As digitisation and adoption of fintech by consumers grow, lenders need to ensure their processes do not lag due to a lack of access to the latest technology. Generally, the lending process involves multiple steps, from customer onboarding to disbursement. Traditionally, each step is carried out manually, which is time-consuming and often prone to errors. […]
Future Trends in Loan Management Software: AI, Automation, and More
Thanks to technological advancements, loan management software has evolved immensely over the past decade. By 2032, AI and automation market in the banking industry is estimated to be worth USD 182 billion. In today’s digital age, lending institutions seek new and innovative ways to streamline their loan management processes. Artificial intelligence (AI), automation, and blockchain […]
Technology’s Role in Bank Statement Analysis for Better Financial Decisions
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’ […]
Embedded Finance vs BaaS: Differences Traditional Finance Service Providers Need to Know
Digitisation has influenced industries and consumer behaviour across the board; however, its impact on the financial services sector has been exceptional. For example, Embedded finance and Banking as a Service (BaaS) are two digital trends contributing to technology-led transformation in the banking sector. Often BaaS and embedded finance are mistaken to be the same as […]
Can Co-Lending Be the Catalyst for the Resurgence of India’s MSME Sector?
The Micro, Small, and Medium Enterprises (MSME) sector contributes significantly to India’s growth trajectory, provides resilience to the economy, and generates a substantial number of jobs. A total of 633.9 lakh MSMEs employed 93,94,957 people in the financial year 2022, as per IBEF. The sector has played a vital role in generating employment in rural […]
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, […]