According to reports, around 87% of Indian households use fintech services. This has made banks and credit unions invest heavily in APIs, which act as digital bridges to securely share financial information and services. The latest PYMNTS data shows that 47% of lenders have already invested heavily in APIs in 2022. But why are the […]
API Banking in India: Intersection of Tech and Regulatory Frameworks
The Indian financial ecosystem maintained a guarded position for several decades primarily depending on traditional technology systems. Fast forward to 2024, the outlook has changed drastically, paving the way for new financial products and services backed by cutting-edge tech and innovative solutions including Application Programming Interface (API). API banking or banking-as-a-service (BaaS) is primarily driven […]
Best Practices for Evaluating Bill Discounting Requests
Bill discounting, or invoice financing is a short-term finance option for businesses, which can help them free up funds tied up in unpaid invoices. As a result, companies can optimise their cash flows and payment cycles without disturbing their balance sheets. It offers advantages to vendors and purchasers alike. Vendors can fuel growth and stabilise […]
How Is Alternative Credit Data Transforming Credit Underwriting?
India’s economic growth hinges on the success of more than 633.9 lakh micro, small, and medium enterprises (MSMEs) which account for nearly 30% of gross value added (GVA) in India’s gross domestic product (GDP). Despite their valuable contribution, access to credit remains one of the major barriers for MSMEs, particularly unorganised MSMEs due to lack […]
Evaluating Loan Origination Software: 9 Critical Questions to Ask
When lenders choose a suitable loan origination software (LOS), it can significantly boost their operational efficiency, improve customer experience while mitigating security risks and providing a competitive edge. According to a 2024 study, loan origination systems that incorporate automated workflows, mobile features, and e-signing capabilities can reduce loan processing times by up to 30%. However, […]
Assessing Line of Credit Applications: Best Practices for Lenders
Today, a growing number of consumers require funds for personal, or business reasons. The funds may be used for a home renovation, expenses after a job lay-off, or to fund business operations. The value of funds can vary. Typically, such borrowers apply for a line of credit, which allows them to get access to funds […]