Traditional banks often struggle to adapt due to a lack of innovation and personalised services, leaving them vulnerable to disruption. Open banking addresses these issues by securely enabling data sharing between banks and approved third parties via application programming interfaces (APIs). This collaborative method sharply contrasts with traditional banking’s siloed data model. India’s open banking […]
Embedded Finance: Security Challenges and Some Emerging Solutions
The traditional banking setup has seen a complete overhaul with increasing technological advancements. It may seem like a new world, from loans in 59 minutes to digital wallets. All this has been made possible by embedded finance, which allows the integration of financial services into non-financial services. Its ecosystem is anticipated to grow at a […]
Should Lenders Adopt API Banking Over Traditional Banking: A SWOT Analysis
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 […]
Understanding the Growing Threat of Identity Theft in the Lending Industry
The lending industry has been a crucial player in financial transactions in recent years. From mortgages to personal loans and credit cards, individuals rely on lenders for their financial needs. However, amidst this reliance, a pressing issue is on the rise – identity theft, a risk that demands immediate attention. Identity theft has become a […]
Mitigating Risk in Debt Factoring: Underwriting Best Practices
Accounts receivable financing or debt factoring is a common business financing practice. Businesses can sell their accounts receivable to a third party, called a factor, at a discount. However, factoring could be an excellent solution for companies to try to cash in on their account receivables, control cash flow, and keep the business afloat. Factoring […]
How does FaaS Help with Fraud and Chargeback Prevention?
The Indian Fintech market is currently the world’s third-largest Fintech ecosystem, behind only the United States and China. India has 6,636 Fintech startups, making it one of the fastest-growing Fintech markets. The Indian Fintech business was worth $31 billion (INR 3100 crore) in 2021 and is expected to be $150 billion (INR 15000 crore) by […]