Report: Loan Recovery May Be Challenging for Fintechs Post COVID-19
Financial technology companies may have a harsh time in loan recoveries post COVID-19 as majority of them do not have transparency mandates that would support their loan recovery process, a report has stated.
It stated that post COVID-19, lenders would be condemned to a new age where the character of borrowers must be established as a more critical and pronounced part of the lending process. “The register would be updated by the lending institutions as the borrower makes good on paying down agreed outstanding liabilities,” it explained.
“The only way for banks and their borrowers to create a sustainable credit environment is for them to stand digitally undressed, with the delinquent borrower’s character open to the world to see and make judgment calls.
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