financial services in Indonesia
General, Technology

The surge in BNPL is paving the way for digitization of financial services in Indonesia

The rapid developments in financial technology over the past few years have changed the way financial services are consumed across different economies and altered the perception of banking and finance. With its transformative agenda, technology has enhanced effectiveness, fast-tracked adoption, and simplified various banking practices. The combination of business and financial technology has also given rise to new innovative models.…

Continue Reading

Digitizing rural lending in India
General

Digitization Will be a Shot in the Arm for Rural Lending

The digital disruption in the financial sector over the past decade has not only simplified financial management but also improved financial inclusion. A McKinsey report¹ highlighted that despite rapid urbanization, the rural population is likely to form 63% of the total market share in India by 2025. The rapid adoption of digital technologies by various banks and other non-banking financial…

Continue Reading

AI-powered chatbots
Debt collections

AI chatbots are transforming the debt collections industry

Businesses today are moving toward integrated, specialized, and intelligent strategies for effective customer engagement and retention. With the advent of Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA), the banking and financial services industry is leveraging new possibilities in digital transformation. With 600 million smartphone users¹ in India, and social media facilitating faster information exchange, powerful…

Continue Reading

Debt Collections Platform
Debt collections

The future of collections is digital-first and data-driven

Over the past decade, the financial services sector has evolved tremendously, thanks to developments such as access to smartphones, internet penetration, simpler digital payments, data sharing, financial inclusion initiatives, and the rise of FinTechs. One resulting trend is the advent of new lending models that didn’t exist earlier. For instance, a person seeking a loan to pay for an expensive…

Continue Reading

Financial Services and Debt Collections
Debt collections

Revolutionizing Financial Services and Debt Collections with Data Science

Over the last few years, the field of data science has come into prominence, primarily because the volume of data generated and captured has multiplied exponentially with growing digitization. Data science is fascinating because it brings together various domains such as mathematics, statistics, computer science, data analysis, predictive analysis, machine learning, and artificial intelligence. In an age where data is everywhere,…

Continue Reading

Customer Experience in Loan collections
Loan collections

Ignoring Customer Experience in Loan Collections is Risky

As per reports by the World Bank¹, emerging markets and developing countries are expected to bear a major economic brunt of the ongoing Russia-Ukraine war. Global energy prices and commodity prices have been pushed up by ongoing conflicts. Retail inflation in India grew by a mammoth 7.8 percent² in April 2022. To address the rising costs, the Reserve Bank of India (RBI) raised…

Continue Reading

debt collection through automation
Debt collections

How to Improve Debt Collections through Automation?

Debt collections is an important pillar in lending as it directly impacts the lender’s overall revenue and profitability. Growing purchasing power is accelerating the consumption of debt-based products in India, thereby, creating a promising growth opportunity for lenders. But at the same time, the need to recover debts is also increasing due to multiple factors. This brings forth the need…

Continue Reading

debt recovery software for banks
General

Leveraging the Right Technology is Pivotal to Rein in NPAs

Over the last seven years, gross non-performing assets (NPAs) of public sector banks (PSBs) have doubled¹, going from INR 2.24 trillion in 2014 to INR 5.40 trillion in 2021. As per a Reserve Bank of India (RBI) report², the gross non-performing assets (NPAs) of banks may increase from 6.9% in September 2021 to 8.1% by September 2022 under the baseline scenario and to…

Continue Reading

Debt Recovery Software
Debt recovery

Reviving Finances: The Power of Debt Recovery Software

Introduction Debt Recovery Software is a process in which a loan goes unpaid continuously. To save the loan from becoming a bad loan or non-performing asset, the creditor hires a collection agency or a Debt Recovery Software, a third party that helps in the legal recovery of the loan. Loan Recovery Platform verifies every claim of creditors, and then a…

Continue Reading