Artificial Intelligence and Machine Learning are becoming the forefront of financial services across domains. One of the reasons behind this is an increase in lending efficiency and another being reduced manual error. However, implementing this technology can be challenging for many SMEs. In lending institutions, legacy systems and manual effort have been the norm. Breaking […]
Plastic money or credit cards is not something new. It has been a popular way of purchasing goods and services for decades now for end consumers. However, credit cards have faced stiff competition from alternatives over the past few years. BNPL cards or Buy Now-Pay Later tops that list. BNPL lets you buy what you […]
Digital lending is a tool to enhance financial inclusion. It facilitates provisions to financial service providers (FSPs) to deliver better solutions quicker, cost-efficient, and engaging. Whether financial institutes develop their digital lending capabilities, partner with other organisations, or both, they can adopt this framework to understand digital lending better. But before you delve into the […]
Fintechs are in the news again. Not that they had ever disappeared, but this time on a more ‘revolutionary note.’ Prime Minister Narendra Modi, recently addressed a leadership forum encouraging Fintechs to empower India’s financial health. India has already embraced the Fintech ecosystem through its adoption of digital payments. With the new year around the […]
Versatile software and tools that enable editing and modification of official documents make it easy for anyone to counterfeit them. This makes it easy for fraudsters to manipulate sensitive documents like bank e-statements to obtain loans or other financial benefits. In the financial year 2021, the Reserve Bank of India (RBI) reported bank frauds amounting […]
The rising number of non-performing assets (NPAs) and fraudulent activities necessitates a closer examination of credit sanctions. According to the Reserve Bank of India’s Financial Stability Report (FSR), the gross non-performing assets (GNPAs) percentage of banks could climb to 9.8% by March 2022, up from 7.48% in March 2021, under a baseline scenario. As of […]
Finance is undergoing a significant change. Payments, loans, insurance, and wealth management are all being reshaped by digital technologies, and the COVID-19 has accelerated this trend. As a result, financial technology service providers benefit as banks seek speedy deployment of technology solutions to digitise their physical processes, expediated by COVID-19’s enforced social distancing. Together, these […]
Everyone born after the 1997s is now referred to as Generation Z, and most marketers consider them a tough crowd to sell. However, in many ways, Gen Z and Millenials buy products and follow buying patterns differently when compared to baby boomers, aka the older generations. Economic trends, the job market, and the rise in […]
A bank statement is one of the most reliable sources for a lender, a bank, an NBFC, or any other financial institution to see all of a borrower’s transactions. Hence, there is a critical need for an application that can automate this procedure and create reports/scores in order to assess a loan borrower’s creditworthiness. Bank […]
Precisa is a comprehensive AI-powered analytics solution that allows users to analyse bank statements in real-time to check borrower credibility for quick, accurate loan approvals. The most important step for bank statement analysis is verification of bank account number, account type, IFSC code, branch, and transaction details. These details are important to primarily verify the […]
