Digital Transformation has completely changed the Lending system in India. This has become possible with the shrinking gap between the new technologies and the lending system. The rapid development of smartphone users, digital access and a shift towards consumerism have helped fuel the growth of Digital lending.
Content Source: Mckinsey Digital
Digitization has completely changed the lending system in India which always existed. India has a unique Fin Tech lending ecosystem due to the nature of its market and regulatory approach.
Digital Lending is the solution to all the above problems and a new age in the domain of lending. Fin-tech companies have combined the financial services with the current technology which made it easier both for the lenders and the borrowers to avail and lend the money.