Amid reports of slowing credit growth owing to the coronavirus crisis, lenders are looking to streamline their operations and eliminate inefficiencies. From shutting down non-profitable branches to digitising workflows, there is a clear push to cut costs and increase customer engagement. Automated loan management systems with built-in analytics are attracting a lot of interest from […]
Decoding Fintech Laws in India
The credit demand in India is projected for a steep rise to $1.41 Tn by 2022. Moreover, the growth rate in credit demand is estimated to be 3.73% between FY17 and FY22. Given the bright prospects of the future, numerous tech companies are making their way into the market. The result is multiple synergies between […]
The Future of Financing Trends with NBFCs
NBFCs are key players when it comes to the objective of financial inclusion that India aims to achieve. It caters to unbanked and underbanked sections of Indian society. Additionally, they provide the credit demand of MSMEs too. Through direct and indirect involvement, they transform sectors like transportation, employment generation, wealth creation, bank credit in rural […]
Neobanks: The Ideal Partner for Indian SMEs
India’s SME sector has the potential to drive innovation and job growth despite the challenges faced by the economy. However, it is hamstrung by a lack of credit as small business owners do not maintain proper books of accounts and in some cases, do not have enough business experience either. The lending risk is difficult […]
Here’s What 2020 Has in Store for NBFCs
NBFCs have become an integral part of the Indian lending landscape over the years. Since their inception in the 1960s, they have helped to provide a range of financial services to consumers and businesses across the country. As of March 2019, the total number of registered NBFCs in the country stood at 9,659. Despite the […]
India’s Neo-Banks: Lessons to Learn for Traditional Indian Banks and Lending Businesses
Initiatives like ‘Digital India’ and intense focus on the rapid adoption of digital technology propels the Indian banking industry towards a digital-only future. Rapid digital innovation in payments and transformation in systems enabled by digital technologies is widespread around the lending industry. This has given rise to the New-Age Digital Banks…also popularly called the ‘Neo-Banks’. […]