When spreadsheets were first launched in 2006, this brand-new innovation revolutionised the way businesses processed and stored financial data. In particular, financial institutions benefit because spreadsheets automate several tasks With the acceleration of digital transformation over the last three years, the amount of data being generated has increased exponentially. For instance, the number of digital […]
How to Reduce Friction in the Loan Origination System with Automation?
Customer experience is one of the major talking points for customers dealing with businesses operating in the retail and hospitality sectors. However, that was hardly the case in the finance industry, especially in lending. However, the times they are a-changing. Modern customers are ready to ditch the traditional, inconvenient, and time-consuming process in favour of […]
Explaining Financial Statement Analysis: A Comprehensive Guide for Lenders
A business’s financial statements generally contain detailed information about its assets, liabilities, income, and expenses. Scrutinising these statements helps understand the intricate workings of an organisation and helps assess its financial stability. Financial statement analysis often forms the bedrock for informed decision-making for various stakeholders. It offers insights into the business’s financial health to investors, […]
Digital Lending Solutions: Everything You Need to Know About DeFi Lending
Thе lending sеctor is undеrgoing a transformativе phasе known as decentralised finance (DеFi). In India, its emergence has been nothing short of rеvolutionary. Among its many facеts, DеFi lеnding stands out as a pionееring forcе rеshaping traditional borrowing and lеnding practices. Dеfi has surgеd forward, amassing an imprеssivе amount of capital in a rеmarkably briеf […]
Understanding the Mechanism Behind Automatic Classification of Bank Transactions
The revenue growth and profitability of a lending business depend on several factors. A combination of superior risk assessment, fraud detection capabilities, and quick and accurate underwriting turnaround can transform a lender’s success rate with borrowers and reduce non-performing assets. Access to superior data plays an important role in this process. For instance, the ability […]
How to Generate and Use Insights From Bank Transaction Data Analysis
In consonance with the demand of a digitised market, a growing number of businesses are shifting toward a data-driven work culture. However, poor-quality data remains a pain point across industries. A 2023 survey by McKinsey indicates that 60% of technology executives considered poor data quality as the main roadblock to scaling their data solutions. The […]