Precisa is an automated bank statement analysis platform that provides real-time bank statement analytical capabilities and reduces the need for manual intervention. Along with a host of beneficial features to make the evaluation process easy, Precisa has now integrated Scanned Document Parsing. With this new feature, lending institutions can conveniently upload bank statements in a […]
Bank transactions can reveal a customer’s preferences, spending patterns, and risk factors if you can create structured features from their unstructured text. Precisa automatically detects the context or purpose of transactions in the bank statement based on its description. For example, if the transaction is ECS/BAJAJ FINANCE LI/7UPBFR809765435 Precisa will automatically detect that this payment […]
A personal loan is often a go-to resolution for individuals to meet any shortfall in financial expenses, including buying a house, vehicle, children’s education, or even in case of medical contingencies, among other things. According to reports, the amount of money borrowed in the form of personal loans has increased sharply, even in the wake […]
The increasing number of Non-Performing Assets (NPAs) and fraudulent activities in banks and NBFCs today call for severe scrutiny of credit sanctions. This requires a strict evaluation of the applicant’s financial health to understand their position to service the debt. It involves assessing the loan applicant’s creditworthiness based on specific norms, standard procedures, and various […]
Although India’s credit card market remains underpenetrated compared to some developed economies such as the US and China or developing economies such as Brazil, there is a higher penetration opportunity in India. According to a 2020 report published on ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR of more than […]
In the previous decade, India’s economy has seen a significant transition. Fintech, or the convergence of technology and finance, has always been at the heart of that transformation. As new-age entrepreneurs embraced technology to empower individuals and businesses to access financial and banking services, India emerged as one of the world’s largest fintech centres. According […]
The throbbing heart of banks and NBFCs is the process of lending money. It drives their revenues and keeps the ship sailing. The value of loans in India increased 5.70 per cent on a year to year basis by June 4th 2021 (source: Reserve Bank of India). But the alarming rates of bad loans and […]
The financial services sector has witnessed a steep rise in digitisation with a lot of fintech companies paving the way forward. People today prefer going online for availing all the banking services, right from opening a new bank account to checking their transactions, from depositing money to opting for a Fixed Deposit (FD) or even […]
There may be several instances when a business owner is on the lookout for funds for their enterprise. Maybe they want to scale the business or fund an expensive machinery purchase, or take their products into a newer market. Whatever be the reason, the entrepreneur will need a loan to take the business to a […]
Finance plays a pivotal role in helping individuals and businesses survive in the competitive world. Hence, for the growth and development of all, access to a formal credit system is vital. The formal credit market consists of commercial banks, cooperative banks, foreign banks and non-banking financial institutions, which act as the main credit suppliers to […]
