The financial fraud scenario in India is becoming more complex with the increasing sophistication of threats. As per RBI, banking frauds shot up 166% in FY24, with over 36,000 cases reported. This represents millions in losses and countless hours spent tracking fraudulent schemes that plague the lending sector. Digital lending has transformed credit access in […]
Proactive Credit Risk Management: Developing an Early Warning System
As per a report, as of March 31, 2023, 2,623 borrowers were classified as wilful defaulters in India and owed Rs 1,96,049 crore to the banks in India. This highlights the inherent risks lenders face. Therefore, financial institutions (FIs) need robust credit risk management to minimise risk and boost returns and productivity. An early warning […]
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 […]
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 […]
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 […]
Boosting Supply Chain Financing: The Impact of Blockchain
Supply chain financing (SCF) is a financing solution that brings buyers, sellers and lenders together. This arrangement helps clear and unlock the working capital locked in the supply chain. It helps businesses improve liquidity, build stronger supplier relations, and reduce supply chain risks. Despite the many benefits this arrangement offers to all stakeholders, it has […]