TechNavio recognizes the following companies as the key players in the Gold Loan market in India: Manappuram Finance Ltd., Muthoot Finance Ltd., and Muthoot Fincorp Ltd.
Commenting on the report, an analyst from TechNavio’s team said: “One of the main trends witnessed in the Gold Loan market in India is the increasing adoption of technology by vendors. Gold Loan service providers are increasingly adopting technology for their processes to ensure rapid growth. Technology also enables them to start a number of branches, in a quick and efficient process. It helps them to scale up their businesses by reducing human intervention and making the model cost-efficient. It helps keep track of borrower accounts and customer submissions. With the help of technology, service providers also have access to real-time data, which helps in faster decision-making.”
According to the report, one of the main factors driving the market is increasing awareness about gold loan providers in the organized sector. With increasing media campaigns, social awareness programs, and financial literacy programs, people are gradually realizing the potential of gold loans and now have a better understanding of the terms and conditions of such loans.
Further, the report states that one of the main challenges is the lack of financial literacy in rural areas. Both public and private banks in India do not have a very strong network of branches in rural and remote areas.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Indian Overseas Bank and Indian Bank.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/gold-loan-market-india-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report – Gold Loan Market in India 2012-2016
