360 Finance Claims LendingAdda Showing Great Success in India
According to 360 Finance, the number of people using its LendingAdda, India’s second digital finance platform to offer complimentary credit reports has exceeded 700,000. LendingAdda designs risk strategies and innovative financial products which are profitable and provide financial access to hundreds of thousands of people. LendingAdda’s cutting-edge technology and AI-driven can analyze people’s digital footprints and issue credit reports in just a few minutes.
Commenting on this, the staff at LendingAdda, says, “The launch of complimentary credit reporting system will help the public make a better assessment of their borrowing capacity and enjoy better financial services, and this is why LendingAdda has been able to attract hundreds of thousands users in just a few days. The Indian economy is expected to be the world's second largest by 2040, and financial inclusion will play a crucial role in attaining this growth. LendingAdda is expected to contribute to the next phase of growth for India's financial service industry by supporting digitization of credit checks to enable faster, cheaper and informed decision making”.
Due to various processes and regulations, 80 percent of India’s population doesn’t have a credit record and thus they don’t have access to a full range of financial services. Financial Institutions using traditional data gets very limited information about the identity, character and capacity, thus they are unable to resolve the information asymmetry to provide necessary credit. Well, not-traditional data-based credit scores fills the gap and benefits the borrowers and financial institutions in India by measuring the borrower’s character and willingness to pay back loans using data emanating from natural digital behaviours.