Traditional banks often struggle to adapt due to a lack of innovation and personalised services, leaving them vulnerable to disruption. Open banking addresses these issues by securely enabling data sharing between banks and approved third parties via application programming interfaces (APIs). This collaborative method sharply contrasts with traditional banking’s siloed data model. India’s open banking […]
Embedded Finance: Security Challenges and Some Emerging Solutions
The traditional banking setup has seen a complete overhaul with increasing technological advancements. It may seem like a new world, from loans in 59 minutes to digital wallets. All this has been made possible by embedded finance, which allows the integration of financial services into non-financial services. Its ecosystem is anticipated to grow at a […]
Some Ethical Considerations in AI-Driven Bank Statement Analysis
Artificial intelligence (AI) is set to become an integral part of the financial landscape, including balance sheet analysis for decision-making. AI-powered solutions can help lenders improve efficiency by reducing processing time and increasing productivity. While its integration offers numerous benefits, the use of AI in the financial domain also raises some ethical concerns like the […]
Tackling NPA: How Advanced Lending Software Solutions Are Helping Indian Banks
The growth of Non-Performing Assets (NPAs) continues to be a top concern for digital lenders, today. According to reports, Indian banks continue to face challenges in recovering debt. India’s 39 Debt Recovery Tribunals (DRTs) and five Debt Recovery Appellate Tribunals (DRATs) struggle to cope with the volume of cases. Though 60,000 new cases are reported […]
API Banking in India: Intersection of Tech and Regulatory Frameworks
The Indian financial ecosystem maintained a guarded position for several decades primarily depending on traditional technology systems. Fast forward to 2024, the outlook has changed drastically, paving the way for new financial products and services backed by cutting-edge tech and innovative solutions including Application Programming Interface (API). API banking or banking-as-a-service (BaaS) is primarily driven […]
Best Practices for Evaluating Bill Discounting Requests
Bill discounting, or invoice financing is a short-term finance option for businesses, which can help them free up funds tied up in unpaid invoices. As a result, companies can optimise their cash flows and payment cycles without disturbing their balance sheets. It offers advantages to vendors and purchasers alike. Vendors can fuel growth and stabilise […]