How Fintech App Impacted Offline Lending Process
On 25th March, 2021, RBI Governor Shaktikanta Das crowned India as the most flourishing fintech hub of Asia. With an estimated adoption rate of 87% as compared to the global average of 64%, India is well on its way to become the leader in global fintech development, and a significant credit of this change can be traced back to the launch of several fintech applications . While at first glance it might appear that the advent of so many fintech applications has only redefined the online lending process, however in reality over the past couple of years, both offline and online lending value chains have been completely overturned and both of them are now experiencing a better reality. So, how did fintech applications impact the offline lending industry? This is exactly what we will be answering in today’s blog post. What Is the Lending Value Chain? One of the first and most important aspects we need to understand is the meaning of a lending value chain. In simple terms, a lending