Off lately, the technology revolutions has changed the way business happens across the world. Technology has helped remove boundaries between consumers and vendors. Information Technology has been the talk of the town in the first one and half decades of 21st Century!
Fast innovation, plug & play technology modules and wide internet reach has made technology available to everyone. Various sectors, including financial services, have benefited hugely due to technology adoption by their customers. It has widen the reach of banks and other service providers. It has also increase operational efficiency of financial system. In India, during last two decades, the banks have transformed from document driven organizations to technology driven organizations. Technology has changed the definition of financial transaction and that will further change in coming years. There might be a time when future generation would wonder when we will talk about form signing, bank passbook printing, demand draft printing etc. I do not see that future very long! We see the future where monetary transactions, between two parties, will happen without meeting in person. This is very much possible by using technology and credible data source. India has already started baby steps towards whole new world of digital transactions. When we reach there, individual/institution identity will not be relevant. There would be a tag attached to these individual/institutional identities, which will enable exchange of money.
LenDenClub is one of the baby step to bring digitization in lending and borrowing. We are to use technology to make processes more effective, hassle free and beneficiary.