The FinTech industry has been evolving quickly over the last decade. 11 of India’s 65 unicorns operate in the FinTech space. The industry is quickly disrupting traditional and established BFSI players. However, the regulatory regime is slowly catching up to technological developments. The RBI has recently released a circular which bans banks from offering credit […]
Tips to Select the Right Lending Software Solutions for Your Business
The lending sector has been undergoing a revolution in India and worldwide. Nowadays, in the aftermath of the pandemic, it is no longer optional for lenders to have digital processes for loan applications. It is the norm. Customers are not patient enough to visit physical branches, fill out several paper forms, and wait weeks for […]
10 Must-Have Modules in Your NBFC Loan Management Software
NBFCs are promoters of financial inclusion within the economy. They constructed a solid bridge to achieve lending success within the deprived communities. Thanks to their gigantic contribution to the economy, NBFCs are now a significant part of the financing ecosystem. RBI’s Report on Trend and Progress of Banking in India 2020-21 also reflects similar sentiments. […]
Transform Client Communications With Cloud Telephony
Customer communication is the cornerstone of the Loan process. Loan companies initiate communication with the customers for various reasons – to schedule in-person meetings for sales, application submission, collateral evaluation & collection; to obtain clarifications on the loan application, request documents, conduct video KYC, collect outstanding payments and so on. While the customer contacts the […]
9 Benefits of OCEN for Small Business
The financial industry has hailed OCEN as a “magician’s wand” to solve the Indian MSME sector’s liquidity crunch. It will facilitate the connection between lenders, markets, and borrowers online. And thus, allow the needy to get small-ticket loans. OCEN is also expected to result in the financial inclusion of the unbanked and boost the number […]
Top 6 Pros and Cons of CBS in Banking
Financial transactions are much easier and more convenient today than in the 1970s. From anywhere, one can withdraw money from their bank accounts, open fixed deposits, or even trade on the stock market. Thanks to the CBS in banking industry, all of these faceless, timeless, and paperless transactions are now possible. Core banking software (CBS) […]