The lending process comes with some inherent risks; there is always a likelihood that the borrower may default on payments or delay paying instalments. So, lenders typically employ a combination of tools and strategies to manage and reduce the risk associated with lending. A bank statement analysis tool is one such solution that helps them […]
Digital Lending Models Propel India Closer Toward Financial Inclusion Goals
India is a young and developing economy with a population of more than 1.4 billion people. Until the last decade, the country grappled with various challenges across multiple fronts, hindering its overall progress. While most of the problems still exist, we focus on one particular area that deserves the limelight and widespread appreciation: India’s push […]
Evaluating Invoice Financing Options to Improve Cash Flows and Lending Opportunities
Businesses of all sizes experience cash flow challenges at some time or another. One unique circumstance is when a business receives a sizable order from a client. However, in many cases, they cannot fulfil the order due to a lack of funds to produce the product. For instance, they may be unable to order raw […]
Maximising Financial Efficiency: How Lenders Benefit from Adopting Virtual Credit Card
According to Juniper research, virtual card transactions are projected to reach 175 billion by 2028. As identity theft remains a constant concern, virtual card numbers provide a secure alternative for online transactions, offering peace of mind while simplifying payments. These numbers offer a secure, streamlined way for both individuals and businesses for payments. Today, lenders are […]
Decoding the Importance of NBFC Loan Management Software for Lending Business
Non-Banking Financial Companies (NBFCs) are making a behind-the-scene yet significant impact on the Indian economy. Despite not having a traditional banking license, they promote financial inclusion, support economic development, enhance innovation, and deepen financial markets. A report by the Reserve Bank of India (RBI) reveals that the share of NBFCs in the total credit extended […]
Streamlining Loan Approvals with Automated Credit Underwriting Software
Recently, the RBI’s June Financial Stability Report revealed that retail loans in the Indian banking sector experienced an impressive compounded annual growth rate (CAGR) of 24.8% between March 2021 and 2023. A pivotal reason for this growth is the ongoing transformation of the traditional and time-consuming manual loan approval process, driven by the adoption of automated […]