In 1994, Bill Gates famously said, “Banking is necessary, banks are not”. The emergence of technology-driven open banking and available financial data could mark the beginning of this change. Technology has been pivotal in shaping the financial services sector for many decades. Today, with the greater adoption of fintechs, the importance of technology in the […]
It would be an understatement to say that the adoption of advanced technologies has triggered evolutionary changes in the banking and finance industry. In the Indian scenario especially, lending tech has democratised credit delivery by providing loans and advances to demographics and industries that were otherwise overlooked by conventional banking. To a large extent, this […]
Over the last five years, fintech apps have disrupted the financial services sector as we know it. In 2020, the global fintech technologies market was valued at $110.57 billion, and it is expected to grow at a compound annual growth rate of 20.3% to reach a market share of $ 698.48 billion by 2030. While […]
Non-Banking Financial Companies (NBFCs) have long been an integral part of our financial system, serving as a supplement to the traditional banking industry. Today, they exist as a heterogenous group in contrast to the formal banks and provide an array of specific financial services. Without a doubt, NBFCs play a significant role in India’s financial […]
According to Statista, the digital lending market has grown from 9 billion dollars in 2012 to nearly 150 billion dollars by 2020. It is projected to reach around 350 billion dollars by 2023. Along the same line, many experts believe 2023 will be a game changer for digital lending in India. This could be attributed […]
The banking industry has undergone a major digital transformation and has implemented cutting-edge technology after the Covid-19 pandemic. As a result of the recession and barriers to in-person channels, financing requirements have changed dramatically. A better client experience, faster turnaround time, and the use of artificial intelligence and machine learning have all contributed to the […]
The traditional banking sector in India has always been highly regulated. While this approach has created a haven for millions of consumers to meet their financial needs, it has also served as a barrier, keeping many outside the purview of the banking system. However, digital lending has emerged as a disruptor at scale. As of […]
The global financial sector has been in continuous flux since the last decade. The industry is evolving and expanding through innovations. Disruptive technologies that emerged served to revamp the age-old banking business models while also changing public perceptions of how banking is conducted and the services are provided. Open banking is one such technology that […]
Over the last few decades, non-financial banking companies (NBFCs) have become an essential part of the Indian financial system. Despite a lacklustre beginning in the 1960s, currently a significant number of business owners and retailers prefer taking loans from NBFCs over conventional banks. The arrival of NBFCs has transformed the business loan landscape in India. […]
As per reports, the inflation rate for October 2022 was 6.8%; for the year 2021, the annual inflation rate was 5.1% in India. Inflation is on the rise, not only in India but globally. Increasing inflation impacts both consumers and companies – businesses have to deal with the rising cost of production and consumers with […]
