The use of credit is ubiquitous in American society and we have seen explosive growth in consumer credit over the last decade, as rates have remained low. However, as credit has been more widely available, it has also resulted in indebted households sinking into trouble jeopardising their financial security. Millions of families across America are burdened by this debt with many spiralling into monetary destruction. The economic wellbeing of an individual would be considerably improved if they were able to effectively manage their debt and make informed financial decisions.
In today’s episode of Inside India, Ben Hayward is joined by Avi Patchava, CEO and Co-Founder of Bright Money, a mission driven consumer FinTech company, dedicated to helping everyone reduce their debt burden and build wealth. Bright Money, which was founded in 2019, promises to assist customers, to take control of their debt and start developing real wealth by handling all of their data crunching calculations and financial planning on their behalf. Customers allow Bright Money to thoroughly examine their banking credit card transactions and help them make financial decisions through the use of big data and analytics. Its mission is to help every American double their wealth by enabling better financial decisions, powered by data sciences and behavioural design. It is yet another example of the increasingly popular - Build in India, Sell in the Western world business model, with more than 95% of their workforce based in India, yet all of their customer base located in the US. Avi spends this episode telling us what it is about India that makes it such a right destination for building a 21st century tech business with product that can be exported around the world.