“Once upon a time, when a person needed a loan, he had to jump through multiple hoops – meet the loan agent, source documents, wait and pray. Thankfully these are tales of yore now. Fintech firms have made it possible to process loan applications with very little hassles.
A good example here is FormFree, a company that through its product AccountChek provides automated verification of income and assets to all lenders in few minutes. This helps both the lender and the borrower, reducing costs for one and bringing down the burden for the other. There are more examples of similar companies using cloud based platforms to ensure that the processing of loans, credit cards or insurance are automated significantly.”
Read the full article in The Independent.
