us on "Fintech Ki Baat" as Mahesh Shukla, founder of Payme, delves into the transformative journey of Payme, a platform dedicated to reshaping lending for the underserved market. In this episode, Mahesh explains how Payme addresses the unique challenges of high customer acquisition costs and smaller loan sizes in underserved areas. He discusses the detrimental impact of informal lending practices and how digital solutions like Payme provide a more ethical and transparent alternative. Explore the innovative use of AI in digital lending, including generative and explainable AI for underwriting, and learn about Payme's proactive Credit Assist product for rejected loan applicants. Mahesh also shares his insights on the future of digital lending, highlighting the roles of AI, the Open Credit Enablement Network, and the groundbreaking potential of credit on UPI. Chapters: 00:00 - How Payme started and the critical problem it solves in financial inclusion. 01:07 - Challenges in Underserved Markets: Exploring the economic hurdles in extending credit to less affluent communities. 02:12 - Addressing the Needs of the Underserved Market 03:39 - Economic Challenges in Underserved Areas 05:10 - Analyzing Customer Acquisition Costs 06:28 - Discussing Ticket Sizes and Affordability 09:39 - Combating Exploitation in Informal Lending 11:17 - Digital Solutions to Traditional Lending Issues 12:51 - The Impact of AI on Digital Lending 18:24 - Regulatory Perspectives on AI-based Underwriting 20:35 - Enhancing Credit Access with AI for Thin File Customers 22:29 -The transformative role of AI in enhancing credit assessments and underwriting processes 25:09 - Introducing the Credit Assist Product 28:05 - The Future Landscape of Digital Lending 29:36 - The Potential of Credit on UPI 30:12 - Conclusion and Forward Look This episode is a must-watch for anyone interested in financial technology, digital lending, and the integration of AI in financial services. Subscribe to "Fintech Ki Baat" for more insightful discussions that navigate the frontiers of fintech innovation.