Lenders often seek bank statements to verify prospective customers’ income, cash flow, or assets for loan disbursement. Unfortunately, PDF versions of bank statements can be tampered with or even entirely fabricated. For instance, a Google search on ‘make a fake statement’ will open up dozens of websites that create a wholly fabricated bank statement with […]
How Has Fintech Aided the Development of Open Fintech Ecosystems
Fintech arose in response to the global financial crisis and now holds a significant position in the financial services sector. The global Fintech business is expected to increase by 24.8 per cent to $309.98 billion in 2022, from $127.66 billion in 2018. They have indeed disrupted financial services and also contributed to the rise of […]
6 Ways Lenders Can Get the Best Results From Mobile Banking
Time has seen society and its institutions evolve. Arguably, one of the most important institutions that have witnessed revolution is lending and banking. From merchants who gave grain loans to farmers to 14th-century Italian oligarchs who created some of the first banks as we know it—the world of money and its transactions has changed. Decades […]
Towards a New Digital Empowerment: An OCEN of Possibilities
With the potential to disrupt the traditional lending landscape, OCEN is an ocean of possibilities. OCEN is what we would call – financial inclusion in an absolute sense. It aims to render the objective of delivering credit to small businesses. MSMEs of India are credit deprived, which poses a challenge for the growth-led economy we […]
Your Guide to OCEN and How It Is Disrupting India’s Lending Industry
OCEN, or Open Credit Enablement Network, is a framework and protocol introduced by Nandan Nilekani in July 2020 as part of IndiaStack. India’s lending industry can still be considered in its nascent stage. Banks and NBFCs essentially only lend to the organised sector and large corporations. This has caused a large swath of India’s small […]
Top Four Reasons to Be Ethical to Solve Problems of Microfinance
In the industrial economy of the 80s, microfinance emerged as an option to eradicate poverty. But due to high volumes and profitability, it has become heavily commercialised. The higher interest rates and over-indebtedness have led to a high suicide rate among borrowers. Which raises the question, “is it fair to maximize profits from the poor”. […]