The last five years have witnessed a significant rise in the market share of fintech companies. For instance, the global fintech lending market size alone was estimated to be valued at $449.89 billion. By 2030, it is projected to rise to $ 4957 billion, growing at a CAGR of 27.4%. Small businesses, in particular, are […]
Technology is developing at an unparalleled rate in the banking and financial sector, completely transforming conventional procedures and products. Fintech is rapidly innovating banking as we know it, from automating routine banking processes using Robotic Process Automation (RPA) to empowering customers by giving them control over their financial data through open banking systems. These changes […]
The COVID-19 pandemic has had a significant impact on the non-banking financial sector. The sudden and widespread lockdowns resulted in a slowdown in economic activity, leading to a sharp drop in demand for loans and a decrease in consumer spending and investment. Non-Banking Financial Companies (NBFCs) faced challenges in terms of collecting payments and meeting […]
The Reserve Bank Of India introduced the Account Aggregators (AA) framework in September 2021 to facilitate access to financial data and encourage financial inclusion. An Account Aggregator collects a user’s digital financial data from one or more accounts and delivers it to the financial institution providing services like loans or insurance to the user. The […]
The digital lending industry has proliferated over the years and now plays a critical role in driving the country’s economic development. According to an EY report, India’s fintech market will be worth $200 billion by 2030, up from $50 billion in 2021. The fintech sector is bridging the gap in providing banking services to last-mile […]
The booming fintech ecosystem in India has led to the emergence of countless companies that offer various credit services. However, despite its benefits, this expanding fintech vista has also led to the proliferation of unregulated digital lenders conducting unethical business, excessive third-party engagement, and rising risks to digital privacy. Moreover, unjust interest rates and inhumane […]
Banking, one of the world’s oldest industries, has been around for nearly 4000 years. From the earliest recorded temple loans in ancient Babylon, which date back to 2000 BCE, to the most recent technology-enabled services, such as open banking and Banking as a Service (BaaS), it has consistently played a systemic role in the development […]
Buy Now Pay Later (BNPL) services are steadily gaining popularity in the Indian market. The value of these services is expected to reach INR 1.1 trillion ($15 billion) in 2026, growing at a compound annual growth rate (CAGR) of 32.5% between 2022 to 2026. The COVID-19 pandemic, aided by factors like impulsive buying and disposable […]
In a digitally-accelerated financial services sector, traditional lending services relying on manual workflow often face several roadblocks. One of the biggest challenges is assessing a borrower’s creditworthiness in terms of accuracy and speed. A thorough process to determine creditworthiness takes time and requires access to relevant data. Loan origination processes are equally time-consuming, and these […]
Indian fintechs have made rapid gains in the payments space over the past few years because of UPI, which has led to a significant increase in fintech investment in India. Approximately $135 billion were transacted monthly through UPI (as of June 22), 9 times more than credit cards, which have been around for over 40 […]
