What does Bharat think
about digital lending?
Insight 1
There is a growing sense of trust around digital
lending
Easy accessibility coupled with flexible loan options attracts users to apps
90%
of the users liked that they could take loan anytime they wanted
70%
who had never taken a loan, said they would opt for digital lending
20%
of the users felt it was quick but still not without risks because of personal data shared
Insight 2
Users prefer 'spoken' language over 'literary' language
All users felt the Hindi used in apps had to be the spoken form of the language with a mix of English words
60%
of the users could not understand literary words like 'Paatrata', 'Dastaavej'
50%
could understand all the Hindi words but still preferred the language to be simplified
30%
preferred English words of common usage like 'Eligibility' over literary Hindi words
Insight 3
English words need to be used with discretion
Understandability of certain English words were low among users leading to apprehension to use the app
40%
of the users did not understand words like 'skip' and 'application'
60%
of the users felt English words enhanced explainability but only if the word was common in 'Hinglish' as well
20%
of the users confused 'credit' and 'application' for other usage of the same words
Insight 4
Knowledge of financial terms is low to nil among users
Users relied on additional assistance through audio-visual or verbal cues to understand financial terms
60%
of the users could not understand terms like EMI, Credit and Average Income
40%
of the users had prior knowledge of the loan process and therefore aware of financial terminologies
90%
of the users confused 'credit' and 'application' for other usage of the same words