Financial statements contain important data regarding a business’s performance. They are report cards of a firm’s financial health and blueprints for future operations. Financial statement analysis is a strong tool that helps the C-suite in strategic decision-making. It is an activity requiring accounting expertise and knowledge of some bookkeeping programs. However, advanced financial statement analysis […]
“Where there is a will, there is a way.” This is how the fintech sector navigated the rocky roads of rural India. From demonetisation, India recognised the need to adopt new technology and embrace digital payments. Rural India lagged behind the rest of the nation in the digitalisation process. India’s fintech market is the third […]
The banking industry is on the cusp of a significant change. Open banking, which refers to using Application Programming Interfaces (APIs) to allow third-party developers to access financial data, is set to transform banks’ operations. This new wave of open banking presents challenges and opportunities for banks. There are four actions banks need to take […]
In 1994, when Microsoft founder Bill Gates said, “Banking is necessary, banks are not,” many could not comprehend his logic. However, going to a bank for banking transactions is unusual today. The financial services industry has undergone a paradigm shift because of fintech companies. With the widespread usage of the Internet, digital channels such as […]
Fintech innovations are making revolutionary strides in the banking sector. They are altering the nature of banker-customer relationships, especially in lending to Small and Medium Enterprises (SMEs). Digital lending shifted the credit delivery process from the conventional lender-led mechanism to more proactive customed-based lending. This tectonic shift forced banks to reevaluate their business models and […]
Implementing Goods and Service Tax (GST) in 2017 was a significant step in India’s indirect tax reforms. The goal was to establish a unified taxation system across the nation. GST amalgamated many indirect taxes to avoid double taxation. The new policy aimed to ease business by installing centralised online procedures for filing GST returns (GSTR) […]
In the financial year 2020-2021, the value of non-performing assets (NPAs) reported by public sector banks in India stood at INR 6 Trillion, while private sector banks reported NPAs to the tune of INR 2 Trillion. The growth of NPAs, also called “bad assets”, is a growing concern for lending institutions. According to the Reserve […]
The account aggregator framework allows financial institutions to share data. These institutions – banks, mutual fund companies, insurance companies, and pension funds – store customer financial data required by lenders, wealth managers, insurers, and personal finance managers. Using an account aggregator is a great option if you’re looking for a way to speed up your […]
Technological advancements in banking and finance have transformed how we conduct our businesses. From core banking facilities and ATMs, fintech has made a progressive journey, producing innovations like net banking, credit cards, pre-paid instruments, mobile wallets, digital payment gateways, etc., in the banking industry. Digital lending or lending tech products are the latest and, currently, […]
In India, the digital financing industry will be worth $1.3 trillion by 2030. According to a recent study, the size of the digital lending market is expected to increase from $270 Billion in 2022 at a compound annual growth rate (CAGR) of 22% between 2022 and 2030. A data analysis predicts that by 2030, digital […]
