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 […]
Manually assessing data from the Bank Statement PDFs is a strenuous and time-consuming process. Automated Bank Statement Analysis tools on Precisa allow its users to extract the data and categorise them and facilitate more detailed segregation from the bank statements. Why Do We Need a Category View? Different public and private banks have various formats […]
Global loan defaults have increased at a faster rate than they were before the pandemic. Direct consumers and small businesses are still struggling to pay back loans, which is unlikely to improve very soon. While retail lending accounts for 22% of total bank lending and 3.7% of total NPAs, personal loans, home loans, and vehicle […]
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 […]
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 […]
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 […]
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 […]
The lending business is the backbone of most of the projects in the economy. From lending to acquaintances in distress to now a full-blown industry, this practice has witnessed a significant evolution. Despite being a lucrative practice, this industry does not fail to witness multiple scams and deliberate defaults. Such defaults only make lenders wary. […]
Bank Statement Analysis plays a crucial role in loan sanctioning. It is one of the practical ways to study the financial behaviour of the loan applicant. It gives a comprehensive picture of the customer’s economic history consisting of available balance, deposits, withdrawals, interest, service charges, penalties, overdrafts, and so on needed to vet the creditworthiness […]
