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 […]
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 […]
The Impact of Coding in Loan Management System
Coding is an integral part of many everyday transactions and interactions for most people. It powers activities ranging from making payments on E-commerce sites, booking a cab or using Bluetooth in the car. As per a study by IBM, 65% of organisations use coding to reduce manual and repetitive tasks. As coding becomes pervasive across […]
Choosing the Right Credit Underwriting Software for Lending Needs
Underwriting is an important process in lending operations. A lender’s ability to predict creditworthiness seals the fate of the loan. Whether it will be repaid promptly, or become a non-performing asset, or worse still result in loan fraud, is an outcome of underwriting efficiency. Manual underwriting interventions are no longer sustainable, no matter how many […]
6 Market Trends in Cloud-Based Lending Software: Decoded
The lending industry worldwide has grown extensively over the last few years. Lenders are on a spree to close the deficit in credit access within the business arena through digital innovation. As of 2022, the global digital lending platform market was valued at $ 9.56 Billion. It is projected to accelerate at a compound annual […]
Innovations in Lending: Exploring the Significance of Lending Software in India
It is no overstatement that India stands at the forefront of financial innovation in today’s rapidly evolving landscape. Among the sectors witnessing transformative changes, lending has emerged as a key beneficiary, largely driven by lending software in India. Projections suggest that digital lending in India will approach a remarkable market cap of nearly 350 billion […]