Finance is undergoing a significant change. Payments, loans, insurance, and wealth management are all being reshaped by digital technologies, and the COVID-19 has accelerated this trend. As a result, financial technology service providers benefit as banks seek speedy deployment of technology solutions to digitise their physical processes, expediated by COVID-19’s enforced social distancing. Together, these […]
Everyone born after the 1997s is now referred to as Generation Z, and most marketers consider them a tough crowd to sell. However, in many ways, Gen Z and Millenials buy products and follow buying patterns differently when compared to baby boomers, aka the older generations. Economic trends, the job market, and the rise in […]
A bank statement is one of the most reliable sources for a lender, a bank, an NBFC, or any other financial institution to see all of a borrower’s transactions. Hence, there is a critical need for an application that can automate this procedure and create reports/scores in order to assess a loan borrower’s creditworthiness. Bank […]
Precisa is a comprehensive AI-powered analytics solution that allows users to analyse bank statements in real-time to check borrower credibility for quick, accurate loan approvals. The most important step for bank statement analysis is verification of bank account number, account type, IFSC code, branch, and transaction details. These details are important to primarily verify the […]
Banking, when it began in 13th century Italy, was personalised service. After the Industrial Revolution, when demand surged, that service became standardised and became available to the masses. The next big disruption in banking came when information technology emerged. Processes became more efficient, and profit margins fattened. Again, however, the change was inside-out, meant to […]
Financial transactions have become more digitised than ever, including the entire lending process – starting from the initial loan application to the final disbursement and even stages after that. But what is the most radical change is the integration of AI-based solutions in the process. As a result, AI has not only made lending more […]
With the advent of the Internet of Things (IoT), Artificial Intelligence (AI), chatbots, among others, you can say automation is everywhere. For example, underwriting used to be a time-consuming and lengthy process for customers who relied on traditional banking and other offline sources for loans. However, with digital platforms now making lending available, underwriting has […]
Big data is transforming the world, and its immense advantages have left no industry untouched. For example, big data analytics has been at the core of online banking’s revolution, becoming an integral part of the biggest banks worldwide. The digital world is generating massive volumes of data. According to a study by IBM, more than […]
Manually assessing data from the Bank Statement PDFs is a strenuous and time-consuming process. Automated Bank Statement Analysis tools on Precisa allow its users to extract the data and categorise them and facilitate more detailed segregation from the bank statements. Why Do We Need a Category View? Different public and private banks have various formats […]
Global loan defaults have increased at a faster rate than they were before the pandemic. Direct consumers and small businesses are still struggling to pay back loans, which is unlikely to improve very soon. While retail lending accounts for 22% of total bank lending and 3.7% of total NPAs, personal loans, home loans, and vehicle […]
