Financial transactions are much easier and more convenient today than in the 1970s. From anywhere, one can withdraw money from their bank accounts, open fixed deposits, or even trade on the stock market. Thanks to the CBS in banking industry, all of these faceless, timeless, and paperless transactions are now possible. Core banking software (CBS) […]
Core Banking vs Retail Banking: What’s The Difference?
When a bank representative approaches us to open an account, they usually inform us that their bank provides core banking facilities. Similarly, when we log in for net banking, we’re asked if we’d like to use a retail or corporate login. Even though retail and core banking are critical components of today’s banking system, they […]
Top 4 Mobile Banking Risks and How to Mitigate Them
Shrinking sizes and expanding prowess, mobiles promise a great deal: calling, dating, job-hunting, working, and…banking. As a result, these portable powerhouses have irrevocably changed lives, corporations, and consumer behaviour. A greater demand for easy, all-around access to products and services has steered technological and communicative developments. So, a significant result has been the advent of […]
How Has Fintech Aided the Development of Open Fintech Ecosystems
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 […]
Your Guide to OCEN and How It Is Disrupting India’s Lending Industry
OCEN, or Open Credit Enablement Network, is a framework and protocol introduced by Nandan Nilekani in July 2020 as part of IndiaStack. India’s lending industry can still be considered in its nascent stage. Banks and NBFCs essentially only lend to the organised sector and large corporations. This has caused a large swath of India’s small […]
Top Four Reasons to Be Ethical to Solve Problems of Microfinance
In the industrial economy of the 80s, microfinance emerged as an option to eradicate poverty. But due to high volumes and profitability, it has become heavily commercialised. The higher interest rates and over-indebtedness have led to a high suicide rate among borrowers. Which raises the question, “is it fair to maximize profits from the poor”. […]