In India, personal loans are often the linchpin that supports numerous aspirations, be it a dream wedding or a much-needed home renovation. Being unsecured in nature, these loans demand a coherent verification process. However, the traditional method of manual analysis is laborious, error-prone, and time-consuming. While documentation requirements vary across institutions, one universal constant is […]
From food stall owners to rickshaw drivers, restaurants to airports, quick response codes or QR codes have become a staple in the Indian digital payments ecosystem. The entry of fintech startups, the COVID-19 pandemic, and the efforts to improve customer convenience have propelled the demand for QR codes, especially in the emerging Southeastern economies. Currently, […]
The banking habits of the public have undergone a drastic change in recent years, thanks to rapid technological advancements and increased access to banking services. From cash to ‘plastic money,’ monetary transactions have evolved to digital receipts and payments in which money changes hands within seconds. In 2022, India topped the list of countries for […]
In the digital era, precise financial record-keeping is crucial for customers and corporations. Learning how to scan bank statements can provide valuable insights into transactions, facilitating informed financial decisions. However, manual processes are often error-prone and time-consuming. Automating bulk scanning for bank statements is recommended to improve efficiency and accuracy. According to IDC, banking is […]
Bank financial statement analysis is critical for assessing the financial health of banks. However, manual analysis of complex financial statements requires significant time and effort to extract, organise, and interpret data accurately. On top of that, intricate financial instruments and diverse accounting standards further complicate the process. To enhance efficiency, banks are adopting technology-driven solutions. […]
Offering outstanding customer service is crucial for financial institutions to stay ahead in today’s competitive banking environment. A Business Wire study notes that 72% of customers seek personalised services. Therefore, banks have to seek creative approaches to satisfy their demands constantly. One such strategy is using innovative technologies like bank transaction analysis to improve customer […]
Today, a growing number of businesses, including a mix of e-commerce platforms, retail companies, and electronic businesses, accept payments in Bitcoin cash and other cryptocurrencies. This trend mirrors the growing number of interested consumers who are investing and transacting in cryptocurrency. According to a 2022 survey, over 75% of retailers have plans to accept either […]
Banking institutions are critical to the global economy’s stability and operation. According to McKinsey, the year 2022 brought substantial challenges and increasing uncertainty for banks. However, there are laws and regulations to preserve financial stability and protect depositors’ interests. The banking industry must comply with these rules; effective financial statement analysis can help. Regulators can […]
Bank statements are important documents that present a holistic view of the account holders’ financial health. Bank statement analysis scrutinises the deposits and withdrawals, regular payments and credits, spending patterns, and preferred transaction modes (cash, debit cards, credit cards, UPI, etc.) to compute the financial stress of an account. The financial data contained in account […]
As of 2023, the India Digital Lending Platform Market is expected to grow at a CAGR of 27.90% to USD 923 million and reach USD 3159.19 million by 2028. This growth, however, is accompanied by several challenges, such as the loan origination process, which is time-consuming and complex, and requires several procedures to determine a […]
