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A bank statement is a summary of a specific account holder’s inflows and outflows over a set time period. The bank’s transactional history is commonly regarded as reliable documentation for determining the financial health of any customer. As and when incurred, all sources of revenue, expenses, withdrawals, overdraft payments, credit card payments, and so on […]
Getting a bank loan approved is a time-consuming process that necessitates a thorough paperwork review. The verification process differs by the bank. Before sanctioning any loan, the bank considers four key factors: safety, liquidity, spread, and profitability. Banks will then examine previous funds flow statements from the bank statement over a period of time to […]
Every loan process or audit of financial transactions—no matter if it is an individual loan or a commercial loan—starts with a bank statement. For instance, a bank statement could disclose information crucial in approving or validating a loan. What’s more? There’s a lot. How useful is financial statement analysis for banks? Let’s check that. What […]
Financial assistance for promising businesses is critical to India’s objective of creating an entrepreneur-friendly economy. A vendor’s most significant hurdle to establishing business is financing. Did you know that 77% of working Indians are dependent on personal loans to stay afloat? That is precisely where RBI-approved Co-lending came in as a blessing – to address […]
Data and AI Lead at Microsoft, Canada, Ozge Yeloglu, famously said: “Big data may be cheap to collect, but it’s expensive if you don’t know what you want to get out of it.” The financial or digital lending industry is arguably one of the biggest consumers and creators of this big data—bank statements, PAN, financial […]
Today, our lives are dominated by technology, and the pandemic has pushed businesses further towards digitisation. Consequently, the finance industry has experienced a great deal of digital innovation. A notable example is the trend of using electronic transactions instead of traditional billing. e-invoicing is the next reasonable step taken by the government after the widely […]
In India, open banking has progressed significantly in recent years, and 2021 can be regarded as the year of open banking. Government actions, the launch of scalable Open Banking initiatives by banks, respectable traction by various neobanks, and investment and scaleup of multiple Banking-as-a-Service platforms have all contributed to this movement. With the rise of […]
So let’s get straight to it: digital lending is the future. However, as per Experian’s take on digital loan conversions, 97% of applicants abandon the digital lending process, leaving a teeny-tiny 3% conversion rate. While digital loans have a fantastic appeal of convenience that people love, this appeal doesn’t guarantee conversion. Fortunately, we have the […]
Covid-19 has ushered in a paradigm shift in India’s digital payments landscape, unleashing a slew of new sub-industries, including Buy Now Pay Later (BNPL). In India, consumer and retail business adoptions are at an all-time high, indicating that eCommerce is gaining traction. Due to improved Internet penetration, increased knowledge of eCommerce, and the introduction of […]
Risk assessment makes or breaks a business model, especially in the banking sector. Establishing a solid process of risk assessment maximises business and minimises risks. This brings us to evaluate the current risk assessment practices and reassess how reliable or efficient they are. Open banking enables this reassessment and gives the chance to eliminate any […]
