IndiaGold Presents FinOverse: FinTech Strategy Case Competition by Masters’ Union

Masters' Union's FinTech Club is proud to announce 'FinOverse', a FinTech strategy case competition,
in collaboration with IndiaGold, that will challenge your innovation and creativity in the intersection
of Finance, and Technology. This competition is a golden opportunity for aspiring entrepreneurs,
operators, students, and technologists to showcase their skills. Here's a quick recap of what's at
stake:

● An enhanced prize pool of INR 60,000, in collaboration with Indiagold.

● Interview opportunities for internships or live projects with IndiaGold for the top 3 teams.

About IndiaGold:

Indiagold was founded in 2020 by former Paytm executives Deepak Abbot and Nitin Misra. Indiagold
is backed by experienced investors such as Alpha Wave, 3one4 Capital, PayU, Leo Capital, Blume,
RainMatter, and Better Tomorrow Ventures.

IndiaGold is dedicated to empowering India by addressing its credit and investment needs using
gold. Recognizing the global trend towards digitization in banking, indiagold is innovating by
digitizing traditional banking products like gold loans, gold investments, and lockers, which typically
require physical interactions. Their approach involves creating a full-stack solution with ground
execution to facilitate these services online.

About India’s Gold Lending and Investment Landscape: [Link]

Objectives for Round 2:

In this round, you'll be crafting 2 comprehensive questionnaires based on secondary market data.
This questionnaire should be aligned with the key objectives that resonate with IndiaGold's mission:

● Understanding Loan Motivations: Uncover the underlying reasons that drive individuals to
take loans. What are the emotional and practical factors involved?
● Preference for FinTech Products: Investigate what pulls customers towards FinTech solutions
as opposed to traditional banking methods. Is it convenience, technology, trust, or something
else?
● Choosing Gold Loans: Explore the factors that make gold loans an attractive option. Why do
individuals opt for gold loans, and how does this align with their financial strategies?
Submission Details:

● Design 2 questionnaires that capture essential data related to our objectives. Your questions
should be insightful, clear, and structured to elicit informative responses. Keep in mind
IndiaGold's innovative approach to digitizing traditional banking products. Utilise secondary
market data to understand current trends, consumer behaviors, and the FinTech landscape.
This information will be the foundation of your questionnaire.
○ Questionnaire 1 should be aimed at existing gold loan customers, who would have
interacted with IndiaGold before, and questionnaire 2 should be aimed at individuals
who are new to the product. Your goal with the two questionnaires is to gather
insights that will help understand different consumer segments in the financial market.
● The organizing team has shared a list of sample survey questions that you can use to create
your 2 questionnaires. You must add questions on top of these to ensure proper
demographic or psychographic segmentation can be achieved for insights into the key
objectives mentioned above.
● Deadline for Round 2 (Submission via Unstop) - 07 Dec 23, 11:59 PM IST
● Submission Format - .pdf File
● Need Assistance? If you have any queries or require assistance, please don't hesitate to
contact us at fintech@mastersunion.org. We're here to ensure your experience is smooth and
rewarding.

Sample Survey Questionnaire:

1. Demographic Information:

1. Age:
a. 8-24
b. 25-34
c. 35-44
d. 45-54
e. 55+

2. Gender of the respondent

a. Male
b. Female
c. Others /prefer not to say

3. Employment status
a. Entrepreneur / Self-employed
b. Student
c. Housewife
d. Retired
e. Private employee
f. Public employee
g. Professionals (Doctor / CA / Lawyer)
 h. Other working professionals

4. Household Type:
a. Single
b. Couple
c. Family with children
d. Extended family

5. Location:
a. Urban
b. Suburban
c. Rural

6. Income Bracket
a. Under 5 Lakhs P.A.
b. Between 5-15 Lakhs P.A.
c. Between 15 - 30 Lakhs P.A.
d. Above 30 Lakhs P.A.

7. City of the respondent

a. Delhi NCR
b. Indore
c. Hyderabad
d. Surat
e. Chennai
f. Pune
g. Mumbai
h. Vizag
i. Bengaluru
j. Others ______

8. Which of these FinTech services have you used? (Select all that apply)
a. Digital payments
b. Online banking
c. Investment apps
d. Lending platforms
e. Personal finance management apps
f. None

9. What is your education level? (SINGLE CHOICE)

a. Not finished primary school
b. Secondary (10th)
c. Higher Secondary (12th)
d. Graduate
e. Post-graduate
f. PhD / doctorate
 g. Other professional courses

2. FinTech Lending Adoption

1. Have you currently taken any loans from a FinTech?

a. Yes
b. No

2. If yes, what type of loans have you taken before?

a. Consumer Loan
b. Home Loan
c. Gold Loan
d. Auto Loan
e. Personal Loan
f. 2-wheeler Loan

