In the last five years, the lending industry has grown increasingly competitive, with banks, lending platforms, payment apps, and non-banking financial companies (NBFCs) competing for a piece of the pie. Simultaneously, there’s great potential for data-driven, future-thinking lenders to accelerate growth by capitalising on under-tapped market opportunities. For instance, the Micro, Small, and Medium Enterprise […]
How Does Micro Loan Management Software Improve Lenders Profitability?
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 […]