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Decisioning Stage in Loan Processing
Digital Lending

Is Automated Decisioning Stage in Loan Processing the Right Strategy?

July 22, 2024 precisateam No comments yet

At the forefront of the significant transformation in lending operations is the automated decisioning stage in loan processing—a technological leap that’s reshaping how banks and financial institutions evaluate and approve loan applications. Automated Decision-Making Systems, or ADMS leverage cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), and advanced analytics to streamline the loan […]

Lending
Digital Lending

Tech-Driven Precision: Navigating RBI’s Updated Priority Sector Lending

July 17, 2024 precisateam No comments yet

The concept of priority sector lending has its origins in 1972. This was when the Reserve Bank of India (RBI) first introduced the concept of opening up credit access to economically underserved consumers. This step was considered to be an important one in the nation-building journey as it enabled development. In June 2024, the RBI […]

action of RBI on unsecured loans
Digital Lending

Safeguarding Financial Stability: Timely Action of RBI on Unsecured Loans

July 3, 2024 precisateam No comments yet

At present, the ease of the application and loan disbursal process has nudged more Micro Small, and Medium Enterprises (MSME) and retail customers to apply for unsecured loans. For example, the government’s PSB Loans in 59 Minutes initiative accelerates the online application and approval process. On top of it, unsecured business loans up to Rs. […]

day past due
Digital Lending

Why Should Lenders Consider Outsourcing Debt Recovery for a Day Past Due

June 25, 2024 precisateam No comments yet

A recent Saral Finance survey suggests that around 67% of Indians have taken a loan at some stage to meet their financial requirements. That is a whopping 938 million people. Worryingly, the number of wilful defaulters has increased steadily over the last five years shooting to Rs 353,874 crore involving more than 16,500 accounts as […]

debt recovery
Digital Lending

The Role of Automation in Debt Recovery: Is It Right for Your Business?

June 17, 2024 precisateam No comments yet

Automation has positively impacted industries and has significantly contributed to the growth in the financial services domain. Lenders benefit from automating the entire lending process, including debt recovery. Replacing manual processes with automated collection procedures improves efficiency and helps lenders stay profitable. As per reports, Gross Non-Performing Assets (GNPAs) of Scheduled Commercial Banks (SCBs) reduced […]

Debt Recovery Strategies
Digital Lending

Proactive vs. Reactive Debt Recovery Strategies: Finding the Right Balance

June 12, 2024 precisateam No comments yet

One of the top risks in lending is the inability of borrowers to repay loans on time and in full. Hence, debt recovery is one of the most important aspects of the lending life cycle. However, traditional debt recovery methods tend to be more reactive. For example, lenders may outsource this role to external agencies, […]

When Should a Bank Apply Customer Due Diligence
Digital Lending

When Should a Bank Apply Customer Due Diligence: Aligning Timing with Evolving Guidelines

May 30, 2024 precisateam No comments yet

When it comes to fighting financial crimes like money laundering and financing of terrorism, deciding when should a bank apply Customer Due Diligence (CDD) has become critical. Knowing your customer remains one of the primary bulwarks and one of the four fundamental components of an Anti-Money Laundering (AML) compliance programme. This entails confirming customers and […]

Lending
Digital Lending

Reforming the Lending Landscape: RBI’s Directive to Review Overcharging on Loan Rates

May 27, 2024 precisateam No comments yet

Recently, the RBI has pointed out cases where bank loan rates have been excessively charged, emphasising the need for reform. Addressing this pressing issue, the central bank has taken a stand against unfair lending practices through a recent directive to restore transparency and fairness to the lending process. The lending practices in India have evolved […]

How lenders stay ahead with AI in banking
Digital Lending

How Lenders Can Stay Ahead with AI in Banking

April 30, 2024 precisateam No comments yet

Artificial intelligence (AI) has immense potential to transform operations across all industries, including banking and lending. Employing AI in their day-to-day functioning helps banks reduce costs, increase productivity, improve decision-making, spot fraud, and be more customer-centric. A Business Insider report suggests that nearly 80% of banks are aware of AI’s conceivable benefits in banking.   Another […]

Lenders face RBI scrutiny
Digital Lending

Lenders Face RBI Scrutiny: Will Credit Growth Take a Backseat?

April 8, 2024 precisateam No comments yet

Regulations have always played an important role in the growth trajectory of lenders across the world. In India, the Reserve Bank of India (RBI) sets guidelines to ensure the smooth and ethical functioning of lending players and fair practices for borrowers. Recent news reports indicate that the RBI is taking strict action against lenders who […]

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