In consonance with the demand of a digitised market, a growing number of businesses are shifting toward a data-driven work culture. However, poor-quality data remains a pain point across industries. A 2023 survey by McKinsey indicates that 60% of technology executives considered poor data quality as the main roadblock to scaling their data solutions. The […]
Decoding the Importance of NBFC Loan Management Software for Lending Business
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 […]
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. […]
How Commercial Loan Management Software Powers Digital Transformation
The demand for rapid access to credit in business is continually growing. Businesses across all segments, but especially in the Micro, Small & Medium Enterprise (MSME) segment, seek access to funds to accelerate business growth. Experts predict that business loans to MSME borrowers will rise by 20% in the festive season, especially as consumer spending […]
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 […]