The banking industry has constantly evolved, and technology has played a significant role in its transformation. The fintech or financial technology market is forecast to reach USD 699.50 billion by 2030, representing a 20.5% CAGR. One key area where technology has significantly impacted is bank statement analysis. Financial companies, banks and NBFCs thoroughly evaluate customers’ […]
Digital Lending: Managing AML and KYC in 2023
The global digital lending market is expected to grow exponentially in the coming years. The increasing demand for financial services and the rising adoption of digital solutions in traditional banking and lending services drive this growth. Data Bridge Market Research shows that the digital lending market is expected to reach USD 69937 million by 2029, […]
How to Find the Best Invoice Financing Company for Your Business?
Invoice financing is an excellent way for businesses to access working capital and manage cash flow. For that, it’s crucial to choose a reputable company with competitive rates and fees that can meet the specific needs of your business. However, finding the right invoice financing company for your business can be challenging. This is why […]
How Can Embedded Finance Be an Innovative Gateway for the Lending Industry?
Technology has advanced so dramatically over the last decade that consumers can order a ride before arriving at their destination. In addition, they can pay utility bills without leaving their homes. In today’s modern world, instant payment systems are a part of our everyday lives, but where does the money come from? The answer is […]
How Can Banks Monetise Open Banking Platforms?
COVID-19 led to a disruption in different sectors, and banking is no exception. Nonetheless, with the application of Open Banking in the field, banks have found their way back to stability. The recent waves of digitisation have broadened the scope of significant technological changes in the banking sector. Be that as it may, well-established banks […]
What Does the Implementation of the CFSS by the RBI Mean for NBFCs?
The Reserve Bank of India (RBI), through a circular, notified Middle Layer and Upper layer Non-banking Financial Services (NBFCs) to mandatorily implement Core Financial Services Solution (CFSS) as of October 1, 2022. The CFSS is akin to the Core Banking Solution (CBS) adopted by banks, which enables the integration of different NBFC functions on a […]