Non-Banking Financial Companies (NBFCs) are making a behind-the-scene yet significant impact on the Indian economy. Despite not having a traditional banking license, they promote financial inclusion, support economic development, enhance innovation, and deepen financial markets. A report by the Reserve Bank of India (RBI) reveals that the share of NBFCs in the total credit extended […]
Streamlining Loan Approvals with Automated Credit Underwriting Software
Recently, the RBI’s June Financial Stability Report revealed that retail loans in the Indian banking sector experienced an impressive compounded annual growth rate (CAGR) of 24.8% between March 2021 and 2023. A pivotal reason for this growth is the ongoing transformation of the traditional and time-consuming manual loan approval process, driven by the adoption of automated […]
Implementing Automated Bank Statement Analysis: Best Practices
Automated bank statement analysis is transforming the financial landscape, as paper-based statements have given way to online digital statements, which are more customer-friendly and prevent fraudulent transactions. In general, bank statement analysis involves scanning and reviewing financial statements to gain insights into a person or organisation’s financial health to ascertain their income and repayment capacity. […]
4 Innovative Ways How Fintechs are Transforming Traditional Lending Life Cycle
The proverbial story of the chicken and egg is the ideal when it comes to depicting the reality of the Indian lending landscape. Borrowers require a lending score to borrow money but do not have anything as such since they have never applied for a loan before. Traditionally, borrowers also had to comply with the […]
Unlocking Financial Inclusion with Microloan Management Software
Historically, poor credit penetration results in the marginalised sections of society like low-income households, women and Micro, Small, and Medium Enterprises (MSMEs) being excluded from the formal lending channels. However, the MSME sector plays a critical role in the economic development of India. The share of MSME Gross Value Added (GVA) in India’s Gross Domestic […]
5 Ways a Cloud-Based Lending Software Can Transform Small Business
The Micro, Small and Medium Enterprise (MSME) market has been disadvantaged in the traditional banking ecosystem. Due to various factors, banks have prioritised credit to corporations and big businesses over small businesses. According to statistics, India has a total of 633.9 lakh MSMEs in India, comprising 630.5 lakh micro-enterprises and 3.3 lakh small businesses. The […]