According to experts, microfinancing has been one of the most instrumental factors in facilitating financial inclusion in India. The Bharat Microfinance Report by Sa-dhan highlights that 98% of microfinance institution (MFI) borrowers are women, demonstrating the significant role MFIs play in empowering women entrepreneurs through micro-credits. This impact is further underscored by data from the […]
Technology’s Role in Bank Statement Analysis for Better Financial Decisions
The banking industry has constantly evolved, and technology has played a significant role in its transformation. The fintech or financial technology market is forecast to reach USD 699.50 billion by 2030, representing a 20.5% CAGR. One key area where technology has significantly impacted is bank statement analysis. Financial companies, banks and NBFCs thoroughly evaluate customers’ […]
What Cybersecurity Considerations Are Crucial for Open Banking in Financial Institutions?
The rapid pace of open banking adoption has the potential to revolutionise the financial sector in India. Driven by fintech solutions, it emerged an innovative way for consumers to share their banking data with third parties, driving innovation, convenience, and value. However, due to its reliance on information technology, cybersecurity risks are inherent in open […]
A Comprehensive Guide to RBI’s Digital Lending Guidelines for Fintech Companies
India’s digital lending market has grown exponentially in the last decade, from a modest $9 billion to nearly $270 billion in 2022. But the sector was largely unregulated. The digital lending guidelines, which took effect on December 1, 2022, are considered a proactive and progressive step by the Reserve Bank of India (RBI) as the […]
Peering Into the Future: Open Banking’s Impact on Customer Experience in 2023
The global Open Banking market, valued at USD 19.14 billion in 2022, is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.9 and touch 48.13 billion in 2026. The growth of Open Banking worldwide and in India, too, can be attributed to the surge in the use of online payment platforms. As […]
Digital Lending Trends in 2023: How Are Top Players Gearing Up?
The digital lending segment grew from 9 billion USD in 2012 to almost 150 billion in 2020. It is one of the fastest-growing fintech segments and is expected to reach a value of approximately 350 billion USD in 2023 in India. Factors like increasing digital adoption and the difficulty of accessing credit through traditional banking […]