Banking as a Service (BaaS) has replaced open banking in India, and it is transforming the banking business. This may appear to be a bold statement. However, industry developments such as the rapid expansion of neobanks and the proliferation of customer-centric banking products support it. BaaS is becoming more popular as the demand for customer-centric […]
Over the ages, traditional banks have struggled to play a bigger role in the expansion of SaaS companies. On the surface, a SaaS company lacks many of the traditional creditworthiness indicators, such as inventory and receivables. With intangible assets and technologies that some banks still consider experimental despite decades of proof points, SaaS companies struggle […]
Before COVID, markets such as Europe and the UK were already rolling out open banking protocols. Now, two years into the pandemic, it is poised to change how business is done globally. Open banking is a system that allows banks to exchange financial data and services with third-party providers (TPPs), such as fintechs, with the […]
Bank statements are excellent indicators of a company or individual’s income, expenses, and spending habits. As a result, most financial institutions determine a customer’s creditworthiness based on a thorough examination of their bank statements. With our easy-to-use web application, we at Precisa aim to simplify the bank statement analysis process by allowing you to upload […]
The speed of digitisation in financial services had been picking up for a while, but the pandemic has accelerated it big time. Fintech-as-a-Service (FaaS) platform, growth in digital-only banks, increased usage of biometric security systems, and the rise of autonomous finance have all lately emerged. When it comes to digital transformation, Fintech, of course, is […]
It wasn’t long ago when Google Pay, Paytm, or UPI came into our lives and revolutionised the financial services sector and our purchasing habits. It feels incredible to effortlessly purchase goods, pay for expenses, book tickets, all in one go with just one tap/click. This seamless integration of financial services into a traditionally non-financial platform […]
RBI’s Report on Trend and Progress of Banking in India 2020-21 already reported 4,071 banking frauds involving Rs 36,342 cr within the first half of FY 2021-22. One thing is clear: fraudsters and their methods are only becoming more sophisticated with time. Nowadays, information technology allows fraudsters to use unprecedented ways to impersonate legitimate customers, […]
Managing risk and regulatory compliance in today’s connected and digital world is becoming increasingly complex and expensive. As a result, artificial intelligence (AI) and machine learning (ML) have gained popularity in the last decade to increase efficiency productivity and reduce costs across industries. As traditional banks compete relentlessly with new fintech companies, their legacy software […]
Consumer credit has seen record growth since the pandemic. Across all income brackets in the country, there has been a sustained upsurge in demand. Moreover, with the rise of the fintech ecosystem in recent years, digital credit has taken off, transforming how loans are procured and disbursed. Additionally, digital loans’ popularity is attributable to increased […]
The pandemic has altered the cost of living for the average Indian. The Center for Monitoring Indian Economy revealed that 55% of households in India experienced a decrease in their incomes while only 3% of the households had an increase of the same. Marko Carevic, Chief Marketing Officer of Home Credit India, said that nearly […]
