“We’re witnessing the creative destruction of financial service, rearranging itself around the consumer. Who does this is in the most relevant, exciting way using data and digital, wins!” - Arvind Sankaran
According to the Ernst and Young Global Fintech Adaptation Index 2019, India has increased its fintech adaptation growth to 87%. However, the adaptation rate across the world is approximately 73%. So, without a doubt, fintech is one of the fastest-growing sectors of this country. Sounds fascinating, doesn’t it?
Owing to the increasing contributions of fintech solution providers, such as KredX, India’s digital lending market is growing exponentially. As per Statista, its value is expected to reach the $350 million-mark by 2023.
How has financial technology revolutionised the digital lending process? Keep reading to know the details. But first, let’s understand the concept of digital lending.
What Is Digital Lending?
Digital lending is a process that utilises financial technology or software to digitalise the application procedure of loans. It involves lending via online platforms and mobile-based applications by leveraging authentication technologies and credit assessment.How Are Fintech Companies Changing The Landscape?
Fintech companies are now garnering great popularity for spreading financial awareness among consumers and helping them take control of their finances. Contrary to traditional lenders, such as banks and NBFCs, these companies are much more advanced. Here are some of the best aspects of Fintech solution providers that prove to be instrumental in streamlining India’s digital lending services.-
Automated Underwriting Procedure
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Faster Availability Of Funds
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Effective Utilisation Of Data
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Efficient Security System
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Diverse Product Offerings
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Advanced Lending Models