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Paisabazaar.com Collaborates with Microsoft to Create 'Paisabazaar Stack'

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CIO Insider Team

Paisabazaar.com, one of India’s largest digital marketplace for lending products, announces the launch of ‘Paisabazaar Stack’ – a digital lending solution using Microsoft Azure technologies and Azure AI to optimize loan disbursals and credit card issuance. Developed on the Azure platform, Stack is integrated with Paisabazaar’s partner banks and NBFCs.

The company proclaims that the new solution will give consumers access to credit products through end-to-end presence-less and contactless processes. If the banks and non-banking financial corporations (NBFCs) previously took three-to-seven days to disburse unsecured loans, the

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

Paisabazaar.com is known for fast-tracking the lending process

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.

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