Know Your Customer (KYC) is the process by which a lender verifies a customer’s identity and other information using documentation such as PAN Card, Driver’s License, Voter ID, GST Registration, Aadhar Card and so on. Customer onboarding has traditionally been a costly affair with physical collection of documents and in person verification, which when coupled […]
Transform Client Communications With Cloud Telephony
Customer communication is the cornerstone of the Loan process. Loan companies initiate communication with the customers for various reasons – to schedule in-person meetings for sales, application submission, collateral evaluation & collection; to obtain clarifications on the loan application, request documents, conduct video KYC, collect outstanding payments and so on. While the customer contacts the […]
9 Benefits of OCEN for Small Business
The financial industry has hailed OCEN as a “magician’s wand” to solve the Indian MSME sector’s liquidity crunch. It will facilitate the connection between lenders, markets, and borrowers online. And thus, allow the needy to get small-ticket loans. OCEN is also expected to result in the financial inclusion of the unbanked and boost the number […]
Effects of Mobile Banking on Digital Economy: Boon or a Curse?
Mobile banking has become a popular way for consumers to perform banking tasks today—from depositing checks and transferring money between accounts to paying their bills and setting up automatic payments. In fact, 82% of bank clients believe mobile applications enhance their financial lives. So what is the effect of this mobile banking boom on […]
Mobile Banking Frauds: How Can Banks Help Prevent Them?
Mobile banking is revolutionising ways for people to access their accounts, thanks to its ease of use and flexibility. Consumers can deposit cheques, pay bills, transfer funds between accounts, and even send money to persons or businesses anywhere in the world using virtually any device with an internet connection. Unfortunately, this transformation in accessibility and […]
How Will AI Shape the Post-COVID Future of Financial Services in India?
The finance industry embraced technology with open arms ahead of time, only to earn an early mover advantage. The result is promising changes in the finance landscape. Today, products like chatbots, automation, data analytics, cybersecurity, and more are questioning India’s future in financial services. Technology battled the challenge of financial inclusion that the pandemic brought […]