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 […]
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 […]
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 […]
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 […]
In the post-pandemic world, the Fintech business, like any other, is experiencing changes and facing its own set of unique challenges. FinTech adoption doubled every two years, increasing from 16 per cent in 2015 to 64 per cent in 2019 (Fincom Alliance). The increasing need for digital transformation in companies of all sizes led to […]
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 […]
Digital lending in India is undergoing intense activity given the massive opportunity the sector presents. According to BCG estimates, total digital retail loans could cross the $1 trillion mark in the country by 2023. With that as the backdrop, let’s look at the use cases that drive this juggernaut. Digital Lending Models Available in India […]
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 […]
