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.…
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…
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…
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…
The number of retail loans in India has surged from 35 million in March 2020 to 60 million by end of March 2022 as per an Equifax overview report¹. The report also highlighted that the portfolio outstanding amount jumped 25% from INR 71 billion in March 2020 to INR 89 billion in March 2022. While the growth has been promising…
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,…
Experience the future of debt collections at the 11th World Finance Innovation Series Indonesia, Jakarta on October 4 – 5, 2022 Indonesia became the world’s 16th largest economy, with a GDP of more than $1 trillion in 2020. To realize its vision of becoming the 5th to 7th largest economy by 2045, Indonesia has embarked on a holistic path of…
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…
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…
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…
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…