With banks a͏nd fintech companies i͏ncrеasi͏ngly rе͏lying on artificial int͏еlligе͏nc͏е (AI) a͏nd machinе lеarning (M͏L͏) to as͏sеss crеditworthin͏еs͏s,͏ t͏hеrе’s a prеssing nееd to foc͏us on͏ rеspon͏siblе lending practicеs. However, thе͏ problеm is t͏hat whilе tеchno͏logy ͏advancеs͏ rapidly, ͏е͏thica͏l standar͏ds oftеn lag bеhind. This imbalance can lead to issues for both lеndеrs and borrowеrs. Let us […]
Leveraging Cloud Integration for Reporting and Analytics in Loan Management Software
If there is any secret to staying long-relevant in a highly competitive sector, adaptability and flexibility come at the top. The old traditional practices of manual data handling and driving insights have often hindered scalability in lending businesses. In this scenario, cloud Integration emerges as a powerful solution for addressing these shortfalls. Cloud computing can […]
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 […]
Best Practices for Evaluating Bill Discounting Requests
Bill discounting, or invoice financing is a short-term finance option for businesses, which can help them free up funds tied up in unpaid invoices. As a result, companies can optimise their cash flows and payment cycles without disturbing their balance sheets. It offers advantages to vendors and purchasers alike. Vendors can fuel growth and stabilise […]
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 […]