In India, open banking has progressed significantly in recent years, and 2021 can be regarded as the year of open banking. Government actions, the launch of scalable Open Banking initiatives by banks, respectable traction by various neobanks, and investment and scaleup of multiple Banking-as-a-Service platforms have all contributed to this movement. With the rise of […]
So let’s get straight to it: digital lending is the future. However, as per Experian’s take on digital loan conversions, 97% of applicants abandon the digital lending process, leaving a teeny-tiny 3% conversion rate. While digital loans have a fantastic appeal of convenience that people love, this appeal doesn’t guarantee conversion. Fortunately, we have the […]
Covid-19 has ushered in a paradigm shift in India’s digital payments landscape, unleashing a slew of new sub-industries, including Buy Now Pay Later (BNPL). In India, consumer and retail business adoptions are at an all-time high, indicating that eCommerce is gaining traction. Due to improved Internet penetration, increased knowledge of eCommerce, and the introduction of […]
Risk assessment makes or breaks a business model, especially in the banking sector. Establishing a solid process of risk assessment maximises business and minimises risks. This brings us to evaluate the current risk assessment practices and reassess how reliable or efficient they are. Open banking enables this reassessment and gives the chance to eliminate any […]
The pandemic has changed the way businesses operate, in India as well as the world. Due to the pandemic, large-scale trends have taken off across industrial sectors, such as digital transformation, remote working, and so on. The way people financially interact with each other is also changing. By financial interaction, we mean the medium of […]
The terms underserved or unbanked refer to sections of a population with no access to banking services or financial institutions. These groups of people usually belong to vulnerable and low-income segments of society and are excluded from the robust financial infrastructure that the remainder of society enjoys. Despite supposedly easy access to financial products and […]
The Indian government has been pushing the idea of a cashless economy for a decade. A cashless economy, its proponents insist, would herald India’s arrival on the global stage as a technologically savvy and advanced economy. While India has made strides towards cashless, the benefits have only reached a minor privileged section of the nation’s […]
In the Union Budget for 2022-23, Finance Minister Ms Nirmala Sitharaman talked about the virtual currency space. She also mentioned the creation of a Central Bank Digital Currency (CBDC), or the digital rupee, in the financial year 2022-23, in addition to announcing a flat 30% tax on profits from virtual currencies. Income from the transfer […]
Precisa’s BSA is designed to catch any type of irregularities in bank statements. Precisa detects and flags the following activities as potentially fraudulent or indicative of poor creditworthiness: ATM withdrawals above ₹20,000 – This section includes the following details about each transaction: Txn date, Particulars, Counterparty, Amount, Balance Suspicious eStatements – if any PDF eStatement […]
BaaS, or Banking as a Service, is part of the FinTech revolution that is gripping the world, as well as India. BaaS refers to banking services that operate entirely online. BaaS platforms offer complete end-to-end solutions digitally. Traditional banks, which have hitherto been used to doing business offline, are now experiencing a crisis of faith. […]
