Home Credit India survey reveals rapid adoption of technology among Indian women

Jammu Tawi: In celebration of International Women’s Day, and in line with the UN’s theme of ‘Invest in women: Accelerate progress’, Home Credit India, a local arm of the leading global consumer finance provider, reaffirmed its commitment to promoting financial inclusion and gender equality through responsible and digital-led financial services, ensuring access to affordable credit.In India, women have traditionally faced barriers when accessing financial services, but this seems to be changing in the last few years. In its recent survey ‘How India Borrows 2023’, Home Credit India noticed that women in India are increasingly adopting technology and becoming active participants in the country’s financial ecosystem. The survey showed that women borrowers (31%) are on par with men (32%) when it comes to accessing credit through online mediums such as mobile apps. Additionally, 59% of women respondents in 2023 prefer to complete loan process through online platforms via mobile apps, highlighting a strong preference for convenience and accessibility. In 2022, the preference for digital loans among women was at 49%.Speaking on the findings, Ashish Tiwari, Chief Marketing Officer, Home Credit India, said, “The narrowing of the gender gap in financial freedom and access to financial services for women is a positive trend that reflects progress towards gender equality. This trend also suggests that efforts to promote financial inclusion and gender equality in the financial sector are making a difference. Increased access to financial services can empower women economically, enabling them to save, invest, start their own business, and have greater control over their financial futures. Our commitment lies in prioritizing the fulfillment of unmet credit needs of our customers and contributing to a more inclusive financial ecosystem that empowers people and communities, promotes financial inclusion, provides financial stability, and supports the nation’s socio-economic growth.”