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 […]
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 […]
As per expert estimates, at least 2.5 quintillion bytes (that’s an astonishing 2.5 followed by 18 zeros) of data are generated in the world over every, single, day! And a study in 2018 revealed that about 90% of that data had been created in the previous two years alone. It was also predicted that the […]
The 2020 pandemic sabotaged the customer relations and trust banks had built over the years. According to a new Accenture analysis, during the COVID-19 pandemic, replacing in-person branch contacts with impersonal digital transactions via online and mobile channels has accelerated the ongoing decline of consumer trust in banks. Hence, banks need to focus on winning […]
Gromor Finance is a lending company that provides secured and unsecured financing to unassisted enterprising entrepreneurs of India, who are otherwise excluded from the lending landscape. Through simple lending processes, Gromor aims to give them the right impetus to move forward. Now, being in the lending business, Gromor’s operations rely on analysis of bank statements […]
Account Aggregator Framework, launched in Sept. 2021 at a virtual event, is a novel technology architecture and part of India Stack – a collection of open-source APIs by GOI. Account Aggregator (AA) is a framework that provides an overview of all your financial data like income tax returns, monthly salary, accounts statements, and other information […]
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. Precisa is used by banks, lending institutions, and NFBCs to reduce or eliminate manual verification and analysis of bank statements using the tool’s online features. This latest feature is an […]
In the wake of the second wave of the COVID outbreak, the Indian economy has been heavily impacted. Millions are jobless, businesses are bearing the brunt, and consumers are shying away from heavy expenditures, to name a few implications. Therefore, to reinvigorate the economy and prevent the downturn, the Government of India (GoI) has introduced […]
The modern and digitally advanced era has fundamentally reshaped banking operations, just as it has altered the entertainment, media, and retail industries. Similarly, the lending industry is no exception. It is on the rise and is witnessing a paradigm shift in how these operations are carried out. Open Banking is a new term that has […]
