Neil Borate on LinkedIn: #mutualfunds | 41 comments (2024)

Akshay Dixit

Product | Kusto @ Microsoft Fabric

4mo

Neil Borate: The real culprit is loan. Navi wants contacts and location so it can recover loan in case of default by customer. I suspect this as being the reason as covered in this documentary. https://www.youtube.com/watch?v=JilJhn_tP-c

Mohit Oberoi, CFA

Freelance equity analyst & Financial journalist

4mo

Thanks a lot for highlighting this Neil Borate, high time regulators wake up to this "apponomics" where apps want access to so many aspects even if it is not necessary.

Vikas Kasturi

Value Investor| Portfolio Manager| Fin & Investing blogger

4mo

On a similar note, ICICI Bank's mobile app wouldn't work because it wanted access to my SMSes. I guess to know if I have relationship with other banks and what my transaction pattern is. So, I uninstalled the app.

CA. Sanjeev Lalan

Partner at GBCA & Associates LLP, Chartered Accountants

4mo

That is an eyeopener for many who aren't aware.

Darshan Doshi

Curious about performance, personal finance and fitness

4mo

Great reporting!

Shashank Bhardwaj ℹ️

I like to talk about Insurance I Finance I Copywriting I Marketing I Scams more often

4mo

Evolution of Fintech Apps after Demonetisation:1) Truecaller - SMS, Contacts and PhoneCalling Permissions2) UPI Apps (PhonePe, GPay (Tez), Airtel Payments Bank, Paytm, etc..) - Can access SMS, Contacts, Unknown Contact whom you transferred money, etc.)3) Loan Apps (Bajaj Finserv, NAVI App, KreditBee, moneyview, Fibe.India (Formerly EarlySalary) - Can access SMS, Contacts4) Game Apps (Junglee Rummee, Ludo, Casino) - Having access for contacts.Now, how they uses your data.The moment you get a call from a number, truecaller will match it with their database and feed the number. The moment a person transfer money to you account, the data is shared with these Fintech Apps.The moment a person applies for loans, the data will be captured and sold to the highest bidder in the database market.The moment a person pay in games, they get vulnerable to all sort of schemes.---------------------------------------------------------------------------------These data sold in the aftermarkets are cheaper than 1000/- INR for 10K people's data. Just sharing this as I heard something similar from an employee of a renowned banking firm while having beer and gupshup 😉 .

ARGHA BANERJEE

Private Banker, Ex- Regional Portfolio Counsellor

4mo

For those who were extolling the virtues of less expense ratios maybe its time one realised that what you save via expenses you pay much more via associated measures undertaken by apponomics.Reminds me of the adage: beware the gifts borne by the Greeks!! No offenses made anywhere. Just plain observation and my two bits.

Sudhanshu Pani

.

4mo

Thankyou for bringing this out. Absolutely unethical. We will know later if it is criminal. Chetan Patil the issue of 'human surveillance ' of borrowers is interesting, but may not be unethical if it is explained correctly to borrowers and it is offered selectively for financial inclusion. The idea being the consumer may barter some constraints for economic benefits. But given their strategy around web access and phone book records I don't think Navi understands the modern consumer finance product game. It is less likely to have followed the right path.

Naveen Bachwani

Founder@ThinkShop.in | Consultant | Technologist | Speaker | Writer | Teacher | ShutterBug | CX & BFSI Expert | Ex Microsoft

4mo

TFS, Neil and team. It's sad to note how many "new-age" services (and their policies) are not aligned to genuine #customer needs...