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NEW DELHI : Lending will be dramatically different with digital and machine-readable transaction and open framework will bring more completion and transparency on digital platforms, said Saurabh Tripathi, director and senior partner, Boston Consulting Group (BCG). “Transactions will increasingly get digitized and available in bank statements. Aggregators will offer machine-readable bank statements and other data to any lender of customer choice. Besides, Open Credit Enablement Network (OCEN) will create transparent competition on price and customer experience on the digital platforms," he added. 

Tripathi said a significant share of customer interactions for lending will shift to digital platforms in a few years.  There will be more frequent context-specific, low-ticket loans, and more of embedded banking, which is basically banking-like services offered by non-financial players, he said, adding that banks must however prepare for the changes. 

“Ticket size of loans in India is only going down across personal, property and business loans. We expect very small sized loans to become big in next five years," he added.

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