Expanding Inclusivity: The Adoption of Alternative Credit Scoring by Private Banks and NBFCs

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Gopalan P; Dr. Sathya Devi

Expanding Inclusivity: The Adoption of Alternative Credit Scoring by Private Banks and NBFCs

Authors: Gopalan P, Dr. Sathya Devi

Unique Paper ID: 180131
Volume: 12
Issue: 1
PageNo: 957-964

Keywords: Alternate credit scoring financial inclusion.

Abstract:
The adoption of alternative credit scoring holds significant potential for enhancing financial inclusion and improving risk assessment in private banks and NBFCs. This study investigates how alternative credit scoring impacts financial inclusion in rural areas. Data was collected from 10 loan processing executives at various private banks and NBFCs in Kerala's Palakkad district. Findings reveal that alternative credit scoring is effective in reaching underserved populations and reducing default rates. However, challenges such as limited fintech collaboration, inconsistent use of non-traditional data, and insufficient investment in model development impede widespread adoption. Lack of strategic alignment, and infrastructure gaps further hinder integration. Critical enablers include robust data privacy practices, top management support, comprehensive databases, and customer trust.

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ISSN: 2349-6002
Volume: 12
Issue: 1
PageNo: 957-964

Expanding Inclusivity: The Adoption of Alternative Credit Scoring by Private Banks and NBFCs

Available:https://ijirt.org/article?manuscript=180131

16 May, 2025

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Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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