With the outbreak of COVID-19, Digital Transformation has created an overwhelming buzz across the business world including the BFSI sector. Digital players in the finance industry have resolved the customer’s struggle to get access to the funds. Technological innovations have paved the way for new services disrupting the traditional ones.
Transforming the traditional banking processes, fintech has emerged to be the most effective lending channel. Easing the common person’s struggle to get access to funds, fintech has unlocked various opportunities to trap the huge volumes of substantial customer databases leading to a strong digital foundation.
What is the Role of Digital Lending Platforms in the Growth of the Indian Economy?
India being one of the fastest-growing economies, Fintech platforms are scaling up at a greater position. Delivering a wide range of market opportunities for both innovative and traditional lenders, the new-age lending platforms have catered to a large segment of online banking customers.
The COVID-19 induced lockdown pushed the business world to embrace Digitalization to compete in the Digital World. FinTech’s have enabled transparency of financial requirements and services catering to convenient access eliminating the need to visit bank branches.
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