There’s no doubt that RBI’s rate hike is a harbinger of changes in the financial world. During an unexpected policy announcement, the RBI increased repo rates by 40 base points to 4.4 percent in May and 4.9 percent in June. Given the soaring inflation across the country, RBI is expected to raise the rates again. […]
Tips to Select the Right Lending Software Solutions for Your Business
The lending sector has been undergoing a revolution in India and worldwide. Nowadays, in the aftermath of the pandemic, it is no longer optional for lenders to have digital processes for loan applications. It is the norm. Customers are not patient enough to visit physical branches, fill out several paper forms, and wait weeks for […]
10 Must-Have Modules in Your NBFC Loan Management Software
NBFCs are promoters of financial inclusion within the economy. They constructed a solid bridge to achieve lending success within the deprived communities. Thanks to their gigantic contribution to the economy, NBFCs are now a significant part of the financing ecosystem. RBI’s Report on Trend and Progress of Banking in India 2020-21 also reflects similar sentiments. […]
Top 10 Tips for Co-lending That Benefits Banks and Consumers
In the post-covid economy, co-lending has emerged as one of the most attractive financing models. It not only makes credit available to the unserved but also minimizes the risks that lending institutions face. As a result, numerous public and private sector banks in India have entered into co-lending agreements with NBFCs. We’ll go through the […]
How Will Machine Learning Transform Credit Underwriting Software?
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 […]
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 […]