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The year 2020 has taught a lot to the financial sector and financial institutions. One of the biggest and the major lesson that the financial institutions has learnt in the year 2020 is the importance of the Digital platforms in execution of their activities. Due to the outbreak of the Covid-19 pandemic many of the activities that involves physical meetings were banned as part of precaution against the spread of the pandemic Covid-19.
Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered responsibly and sustainably. Financial inclusion is defined as the availability and equality of opportunities to access financial services.
In today's transforming financial landscape, lenders are looking for modern, technologically superior loan management system that automates key processes. The need of the hour is for systems which are scalable, fast, flexible and agile, while being cost efficient.
The year 2020 has been a year of many unexpected events that affected the global economy at its large. The outbreak of the pandemic (Covid-19), brought about the global economic crisis through preventing the social interactions of people physically as the means of preventing the quick spread of the disease.