How technology has helped evolve a paperless model

Online document submissions and digital verification: Until about a year ago, if you wanted to apply for a personal loan, you’d have had to submit physical copies of a long list of documents. An executive from the bank would visit you to collect your documents and verify your official address/residential address. The verification process itself would take 2-3 days, and the money about 7-8 days to reach your account.

Thanks to the provision offered by lenders to submit your supporting documents online, physical paperwork has almost entirely been eliminated. More so, you don’t have to visit a representative from the lender anymore – your identity, address and other information are verified digitally. Bank statements can be submitted online through a secure web platform by using your internet banking credentials relevant to the bank account you want to receive your loan in. The process adopted by Fintechs in the current day is often referred to as the paperless and presence-less model, not requiring you to submit physical paperwork or visit a bank branch or meet a representative from the lender. Technology has played a major role in creating this paperless and presence-less model. The entire loan process from start to end can be completed online.