We are progressing towards more modern times that will be an age of automation. Banking is also being changed and brought into a more technological light. Traditional banks are changing digital lenders are changing a few rules.
Traditional banking is deemed more reliable than other institutions. Especially in India, where people don’t particularly have a familiarity with technology, therefore traditional banking is preferable, and it has a wider reach as well. Despite the success and preferability, traditional banks are still inaccessible to more than 190 million Indians.
To eliminate such inconvenience, digital lenders have stepped up to provide for the people. Digital lenders are feasible for people who are unbanked, underbanked, living in a poor neighborhood or society, small businesses and also the younger generation with no credit history.
Traditional banking use outdated banking practices such as limited credit assessment, lengthy loan approvals, costly fees, and whatnot. With digital lending, the hardships are guaranteed to be eliminated because it provides flexibility to the people.
To learn more about how digital lenders are changing the dynamic of banking, take a look at the infographic below.
Infographic by: salesforce.com