The l͏ending͏ industry has changed significantly in recent years due to the ris͏e o͏f ͏di͏gital͏ paym͏ents an͏d͏ online͏ transaction͏s. A͏s m͏ore b͏orrowe͏rs move to digi͏tal p͏latforms, lending institutions face cha͏lleng͏es wi͏th tra͏ditio͏nal reconcil͏iation methods,͏ which are͏ struggling to keep up with the rapid flow of financial data. Borro͏wers͏ ͏expect loan dec͏isions as fast as possible. […]
According to the president of ICAI, Mr. Ranjeet Agarwal, India’s chartered accountants issue around 1.5 crore income tax filing certifications annually. Tax professionals spend 25 hours weekly on compliance and handle 400-500 complaints yearly, which underscores their crucial role in ensuring thorough compliance. However, the complexity of tax filing has surged due to rapid regulatory […]
A thorough evaluation of the applicant’s credit health is integral to the lending process. Lenders use multiple tools to assess an applicant’s creditworthiness, with bank statement analysis being one of the most crucial. While the Indian banking sector has seen a significant improvement in asset quality, with the gross non-performing asset (GNPA) ratio falling to […]
Credit scoring models are the backbone of the lending ecosystem, enabling lenders, including financial institutions, to evaluate the risk involved while approving loans for every applicant. Traditionally, statistical and linear programming models, often considered the gold standard of credit scoring, were extensively used by lenders worldwide. However, we can see the tides changing as sophisticated […]
The total value of loans in India increased by 11.5% in December ’24 compared to the same period in the previous year. Additionally, the loan growth rate in India remained steady at around 11.8% between 2012 and 2024, highlighting the increasing demand for credit within the Indian economy. Despite these positive trends, around 30-35% of […]
India’s digital lending market has grown from strength to strength. In the financial year 2023-24, the sector experienced a remarkable 49% increase in disbursements, totalling ₹1.46 trillion across over 10 crore loans issued. A significant growth in the number of outstanding credit card dues and gold loans are two major factors driving the demand for […]
Evaluating an applicant’s creditworthiness is essential in the loan approval process. Analysing bank statements for loan approval offers lenders a comprehensive view of the applicant’s credit health. Lenders have traditionally relied on paper statements for credit health assessment. However, as lending institutions continue to digitise and automate their operations, many now offer the option of […]
The demand for credit among diverse audiences in India continues to rise. This has created opportunities for lenders to scale quickly and deliver more value to their customers. For instance, a recent survey indicated that in the Financial Year 2024, Gen Z borrowing amounted to between INR 3.5 and 4 lakh crore. Additionally, millennials had […]
India’s digital transactions skyrocketed from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24, with a stunning CAGR of 44%. While digitisation brings convenience, it also fuels sophisticated fraud threats. However, the solution may lie within the problem – analysing digital transactions to combat this menace. The growth of digital payment systems creates […]
Traditional financial statement analysis methods are increasingly becoming obsolete. They primarily rely on basic tools such as the Profit and Loss Account and Balance Sheet, failing to deliver comprehensive insights into a company’s financial health. Furthermore, the heavy dependence on historical data can lead to outdated conclusions and predictions that do not reflect current market […]
