RBI’s Report on Trend and Progress of Banking in India 2020-21 already reported 4,071 banking frauds involving Rs 36,342 cr within the first half of FY 2021-22. One thing is clear: fraudsters and their methods are only becoming more sophisticated with time. Nowadays, information technology allows fraudsters to use unprecedented ways to impersonate legitimate customers, […]
Managing risk and regulatory compliance in today’s connected and digital world is becoming increasingly complex and expensive. As a result, artificial intelligence (AI) and machine learning (ML) have gained popularity in the last decade to increase efficiency productivity and reduce costs across industries. As traditional banks compete relentlessly with new fintech companies, their legacy software […]
Consumer credit has seen record growth since the pandemic. Across all income brackets in the country, there has been a sustained upsurge in demand. Moreover, with the rise of the fintech ecosystem in recent years, digital credit has taken off, transforming how loans are procured and disbursed. Additionally, digital loans’ popularity is attributable to increased […]
The pandemic has altered the cost of living for the average Indian. The Center for Monitoring Indian Economy revealed that 55% of households in India experienced a decrease in their incomes while only 3% of the households had an increase of the same. Marko Carevic, Chief Marketing Officer of Home Credit India, said that nearly […]
The economic multiplier has been set in action by Budget 2022, which focuses on quick, holistic, and inclusive economic growth. In addition, the Finance Minister has given the rural sector a strong push and raised budgetary allocations for the MSME sector—while fostering an environment favourable to the development of start-ups in the country. These projects […]
Bad loans have always been bad business for lenders, but financial institutions are increasingly tightening their purse with the pandemic exacerbating market volatility and geopolitical tensions. Although commercial loans are critical to bank asset portfolios, and the commercial lending market is set to grow at a CAGR of 13.1% over the next decade—these financial institutions […]
Today businesses of all sizes have digital technology. More than 2100 fintech companies in India alone have digitised every possible consumer interface. But unfortunately, this transformation has also made them vulnerable to cyber-attacks. As per a recent ImmuniWeb survey, 98 of the top 100 global fintech startups are prone to cyber-attacks. Hence, these companies are […]
Trying times have spun the way financial institutions operate. With the ease of payments, transfers, and money, millennials are used to instant and accessible financial services more than ever. As a result, traditional banks often seem unappealing to them. With parallel developments in the digital lending space, more individuals with no credit history have access […]
As an individual lender, a bank, non-bank financial company, or any other financial institution, you examine the prospective borrower’s bank statements to determine whether to lend them money. A bank statement is one of the most reliable sources for seeing all of your prospective borrower’s transactions and trends over time. However, during this situation, lenders […]
We are in 2022, and India’s economy is evolving amidst a global crisis. However, to achieve the $5 trillion economy dream by 2024-2025, the country certainly needs economic recalibrations. It wasn’t long ago when the pandemic caused an unprecedented downfall for the global economy, not to mention the MSME sector. Currently, the MSME sector is […]
