The Internet revolution and increased mobile penetration across rural markets have fuelled the emergence of digital technologies in India’s microfinance sector over the last decade. MFIs have now begun to adapt to new technology trends for faster loan origination, efficient customer service and delivering flexible lending requirements using alternate channels. The proliferation of low-cost mobile […]
Problems of Microfinance in India and the Way Ahead
Poverty is a significant economic problem in the majority of the developing world. In most rural areas of India, agriculture is the principal source of revenue. Agriculture employed 42.6% of India’s workforce in 2019. However, the rural community has been largely cut off from official financial institutions, resulting in poor performance Microfinance raises household income […]
Automated Loan Processing System: What is it and How Can It Benefit Lenders?
In the post-pandemic era, banks and other lending institutions are in a challenging position with higher volumes of non-performing assets, increasing default rates, and reduced consumer spending, leading to reduced profits. However, to kick-start the economy, the financial service providers must upscale the credit granting process with an automated loan processing system. This is, however, […]
How Effective Are Online Loan Management Systems in India?
TL;DR: Very effective. This is especially true in the aftermath of COVID-19. BCG’s Digital Lending report states that online lending in India will be worth upwards of $1 trillion by 2023. The estimate is evidence that fintech solutions like loan management systems are abundantly useful. It is the benefits they bring to lenders that make […]
Virtual vs In-Person: Are Loan Management Systems Reliable?
Lending is the lifeline that fuels the financial growth of all businesses and individuals. In such a scenario, having a robust lending system becomes imperative for the overall growth of the economy. As the entire global financial systems make a rapid shift towards digitisation, this has forced the lending industry to look beyond the traditional […]
Is Biometrics the Key to Future Proof Customer Identity Management?
Biometrics is slowly becoming an integral part of our daily lives with the advent of fingerprint-sensitive smartphones and laptops and is spreading to other places we hardly considered before. The primary aim of biometrics is to identify an individual in a 100% accurate way that cannot be stolen or compromised. While fingerprint biometrics is widespread, […]