3. If yes, how satisfied are you with your experience? (Scale of 1-10)

3. Factors Influencing Adoption:

1. What factors would motivate you to choose a FinTech over a traditional bank?

2. What features do you find most valuable in your FinTech loan experience?

3. How important are the following aspects when choosing a loan provider? (Rate on a
scale of 1 to 5; 1 being least important and 5 being most important)
a. Interest rates
b. Loan approval time
c. Reputation of the lender
d. Flexibility in repayment
e. Customer service

4. Have you ever taken a loan during a financial emergency? If yes, how did you decide
on the lender?

5. If given a choice, would you consider taking a gold loan?

a. Definitely
b. Maybe
c. Unlikely
d. Never

6. What factors would influence your decision to choose a gold loan? (Select up to three)
a. Lower interest rates compared to other loans
b. Quick processing and disbursal
c. Safety and insurance of gold
d. Familiarity with gold as an asset
e. Recommendations or experiences from others
7. Have you ever taken a Gold Loan?
a. Yes
b. No

8. How many times have you taken gold loans in your life till date?
a. 0
b. 1
c. 2
d. 3
e. 4
f. 5
g. 6
h. 7
i. 8
j. 9
k. 10
l. More than 10

9. Why did you decide to take a gold loan over other forms of credit?
a. Lower interest rate
b. Hassle-free and quick disbursement
c. Larger loan amount requirement
d. No documentation/paperwork
e. Did not get loans from other sources
f. Others (please specify)

10. What is the average size of a gold loan? (If you consider all gold loans taken to date)?
a. Less than INR 50K
b. INR 50.1K to INR 1L
c. INR 1.1L to INR 2L
d. INR 2.1L to INR 4L
e. INR 4.1L to INR 8L
f. More than INR 8L

11. What is the annual interest rate at which you are willing to take a Gold Loan?
a. Up to 10%
b. Up to 12%
c. Up to 15%
d. Up to 18%
e. Up to 21%
f. Up to 24%
g. Even higher rate is fine as no alternative source of credit
12. Each time when you take a gold loan, do you compare interest rates charged by your
current lender(s) with other players in the market?
a. Yes
b. No
13. What is the end use of the gold loan? (Select all that apply)
 a. For business working capital
b. For unplanned business emergency
c. To meet planned personal expenses (Medical expenses, financial constraints,
etc.)
d. To meet personal emergencies (Education, wedding, housing, etc.)

4. Open-Ended Questions:

1. Share any additional thoughts or suggestions you have regarding taking loans from
FinTechs or Banks.
2. Share any additional thoughts or suggestions you have regarding taking Gold loans.

5. Comparative Analysis Questions:

1. Which of the gold loan providers are you aware of? (Each row must have only one
answer)

Not Aware Aware but did not Evaluated but did Have taken a loan Ongoing loan or
evaluate not go ahead with in the past (before 1 loan taken in last 1
a loan Year) year

Rupeek

India Gold

Manappuram

Ruptok

Muthoot Fincorp

Oromoney

Traditional Banks

Unorganized
Lenders (Local
Jewellers)

2. How did you get to know about these gold loan lenders?

Referred by Loan Manager Offline and Online ads Searched Others Please
friend reached out printed ads online for Gold specify
Loans

Rupeek

India Gold

Manappuram

Ruptok

Muthoot
Fincorp

Oromoney
 Traditional
Banks

Unorganized
Lenders (Local
Jewellers)

3. What is the size of your Current/ Last gold amount?

Companies Less than 50.1K - 1L 1.1L - 2L 2.1L - 4L` 4.1L - 8L More than
50k 8L

Rupeek

India Gold

Manappuram

Ruptok

Muthoot Fincorp

Oromoney

Traditional Banks

Unorganised
Lenders (Local
Jewellers)

4. How much interest rate are you paying on your current/last gold loan?

Companies Less than 10% -12% 13% -15% 16% - 18% 19% - 21% 22%-24% More than
10% 24%

Rupeek

India Gold

Manappuram

Ruptok

Muthoot Fincorp

Oromoney

Traditional Banks

Unorganised
Lenders (Local
Jewellers)

5. Please select the top 3 factors necessary for deciding on a gold loan lender. (Single
response per column)
 Parameters Top Factor 2nd Top Factor 3rd Top Factor

Low-Interest Rate

Higher Loan value

against Gold

Trust with lender

Transparent disclosure of
terms and process
including
due date and due
amount

Proactive customer
service

Immediate transfer of
funds

Flexibility in repayments

Hassle free/ convenient

process