Fintech lending grows in popularity and consumers increasingly have access to lenders outside of their local communities. Fueled by technology and the digital environment, transactions could occur through individuals, investors, and newly emerging businesses that have moved into this space, making fintech lending one solution to achieve financial inclusion for society. However, there are a number of challenges faced
Helping P2P lending become a disruptive force in the financial services sector with efficient platform technologies, the ability to make more secure transactions, and legally binding digital signature.
Using PrivyID to enable electronic KYC (e-KYC) makes it easier for people to open an account and more affordable for financial service providers to reach out to underserved customers, especially in rural and remote areas where it is not economically viable to set up a branch.
PrivyID, which is accepted by law as a legally binding signature, ensures non-repudiation, which means a user cannot deny (repudiate) having performed the transaction, and every digital signature is tied to a verified individual. This can reduce the risk of maladministration and fraud as the application data is entered in real-time.
Digitizing the process with PrivyID can also eliminating the barriers that exclude people from participating in financial activities. With an efficient, seamless, and secured process, the company can extend its scope of operations, field agents can now provide a greater focus on educating and raising the awareness of financial literacy in the communities.