How fintech are combining banking with technology?

New Delhi [India], July 28 (ANI): The digital revolution in India is majorly about filling the gaps in addressing the gaps in tradition banking system. The age-old traditional system was time taking for users with a lot of hassle and collateral involved.

The entrepreneur saw a wide gap and came up with business models to fill in the same. Today transferring money, availing business loans and consumer loans, credit score analysis, availing general and life policies etc, online has made it easy for users.

Some of the key platforms addressing the age-old concerns in the financial system are as below:

Cashaa

Cashaa's objective is to make your smartphone your bank, with a single account made to store, save, spend, receive, borrow and invest money and also get insured. By offering storage or transfer of national currencies, interbank settlement, dedicated debit card facilities, direct international payments etc. it brings together the advantages of a number of blockchain powered platforms onto a single entity.

Loantap

LoanTap is a fintech platform delivering flexible EMI free loan products to salaried professionals. It uses technology to deliver smart and innovative products for millennials. Borrowers can choose custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, Rental Security Deposit Loans, Advance Salary Loans and consumer durable loans.

OMLP2P

This peer-to-peer marketplace for individuals and businesses (MSME segment) facilitates loans online from Lenders (investors) in a transparent, convenient, and effective manner. The platform assesses creditworthiness of a prospective borrower using its proprietary algorithm developed in consultation with CRIF HighMark, one of the leading Credit Bureau.

PolicyBazaar

Insurance helps families in financial distress, during the times of death, disability, disease, and accidents, and when families need help most. PolicyBazaar is one platform offering a number of policy options under each requirement thus, helping people live a safe and secure life.

Credit Sudhaar

Credit Sudhaar is the pioneer in introducing credit advisory services in India. Today, Credit Sudhaar is recognized by the consumers as the platform that provides credit advisory services apart from rendering financial products customized to match every user's credit profile. Today, Credit Sudhaar takes pride in having customers from 253 cities across the length and breadth of country. (ANI)

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