NEW DELHI, Oct. 16, 2019 /PRNewswire/ -- On 14th October, LendingAdda consumer lending marketplace owned by parent company 360 Finance (NASDAQ: QFIN), launched credit card functions. Currently, there are cards from AMEX, SBI and Citi banks, which will help millions of Indians obtain credit cards faster.
Driven by technological innovation, fintech has opened up a channel between the credit system and ordinary people in less developed markets. In addition, fintech companies are also able to deploy increasingly advanced risk control systems, diverse products, and faster access to loans. This has helped radically changed the landscape of the Indian financial services industry.
LendingAdda sheds some light on how fintech is reshaping India's financial services ecosystem.
LendingAdda has serviced more than 4 million Indians to date and continues to grow rapidly. Its products cover almost every daily consumption scenario including microfinance, credit card products, commercial loans, mortgages, auto loans, medical loans, and education loans among others.
This provides consumers in India who use a smartphone access to consumer credit with lower-than-bank interest rates in less than 5 minutes. LendingAdda offers credit lines of up to 10 lakhs for daily consumption needs.
In addition, LendingAdda is driving the transformation of India's financial services industry by expanding the reach of its platform which is now connected to over 20 online lending institutions and growing at a rate of approximately 3-5 per week.
What makes LendingAdda stand out?
Compared with its peers, LendingAdda has cutting-edge technology which it uses to offer services, tailor products, and ensure the overall security of the lending process. Technology also allows it to provide services for enterprises. Its clients range from banks, consumer finance companies, securities firms, fund companies to insurance companies.
To improve the user experience, 360 Finance is helping to build a financial cloud service system, which integrates big data, AI technology and risk control algorithms. This system can withstand ultra-high concurrency and provides partners with a one-stop online credit system.
This allows LendingAdda to provide the Indian financial service industry with a diverse array of solutions.
Officials of India have been saying that India needs a banking revolution. LendingAdda is excited to have the opportunity to help transform the industry and will leverage its advanced technology to solidify India's position as a global fintech hub.