Lenders often seek bank statements to verify prospective customers’ income, cash flow, or assets for loan disbursement. Unfortunately, PDF versions of bank statements can be tampered with or even entirely fabricated. For instance, a Google search on ‘make a fake statement’ will open up dozens of websites that create a wholly fabricated bank statement with […]
5 Tried and Tested Loan Recovery Techniques
One of the most challenging parts of the lending business is loan recovery techniques. Even though international norms have been put in place to help lending institutions recover their money, these techniques essentially do not work or take a painfully long time in practice. There is an existing culture of non-repayment, which results in liquidity […]
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 […]
6 Ways Lenders Can Get the Best Results From Mobile Banking
Time has seen society and its institutions evolve. Arguably, one of the most important institutions that have witnessed revolution is lending and banking. From merchants who gave grain loans to farmers to 14th-century Italian oligarchs who created some of the first banks as we know it—the world of money and its transactions has changed. Decades […]
Towards a New Digital Empowerment: An OCEN of Possibilities
With the potential to disrupt the traditional lending landscape, OCEN is an ocean of possibilities. OCEN is what we would call – financial inclusion in an absolute sense. It aims to render the objective of delivering credit to small businesses. MSMEs of India are credit deprived, which poses a challenge for the growth-led economy we […]
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 […]