The COVID-19 outbreak has transformed everything around us so badly that it even influenced the way we talk and the way we breathe. People have started exploring alternatives for everything to adapt to the shifts and fintech is such an alternative for banking and financial needs. Fintech platforms made the most out of this lockdown time to get more into people with their financial aid services.
The majority of people tend to seek monetary aid against their salary to balance month-end expenses etc. It is a hard task for work professionals to sustain in general times, try thinking how tough it gets for them to manage during a nationwide lockdown. No banks were there to get loans and no pawnbroker was there to give money. Lockdown was truly a besieged situation for most people who rely on the monthly salary.
Amidst such hard times, fintech has come into the light as a huge sigh of relief.
Fintechs own so many benefits than banks and financial institutions, which have caught people’s attention. Round the clock accessibility, no physical documentation required, instant loan approval, immediate disbursement, and many more. And coincidentally, these features of fintech have matched with the requirements of people during the lockdown. So, people have started approaching fintech platforms online using their mobile phones and borrowed money to sustain during the pandemic testing days.
The fintech platform is quite multifaceted and has its own efficiency to suit the novel routine. During these testing times, each segment of the fintech arena has concentrated in developing awareness among people. On top of that, lending money irrespective of credit score would hugely support both lenders and borrowers. And implementation of Artificial Intelligence technology and complex algorithms lend a helping hand in serving customers quickly without much effort. These technologies tend to acquire inputs from the user quickly and respond within a short time. This specific feature draws a big line of difference between fintech and banks.
Quick Credit proudly says that it is one of such leading fintech platforms in India and helped many people who were financially struggling. During lockdown, millions of people used to visit Quick Credit everyday for monetary aid and most of them have availed instant cash loans from QC.
Recently, QuickCredit App has crossed 1Million+ downloads and most of them happened during the lockdown time.
With the amazing response we have witnessed from people, team QC strongly believe that the fintech industry has made its best possible efforts to utilize the lockdown period to prove itself.
Thus, post lockdown, the Indian industry would receive an unprecedented demand in the market as people have already tasted its benefits and realized how they are different from banks and financial institutions. Moreover with all social safety awareness created by pandemic, people are shifting online for most deeds and fintech would be the next big thing in the near future.