The digital lending landscape has witnessed a tremendous boost, especially during the Covid, which has shifted borrowers online searching for viable loan products online. Fifty-seven per cent of consumers prefer internet banking, according to the latest World Retail Banking Report. That’s nearly half the world’s commercially active population reaching out to online banking channels. So, […]
How Is Alternative Data Revolutionising Credit Underwriting Software
As the lending industry grows and lenders attempt to scale quickly, lending businesses are at greater risk of making poor decisions inadvertently. Poor decision-making often results in the growth of non-performing assets (NPAs) and potentially funding fraudulent borrowers. Therefore, lenders need access to various data points to make data-driven decisions. Merely evaluating income statements or […]
Loan Management System in India: Ensuring Data Security and Confidentiality
With the emergence of digital lending platforms and increasing reliance on technology for loan management, India’s financial environment has experienced a substantial transition recently. The digital lending market in the country has experienced significant development in recent years. According to a Boston Consulting Group (BCG) survey, the digital lending market is anticipated to reach an […]
The Importance of Data Security in Loan Management System
In the era of information technology, data is the ‘new oil’. It is the essential commodity that drives businesses. The ability to gather, analyse, and use relevant data accurately makes or breaks an organisation in today’s age. Consequently, data security in cyberspace is a critical concern for firms operating in the digital space. Digital lending, […]
Decoding the RBI restrictions on Customer’s Credit Data & How it impacts the lending process for NBFCs
Projections indicate that the credit demand in India is going to be worth $1.41 Tn by 2022. The growth rate in credit demand is estimated to be 3.73% between FY17 and FY22. The flourishing credit landscape has led to the growth of multiple lending startups in the country. Add to this, numerous other tech companies […]
Revolutionising EMIs: How CLOU (Credit Line on UPI) is Redefining India’s Credit Landscape
The launch of UPI in 2016 has transformed the financial landscape in India. However, there remained a gap in how the credit was accessed. India’s credit access and repayment system is a lengthy and cumbersome process that feels like a trap more than a solution. The introduction of CLOU (Credit Line on UPI) is set […]