Proactive regulatory initiatives, evolving consumer behaviours, and the thriving funding environment have propelled the growth of the Indian fintech ecosystem. Digital lending is expected to account for around 5% of retail loans in India by the first half of 2028. As more and more customers, particularly, the millennial and Gen Z groups embrace the convenience […]
Financial statements offer insights into the health of an individual or a business. Lenders can extract valuable information from bank financial statement PDFs to aid them in their lending decisions. Automation has replaced manual analysis of financial statements for many lending businesses, helping reduce the time and effort required to extract, organise, and interpret data […]
Loan fraud is one of the top financial risks faced by lenders today. As of May 2024, it was revealed that the number of bank frauds has increased four times over the last five years. These cases predominantly comprise digital fraud. Such incidents have caused major concerns across the industry. Some lenders have been triggered […]
As of March 2024, the gross non-performing assets (GNPAs) ratio for scheduled commercial banks stands at 2.8%, a 12-year low, exhibiting an improvement in managing default risks. Despite this, lenders must be continually wary of the impact of risky loans, as it is not just limited to the lending institutions’ profitability. It significantly undermines the […]
According to a report, the number of cases referred to the debt recovery tribunal (DRT), grew significantly to INR 4.02 trillion in FY23. Yet, the amount recovered via this route downslided to 9.2% in FY23 as compared to 17.5% in FY2022. This translates to the debt recovery rate for non-performing assets (NPAs) falling from 17.6% […]
At the forefront of the significant transformation in lending operations is the automated decisioning stage in loan processing—a technological leap that’s reshaping how banks and financial institutions evaluate and approve loan applications. Automated Decision-Making Systems, or ADMS leverage cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), and advanced analytics to streamline the loan […]
The concept of priority sector lending has its origins in 1972. This was when the Reserve Bank of India (RBI) first introduced the concept of opening up credit access to economically underserved consumers. This step was considered to be an important one in the nation-building journey as it enabled development. In June 2024, the RBI […]
Fintech combines finance and technology and represents the next phase of financial evolution, focusing on innovation. Fintech users, particularly in digital payments, are forecasted to exceed 3.5 billion in 2024. By 2028, the number will reach 4.81 billion. However, as the fintech acceptance and use grows, so does the cybersecurity threat. In 2023, almost 64% […]
Banks have a unique opportunity to leverage new technologies and digital tools to enhance customer experiences and drive innovation in the financial industry. By embracing emerging trends like personalised financial products, spend analytics and cash forecasting, banks can stay ahead of the curve and continue to meet the evolving needs of their customers. The increasing […]
In a digital-forward economy, borrowers have to repeatedly share extensive personal and financial data with lenders throughout their lifetime, which often poses both inconvenience and security risks. On top of that, this sensitive information includes profile details, addresses, credit card information, bank transactions, and investment details, all of which are vulnerable to potential breaches. With […]
