Some of India’s billionaires made their fortunes from the mobile phone industry, these entrepreneurs took big risks and innovated the industry to suit the Indian consumer and needless to say, their bet paid off. Which leaves to wonder, why has no one innovated in finance to the same level? There are Credit Cards for No Credit, for low credit or for good credit, small loans, big loans, personal loans, business loans and so many more monetary transactions that entrepreneurs could cash in on. It certainly not for a lack of enough rewards, in the west banking; loans and credit cards are some of the best paying businesses, there are such products for everyone, those who haven’t borrowed before use no credit credit cards to get access to credit. However, if you have used a credit card before and have suffered a hit from your credit provider, you’ll need on focus looking into where you can find guaranteed approval loans with bad credit. It’s not that hard to find providers willing to give you a second chance, all be it after a few basic checks!
In India the conventional way of issuing credit hasn’t worked as well, perhaps it’s due to local attitudes or a lack of adequate infrastructure, but attitudes and infrastructure have never been a problem to true entrepreneurs.
I believe the people in banking aren’t trying to innovate enough, and for start-ups, this is not an easy market to enter, there needs to be more boldness!