Access to credit is a critical element for families, individuals, and businesses to build wealth, achieve economic stability, and climb the economic ladder. The process to gauge the creditworthiness of borrowers or credit underwriting is therefore important to boost the lending business. Credit underwriting used to be a long and tedious process for borrowers with […]
Top 6 Pros and Cons of CBS in Banking
Financial transactions are much easier and more convenient today than in the 1970s. From anywhere, one can withdraw money from their bank accounts, open fixed deposits, or even trade on the stock market. Thanks to the CBS in banking industry, all of these faceless, timeless, and paperless transactions are now possible. Core banking software (CBS) […]
Credit Underwriting Made Easy – A Comprehensive Guide
The lending landscape has not moved to digital. However, we are witnessing some industry-wide frictionless lending processes introduced by new tech-savvy market players. As a result, the total size of the lending market in India stood at ₹156.9 Lakh crores in the FY 2022-2021. Based on the trends in 2018-2021, it is a 100% hike […]
Core Banking vs Retail Banking: What’s The Difference?
When a bank representative approaches us to open an account, they usually inform us that their bank provides core banking facilities. Similarly, when we log in for net banking, we’re asked if we’d like to use a retail or corporate login. Even though retail and core banking are critical components of today’s banking system, they […]
How Gromor Is Leveraging Account Aggregator to Upgrade Its Lending Process
Account aggregators are RBI-regulated entities that collect financial data from Financial Information Providers (FIP) like banks and tax departments and give access to Financial Information Users (FIU) like investment firms with customer consent. As many as 61% of the bank executives believe that a customer-centric model is “very important” in today’s digital age, as per […]
How Developing Nations Are Driving the Mobile Banking Revolution
Technology makes it easy for companies to open the floodgates of the financial system to the masses; mobile banking is the proof. Moreover, fintech (of which mobile banking is a part) has revolutionised the banking sector, forcing it to undergo changes that would otherwise be daunting. But now, we live in the era of customised […]