Fintech arose in response to the global financial crisis and now holds a significant position in the financial services sector. The global Fintech business is expected to increase by 24.8 per cent to $309.98 billion in 2022, from $127.66 billion in 2018. They have indeed disrupted financial services and also contributed to the rise of […]
Bad Debt Recovery Strategies: Reduce Risks and Improve Collections
Vijay Mallya, Anil Ambani, Pramod Mittal, Nirav Modi—something strikes, doesn’t it? Whilst most of you are familiar with these names, some of you might also be aware of their not-so-happily-ever-after entrepreneurial journey; who were once “Business Tycoons” are now on the list of notorious bankrupts. As much as their lavish lifestyle sparked our interest, when […]
Know the Difference Between Credit Bureau and Credit Rating Agency
Credit bureaus and credit rating agencies are easily confused, especially because credit bureaus are also referred to as “credit reporting agencies.” Credit bureaus, such as Equifax, Trans Union CIBIL, and Experian are agencies that give information about an individual’s creditworthiness. They provide credit reports and credit ratings to creditors, such as banks, to assist them […]
Can Fintech-as-a-Service (Faas) Replace Banks in 2022?
Fintech-as-a-Service (FaaS) is making waves in this age of aggressive digitalisation. Traditional financial and non-financial companies use FaaS to make their solutions more effective and customer-friendly. FaaS uses cutting-edge technology to assist different industries, including lending, credit, and payments, overcome long-standing challenges. When you add in the growing popularity of digital systems like online financing, […]
Challenges and Opportunities Facing India’s Digital Microfinance
The Internet revolution and increased mobile penetration across rural markets have fuelled the emergence of digital technologies in India’s microfinance sector over the last decade. MFIs have now begun to adapt to new technology trends for faster loan origination, efficient customer service and delivering flexible lending requirements using alternate channels. The proliferation of low-cost mobile […]
Critical Things to Note for a Successful Debt Recovery Strategy
One of the business tactics used by banks to earn interest is to offer debt in the form of loans. However, keeping a low non-performing loan rate is a challenging endeavour. It takes time and resources to complete the collection procedure for each possible defaulter. The debt collection became even more challenging because debtors and […]