New players are entering the realm of payments as customer demands change rapidly. Both corporations and consumers are increasingly transacting cross-border using online (mobile) payments and eCommerce respectively. The result: a significant change in how international remittance payments are conducted affecting all parties involved. So, all this puts substantial pressure on the payments solution industry […]
From the co-origination of loans in 2018 to the ‘co-lending model’ of 2020, the evolution of the framework laid out by the Reserve Bank of India (RBI) has spurred banks-NBFCs collabs. This has allowed for seemingly unusual tie-ups between banks and fintech companies and has raised concerns over the model’s sustainability and reliability. We’ll take […]
Banks have been speeding up loan approvals and disbursements to consumers to gain a larger share of the burgeoning retail market. Major banks, including the State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, etc., have slashed their lending turnaround times to as little as one day, and in some cases, as little as […]
Artificial Intelligence and Machine Learning are becoming the forefront of financial services across domains. One of the reasons behind this is an increase in lending efficiency and another being reduced manual error. However, implementing this technology can be challenging for many SMEs. In lending institutions, legacy systems and manual effort have been the norm. Breaking […]
Plastic money or credit cards is not something new. It has been a popular way of purchasing goods and services for decades now for end consumers. However, credit cards have faced stiff competition from alternatives over the past few years. BNPL cards or Buy Now-Pay Later tops that list. BNPL lets you buy what you […]
Digital lending is a tool to enhance financial inclusion. It facilitates provisions to financial service providers (FSPs) to deliver better solutions quicker, cost-efficient, and engaging. Whether financial institutes develop their digital lending capabilities, partner with other organisations, or both, they can adopt this framework to understand digital lending better. But before you delve into the […]
Fintechs are in the news again. Not that they had ever disappeared, but this time on a more ‘revolutionary note.’ Prime Minister Narendra Modi, recently addressed a leadership forum encouraging Fintechs to empower India’s financial health. India has already embraced the Fintech ecosystem through its adoption of digital payments. With the new year around the […]
India’s financial services are on the verge of exploding, and the digital lending market cap is predicted to be worth $1 trillion in the next five years. However, fraud remains a significant issue in India. Across public and private sector banks, international banks, small financing banks, local banks, and other financial institutions, loan fraud has […]
Versatile software and tools that enable editing and modification of official documents make it easy for anyone to counterfeit them. This makes it easy for fraudsters to manipulate sensitive documents like bank e-statements to obtain loans or other financial benefits. In the financial year 2021, the Reserve Bank of India (RBI) reported bank frauds amounting […]
The rising number of non-performing assets (NPAs) and fraudulent activities necessitates a closer examination of credit sanctions. According to the Reserve Bank of India’s Financial Stability Report (FSR), the gross non-performing assets (GNPAs) percentage of banks could climb to 9.8% by March 2022, up from 7.48% in March 2021, under a baseline scenario. As of […]
