The COVID-19 pandemic has had a significant impact on the non-banking financial sector. The sudden and widespread lockdowns resulted in a slowdown in economic activity, leading to a sharp drop in demand for loans and a decrease in consumer spending and investment. Non-Banking Financial Companies (NBFCs) faced challenges in terms of collecting payments and meeting […]
The Reserve Bank Of India introduced the Account Aggregators (AA) framework in September 2021 to facilitate access to financial data and encourage financial inclusion. An Account Aggregator collects a user’s digital financial data from one or more accounts and delivers it to the financial institution providing services like loans or insurance to the user. The […]
Banking, one of the world’s oldest industries, has been around for nearly 4000 years. From the earliest recorded temple loans in ancient Babylon, which date back to 2000 BCE, to the most recent technology-enabled services, such as open banking and Banking as a Service (BaaS), it has consistently played a systemic role in the development […]
Buy Now Pay Later (BNPL) services are steadily gaining popularity in the Indian market. The value of these services is expected to reach INR 1.1 trillion ($15 billion) in 2026, growing at a compound annual growth rate (CAGR) of 32.5% between 2022 to 2026. The COVID-19 pandemic, aided by factors like impulsive buying and disposable […]
In a digitally-accelerated financial services sector, traditional lending services relying on manual workflow often face several roadblocks. One of the biggest challenges is assessing a borrower’s creditworthiness in terms of accuracy and speed. A thorough process to determine creditworthiness takes time and requires access to relevant data. Loan origination processes are equally time-consuming, and these […]
In 1994, Bill Gates famously said, “Banking is necessary, banks are not”. The emergence of technology-driven open banking and available financial data could mark the beginning of this change. Technology has been pivotal in shaping the financial services sector for many decades. Today, with the greater adoption of fintechs, the importance of technology in the […]
It would be an understatement to say that the adoption of advanced technologies has triggered evolutionary changes in the banking and finance industry. In the Indian scenario especially, lending tech has democratised credit delivery by providing loans and advances to demographics and industries that were otherwise overlooked by conventional banking. To a large extent, this […]
Over the last five years, fintech apps have disrupted the financial services sector as we know it. In 2020, the global fintech technologies market was valued at $110.57 billion, and it is expected to grow at a compound annual growth rate of 20.3% to reach a market share of $ 698.48 billion by 2030. While […]
Non-Banking Financial Companies (NBFCs) have long been an integral part of our financial system, serving as a supplement to the traditional banking industry. Today, they exist as a heterogenous group in contrast to the formal banks and provide an array of specific financial services. Without a doubt, NBFCs play a significant role in India’s financial […]
The global financial sector has been in continuous flux since the last decade. The industry is evolving and expanding through innovations. Disruptive technologies that emerged served to revamp the age-old banking business models while also changing public perceptions of how banking is conducted and the services are provided. Open banking is one such technology that […]
