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 […]
Every active company must produce scannable records of its financial performance for audit, review, and improvement purposes. Hence, financial statements are written documents that describe a company’s operations and financial performance. Government authorities, accountants, corporations, and others frequently audit financial statements to verify accuracy as well as for taxation, financing, and investment purposes. Cash flow […]
The pandemic has not only redefined public health concerns but also shuffled economies. Even when lockdowns wane, consumers struggle to regain a foothold on finances and cut back on discretionary spending. Consequently, newer lending trends in sync with time are bound to rise. Digital financial services, for instance, are in the spotlight due to the […]
Bank statement analysis involves parsing the bank statements to derive insightful conclusions about the borrower’s creditworthiness. But the task of processing these statements is not easy. Lenders are bogged down with processing bank statements that are often either in physical papers or PDF formats, which require further processing. Physical paper bank statements are required to […]
