Stack will allow them to disburse unsecured loans in a presence-less, completely digital manner, within five hours.

In an issued statement Mukesh Sharma, Chief Technology Officer, Paisabazaar.com, said, “The Stack is actually a tectonic shift in the industry. Most large lenders and Fintechs were unprepared due to the lack of digital processes and infrastructure. We all had to wake up to a new reality and adapt to it. Everybody was impacted and our focus was to ensure that consumers could have access to the loans they needed, through completely paperless and presence-less processes. We recognized the potential of AI and Cognitive Services to make end-to-end digital loan disbursals a reality with our Digital Stack. As the market leader with partnerships with most large banks and new-age lenders – and a culture of innovation since inception – we are well placed to accelerate this critical shift towards the much-needed digitization of the entire ecosystem.”

Paisabazaar.com is known for fast-tracking the lending process, which traditionally requires in-person meetings between the applicant and back representative to fill up forms, collection of supporting documents and verification of identity. The company has over 130 partners with lending products on its platform.